by Jim Magary | Aug 19, 2015 | Tax Help
Have “AFFORDABLE” former IRS agents and managers who know the system permanently resolve any IRS tax problem, since 1982. “End Your IRS Tax Problem NOW”
We are a full service tax firm that specialize in IRS and state tax services.
We specialize in IRS tax problems since 1982, true IRS and State Tax Experts.
We are tax experts for removing IRS bank and wage garnishment levies, going to appeals or tax court, preparing back tax returns and settling your cases via the offer in compromise program if you are eligible candidate for the OIC program.
Our firm has over 206 years professional tax experience and over 60 years of working directly for the Internal Revenue Service.
We also were former IRS managers.
As former IRS agents we have worked in the local, district, and regional tax offices of the IRS.
When you call our office you will speak directly to a true IRS tax professional that has years and years of experience and have successfully worked hundreds of cases.
End IRS Tax Problems = Remove IRS Tax Levies/IRS Garnishments
The Internal Revenue Service levies approximately 1.8 million taxpayers each and every year and this figure includes wage garnishments.
So you know you are not alone.
Seizing bank accounts and wage garnishments are all part of the IRS collection process.
This happens as a general rule because taxpayers fail to respond to final notices and/or the 1058 notice which has their tax rights enclosed. It is very important for taxpayers to know that they must follow-up on all IRS mail correspondence because there is no other way to stopping the IRS collection beast called the CADE 2 computer system.
The IRS files close to 700,000 federal tax liens each and every year that will both ruin and destroy your credit. There are actions you can take to stop the filing of the federal tax lien.
If you have received a final notice of intent to levy from the Internal Revenue Service make sure you follow-up on the 30 day date, if you don’t IRS will take enforcement action.
Before IRS will remove a tax levy or wage garnishment they will need a current and verifiable financial statement. Form 433F.
Once we have your current verified financial statement in hand, we can usually get your tax levy or garnishment released and your case close off the IRS enforcement computer within 24 hours.
How Your Case Will Stop IRS Collection Action
IRS usually closes a case by putting a case and tax hardship, having a taxpayer into a monthly installment agreement or telling them they may qualify for an offer in compromise your tax debt settlement.
If you have back tax returns to file, you can have former IRS agents ensure that you are paying the lowest amount of tax allowed by law.
If you going to owe tax, we can file your back tax returns and settle your debt all at the same time.
If you wish to settle your tax that we can have former IRS revenue officers who worked the offer in compromise program settle your tax debt if and only if you were a true candidate for a tax debt settlement called an offer in compromise.
Approximately 40% of all taxpayers who file an offer in compromise get accepted by the Internal Revenue Service however you must be a qualified candidate.
The average settlement on offers in compromise or $6500 per case, please keep in mind this is just the national average.
Call us today for a free initial tax consultation.
IRS Tax Problem Help Services = Remove IRS Tax Levies & IRS Wage Garnishment + File Back Tax Returns + Settle IRS Debt + Make IRS Payments + Peekskill, Saratoga, Elmira, Scarsdale, Rye
by Jim Magary | Aug 19, 2015 | Tax Help
We are “AFFORDABLE” IRS tax specialist, experts for the Offer in Compromise for those wishing to settle their IRS tax debt.
Former IRS Agents, since 1982. Former IRS OIC Specialist.
We have a combined 60 years of direct IRS work experience
We are composed of former IRS agents and managers who were former employees of the Internal Revenue Service. We know the system inside and out.
I am a former IRS agent and teaching instructor of the offer in compromise or tax debt settlement program along with other IRS programs and systems.
I have worked many offers in compromises when I was with the Internal Revenue Service.
We have over 60 years of direct work experience in the local, district, and regional tax offices of the Internal Revenue Service.
You can call us today for free initial tax consultation and find out if you are a true offer in compromise tax debt settlement candidate.
Not everyone is eligible for the program. As a general rule you must offer your total equity and all your assets.
Due to the IRS new fresh start initiative set out by the Internal Revenue Service many more taxpayers are eligible for the tax debt settlement.
As a former IRS agent, I would let all individuals who are trying to settle their debt on the own to understand that this is a long process.
Before a taxpayer or client thinks about the filing of an offer in compromise they should check out the IRS offer in compromise pre-qualifier tool first. You can walk to the pre-qualifier tool on our site or call us today to learn more about it.
We will not file an offer in compromise or accept any fee for any client unless we know they are qualified for the program.
It is important to know you will that all back tax returns will have to be filed, up-to-date and current on the IRS computer system before the Internal Revenue Service will accept an offer in compromise.
IRS Tax Statistics on Offer in Compromise/Settle & Reduce Tax Debt
Last year there were 78,000 offers in compromise were filed with the Internal Revenue Service, 38% of those were accepted for an average of $6500 per case.
Keep in mind this is a national average and varies from case to case is completely dependent on your current financial statement.
Make sure you are eligible for the OIC.
Before IRS can consider your offer, you must be current with all filing and payment requirements.
You are not eligible if you are in an open bankruptcy proceeding.
Submitting your offer or OIC to the Internal Revenue Service.
You’ll find step-by-step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF).
Your completed offer package will include:
• Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
• Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
• $186 application fee (non-refundable); and
• Initial payment (non-refundable) for each Form 656.
Selecting a payment option for the offer in compromise program
Your initial payment will vary based on your offer and the payment option you choose:
• IRS Lump Sum Cash:
Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
• IRS Periodic Payment:
Submit your initial payment with your application.
Continue to pay the remaining balance in monthly installments while the IRS considers your offer. You may not miss a payment or your offer will be nullified.
If accepted, you must continue to pay monthly until it is paid in full.
While your offer in compromise is being evaluated keep this in mind:
• Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);
• A Notice of Federal Tax Lien may be filed;
• Other collection activities are suspended;
• The legal assessment and collection period is extended;
• Make all required payments associated with your offer;
• You are not required to make payments on an existing installment agreement; and
• Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
Before you file an offer in compromise once again I remind everyone to walk through the pre-qualifier tool to make sure they are qualified candidate.
You can find the pre-qualifier tool directly on our website.
We are a national firm that specializes in the offer in compromise program to settle your tax debt for pennies on the dollar. Call us today for a free initial tax consultation.
IRS Offer in Compromise + Tax Debt Settlements + Settle & Reduce IRS Tax Debt + IRS Debt Forgiveness + Former IRS + Peekskill, Saratoga, Elmira, Scarsdale, Rye
by Jim Magary | Aug 19, 2015 | Tax Help
We are Affordable IRS Tax Experts. We have been in practice since 1982, Former IRS, A plus rated by the BBB.
We can resolve IRS Payroll Tax Debt. We are true Experts.
If you owe back IRS tax debt and wish to settle your case with the IRS, call us today for a free initial tax consultation. You can talk to true IRS tax experts
When you call our office you will speak directly to former IRS agents, managers and tax instructors that have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
Based on your set of circumstances we can accurately predict the outcome of your case.
Once FST has reviewed your current financial statement as a general rule we will tell you exactly how your case is going to close.
We can review with you the best possible way to end your payroll tax problems, make an IRS payment plan, how to remove an IRS tax levy and to represent you during an IRS tax audit.
For those of you who need to file tax returns whether current or back years, call us today and we will walk you through the process of our learning experiences that total 206 years. We can file your back tax returns with little or few records.
IRS Installment Agreements or IRS Payment Plans
Last year the Internal Revenue Service granted close to 6.5 million IRS payment plans, installment agreements and streamlined payment plans to taxpayers.
Your current financial statement will determine if you are installment agreement candidate.
It is important you have a tax professional fill out your financial statement. Keep in mind your financial statement will need to be fully documented.
Call us today for free initial tax consultation and we will walk you through the process to get you an IRS payment plan, installment agreement or tell you how to make an affordable monthly streamlined payment with the Internal Revenue Service.
Offer in Compromise/ IRS Tax Settlements/Pennies on a Dollar
We can also talk you about the possible tax solution of settling your tax debt through the offer in compromise program, that is settling your tax debt for pennies on the dollar.
The way you can settle your tax debt for pennies on the dollar is through the offer in compromise program.
The offer in compromise program is not for everyone.
When you call our office you will speak directly to a former IRS agent who both worked and taught the program for IRS. The writer of this blog is a former IRS agent and teaching instructor.
Remove an IRS Tax Levy IRS Bank Levy, IRS Wage Garnishments
If you wish to remove an IRS tax levy will need to give IRS a current financial statement on form 433F.
IRS will require that financial statement to be completely documented and verified.
Within 24 hours of receiving your current financial statement as a general rule we can get your bank or wage levy garnishment released. We will let you know about the IRS national standard program so you understand the process of how IRS settles tax debt.
Need to file back tax returns Unfiled Back Tax Return
You could have a former IRS agent who knows the system prepare your back tax returns with little or few records.
We can help audit proof your tax return.
We are A+ rated by the Better Business Bureau, since 1982.
IRS Taxes + Owe Back Payroll Taxes + Trust Fund + Payment Plans + Settlements + Past Due Tax Returns= Former IRS + Peekskill, Saratoga, Elmira, Scarsdale, Rye
by Jim Magary | Aug 18, 2015 | Tax Help
College Tax Credits for 2015 and Years Ahead
With another school year just around the corner, the Internal Revenue Service today reminded parents and students that now is a good time to see if they will qualify for either of two college tax credits or other education-related tax benefits when they file their 2015 federal income tax returns.
In general, the American Opportunity Tax Credit or Lifetime Learning Credit is available to taxpayers who pay qualifying expenses for an eligible student.
Eligible students include the taxpayer, spouse and dependents.
The American Opportunity Tax Credit provides a credit for each eligible student, while the Lifetime Learning Credit provides a maximum credit per tax return.
Though a taxpayer often qualifies for both of these credits, he or she can only claim one of them for a particular student in a particular year.
To claim these credits on their tax return, the taxpayer must file Form 1040 or 1040A and complete Form 8863, Education Credits.
The credits apply to eligible students enrolled in an eligible college, university or vocational school, including both nonprofit and for-profit institutions.
The credits are subject to income limits that could reduce the amount claimed on their tax return.
To help determine eligibility for these benefits, taxpayers should visit the Education Credits Web page or use the IRS’s Interactive Tax Assistant tool.
Both are available on IRS.gov.
Normally, a student will receive a Form 1098-T from their institution by Jan. 31 of the following year. (For 2015, the due date is Feb. 1, 2016, because otherwise it would fall on a Sunday.)
This form will show information about tuition paid or billed along with other information.
However, amounts shown on this form may differ from amounts taxpayers are eligible to claim for these tax credits.
Taxpayers should see the instructions to Form 8863 and Publication 970 for details on properly figuring allowable tax benefits.
Many of those eligible for the American Opportunity Tax Credit qualify for the maximum annual credit of $2,500 per student.
Students can claim this credit for qualified education expenses paid during the entire tax year for a certain number of years:
• The credit is only available for four tax years per eligible student.
• The credit is available only if the student has not completed the first four years of post-secondary education before 2015.
Here are some more key features of the credit:
• Qualified education expenses are amounts paid for tuition, fees and other related expenses for an eligible student. Other expenses, such as room and board, are not qualified expenses.
• The credit equals 100 percent of the first $2,000 spent and 25 percent of the next $2,000. That means the full $2,500 credit may be available to a taxpayer who pays $4,000 or more in qualified expenses for an eligible student.
• Forty percent of the American Opportunity Tax Credit is refundable. This means that even people who owe no tax can get an annual payment of up to $1,000 for each eligible student.
• The full credit can only be claimed by taxpayers whose modified adjusted gross income (MAGI) is $80,000 or less. For married couples filing a joint return, the limit is $160,000. The credit is phased out for taxpayers with incomes above these levels.
No credit can be claimed by joint filers whose MAGI is $180,000 or more and singles, heads of household and some widows and widowers whose MAGI is $90,000 or more.
The Lifetime Learning Credit of up to $2,000 per tax return is available for both graduate and undergraduate students. Unlike the American Opportunity Tax Credit, the limit on the Lifetime Learning Credit applies to each tax return, rather than to each student.
Also, the Lifetime Learning Credit does not provide a benefit to people who owe no tax.
Though the half-time student requirement does not apply to the lifetime learning credit, the course of study must be either part of a post-secondary degree program or taken by the student to maintain or improve job skills.
Other features of the credit include:
• Tuition and fees required for enrollment or attendance qualify as do other fees required for the course. Additional expenses do not.
• The credit equals 20 percent of the amount spent on eligible expenses across all students on the return. That means the full $2,000 credit is only available to a taxpayer who pays $10,000 or more in qualifying tuition and fees and has sufficient tax liability.
• Income limits are lower than under the American Opportunity Tax Credit. For 2015, the full credit can be claimed by taxpayers whose MAGI is $55,000 or less. For married couples filing a joint return, the limit is $110,000.
The credit is phased out for taxpayers with incomes above these levels. No credit can be claimed by joint filers whose MAGI is $130,000 or more and singles, heads of household and some widows and widowers whose MAGI is $65,000 or more.
Eligible parents and students can get the benefit of these credits during the year by having less tax taken out of their paychecks. They can do this by filling out a new Form W-4, claiming additional withholding allowances, and giving it to their employer.
There are a variety of other education-related tax benefits that can help many taxpayers.
They include:
• Scholarship and fellowship grants — generally tax-free if used to pay for tuition, required enrollment fees, books and other course materials, but taxable if used for room, board, research, travel or other expenses.
• Student loan interest deduction of up to $2,500 per year.
• Savings bonds used to pay for college — though income limits apply, interest is usually tax-free if bonds were purchased after 1989 by a taxpayer who, at time of purchase, was at least 24 years old.
• Qualified tuition programs, also called 529 plans, used by many families to prepay or save for a child’s college education.
Taxpayers with qualifying children who are students up to age 24 may be able to claim a dependent exemption and the Earned Income Tax Credit
by Jim Magary | Aug 18, 2015 | Tax Help
We are “Affordable IRS Tax Experts”.
We have been in practice since 1982, Former IRS. We can fully resolve an IRS tax problem. We are the IRS Tax Help Firm
There are different ways to resolve your IRS issue.
We know the system because of our 60 years of working directly for IRS. We know all the systems in all the protocols.
If you owe Internal Revenue Service call us today and find out if your case is eligible hardship, settlement or payment plan program.
If you need to have a IRS tax levy a wage garnishment released or removed we can immediately and permanently get your levy released
We cannot only get your IRS tax levy released we can settle your case in closing off the IRS enforcement computer.
When you call our office you will speak directly to former IRS agents, managers and tax instructors that have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
We can review with you the best possible way to make an IRS payment plan, how to remove an IRS tax levy and to represent you during an IRS tax audit.
For those of you who need to file tax returns whether current or back years, call us today and we will walk you through the process of our learning experiences that total 206 years.
IRS Installment Agreements / IRS Payment Agreements
Last year the Internal Revenue Service granted close to 6 million IRS payment plans, installment agreements and streamlined payment plans to taxpayers.
So you are not alone millions of taxpayers need payment agreements to pay off IRS.
In the last three years alone IRS is initiated 20 million payment agreements for taxpayers who cannot afford to pay their taxes.
It is important to understand if you want a payment agreement with Internal Revenue Service all your tax returns have to be filed.
Call us today for free initial tax consultation and we will walk you through the process to get you an IRS payment plan, installment agreement or tell you how to make an affordable monthly streamlined payment with the Internal Revenue Service.
We can also talk you about the possible tax solution of settling your tax debt through the offer in compromise program, that is settling your tax debt for pennies on the dollar. You must be eligible for that program.
The way you can settle your tax debt for pennies on the dollar is through the offer in compromise program. There is very specific criteria to qualify.
We will carefully walk through the offer in compromise program as well as the pre-qualifier tool to make sure you are qualified before you spend any of your money.
When you call our office you will speak directly to a former IRS agent who both worked and taught the program for IRS.
Last year approximately 38% of tax files who filed for the offer in compromise had their cases accepted for an average of $6500 per case, please understand that is the national average.
Removing/Releasing an IRS tax levy, bank levies & wage garnishment.
The 668A,668W
If you wish to remove an IRS tax levy will need to give IRS a current financial statement on form 433F.
IRS will require that financial statement to be completely documented and verified. IRS will need copies of your last paystub, last three months pay statements and a copy of all monthly expenses.
They will compare that against the national, local and geographical averages. after a careful review and close your case off the IRS collection computer and issue a tax levy garnishment release.
Within 24 hours of receiving your current financial statement as a general rule we can get your bank or wage levy garnishment released.
Need to file back income or business tax returns
You could have a former IRS agent who knows the system prepare your back tax returns with little or few records. We can make sure you pay the lowest amount of tax allowed by law.
We can help audit proof your IRS tax return. We are the fast, friendly and affordable professional tax firm.
Call us today for a free initial tax consultation and speak to a true IRS tax expert.
IRS HELP = IRS Payment Plans + Tax Levy + Tax Lien + Audit Representation + File Tax Returns + Settlement Programs
by Jim Magary | Aug 18, 2015 | Tax Help
We are an “Affordable” Professional full service IRS tax firm that specialize in the resolution of all IRS tax matters.
We are specialists for those who owe IRS back payroll taxes, 941 tax debt. Since 1982, A plus Rated.
Being a former IRS revenue officer and teaching instructor, I worked hundreds upon hundreds of payroll tax cases and I understand the complexities and have immediate resolution options to resolve any IRS tax debt problem.
IRS is usually generally aggressive on back payroll tax issues. They are aggressive on trust fund issues because this is not a tax but a trust fund that is to be turned over to the Internal Revenue Service.
I would advise all taxpayers to be current in the present quarter. IRS tends to work with businesses and taxpayers that are rehabilitative and are attempting to stay current.
Hiring a professional tax firm can keep IRS out of your business so you can continue to manage and make your business profitable. a woman I worry how can I help you
Each and every case has a viable solution. The key is knowing every possible option.
If you do not understand the IRS methods, IRS can dictate the way they choose to work your case. the fear of dealing with Internal Revenue Service and the threats that they can make can force taxpayers into decisions that is not in their best interest.
Unless you know the way the Internal Revenue Service operates you have no idea what you’re truly settling for.
As a former IRS agent revenue officer I can tell you that most taxpayers have no clue what’s going on in as a general rule they will believe anything the agent is telling them.
Don’t be trapped or tricked in to this mentality. It is well worth hiring a professional tax firm to deal with your back IRS tax debt payroll problem.
Due to our years of experience with the IRS, we know exactly how to handle IRS and find success in dealing with those who all back payroll tax debt to the Internal Revenue Service.
When you work with us we will submit an immediate power of attorney so the Internal Revenue Service only deals with us and you will never have to speak to IRS.
We will secure and review the necessary financial statements, the 433A& 433B, and talk to you about working out a viable solution to protect your business from the Internal Revenue Service.
Taxpayer should beware that IRS will impose a 6672 penalty, or the trust fund penalty for those responsible persons who were authorized to pay the back payroll taxes.
If the Internal Revenue Service imposes the trust fund penalty against you is like only individual taxes. The IRS will send you a series of notice and has the right to send out federal tax liens and tax levies to ensure compliance.
Call us today for a free initial tax consultation and we will offer a series of solutions depending on your financial situation.
6672 Penalty and the Trust Fund Penalty
a) General rule
Any person required to collect, truthfully account for, and pay over any tax imposed by this title who willfully fails to collect such tax, or truthfully account for and pay over such tax, or willfully attempts in any manner to evade or defeat any such tax or the payment thereof, shall, in addition to other penalties provided by law, be liable to a penalty equal to the total amount of the tax evaded, or not collected, or not accounted for and paid over.
No penalty shall be imposed under section 6653 or part II of subchapter A of chapter 68 for any offense to which this section is applicable.
(b) Preliminary notice requirement
(1) In general
No penalty shall be imposed under subsection (a) unless the Secretary notifies the taxpayer in writing by mail to an address as determined under section 6212 (b) or in person that the taxpayer shall be subject to an assessment of such penalty.
(2) Timing of notice
The mailing of the notice described in paragraph (1) (or, in the case of such a notice delivered in person, such delivery) shall precede any notice and demand of any penalty under subsection (a) by at least 60 days.
(3) Statute of limitations
If a notice described in paragraph (1) with respect to any penalty is mailed or delivered in person before the expiration of the period provided by section 6501 for the assessment of such penalty (determined without regard to this paragraph), the period provided by such section for the assessment of such penalty shall not expire before the later of—
(A) the date 90 days after the date on which such notice was mailed or delivered in person, or
(B) if there is a timely protest of the proposed assessment, the date 30 days after the Secretary makes a final administrative determination with respect to such protest.
(4) Exception for jeopardy
This subsection shall not apply if the Secretary finds that the collection of the penalty is in jeopardy.
Definition of wilfulness
1. The trust fund recovery penalty is a civil penalty; so the degree of wilfulness in failing to collect or pay over any tax leading to liability for this penalty is not as great as that necessary for criminal proceedings.
wilfulness in the context of the TFRP is defined as intentional, deliberate, voluntary, and knowing, as distinguished from accidental. “wilfulness” is the attitude of a responsible person who with free will or choice either intentionally disregards the law or is plainly indifferent to its requirements. Some factors to consider when determining wilfulness are:
• Whether the responsible person had knowledge of a pattern of noncompliance at the time the delinquencies were accruing;
• Whether the responsible person had received prior IRS notices indicating that employment tax returns have not been filed, or are inaccurate, or that employment taxes have not been paid;
• The actions the responsible party has taken to ensure its Federal employment tax obligations have been met after becoming aware of the tax delinquencies; and
• Whether fraud or deception was used to conceal the nonpayment of tax from detection by the responsible person.
Call us today for a free initial tax consultation and hear the truth.
We will go over with you every option to go ahead and settle your tax debt with the Internal Revenue Service.
Owe IRS Payroll + Keep IRS Out of Your Business + 941 Payroll Tax Debt Settlements + IRS Payment Plans + Former IRS Agents Can Help
