by Jim Magary | Aug 17, 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.
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 go over to resolve any IRS tax debt problem.
IRS is usually generally aggressive on back payroll tax issues.
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.
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.
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
by Jim Magary | Aug 17, 2015 | Tax Help
Home Mortgage Points
The term points is used to describe certain charges paid to obtain a home mortgage.
Points are prepaid interest and may be deducible as home mortgage interest, if you itemize deductions on Form 1040, Schedule A (PDF).
If you can deduct all of the interest on your mortgage, you may be able to deduct all of the points paid on the mortgage.
If your acquisition debt exceeds $1 million or your home equity debt exceeds $100,000, you cannot deduct all the interest on your mortgage and you cannot deduct all your points.
See Publication 936, Home Mortgage Interest Deduction, to figure your deductible points in that case.
Refer to Topic 505 and to Can I Deduct My Mortgage Related Expenses? on IRS.gov for more information on deducting mortgage interest and points.
You can deduct the points in full in the year you pay them, if you meet all the following requirements:
1. Your main home secures your loan (your main home is the one you live in most of the time).
2. Paying points is an established business practice in your area.
3. The points paid were not more than the amount generally charged in that area.
4. You use the cash method of accounting. This means you report income in the year you receive it and deduct expenses in the year you pay them.
5. The points paid were not for items that are usually listed separately on the settlement sheet such as appraisal fees, inspection fees, title fees, attorney fees, or property taxes.
6. The funds you provided at or before closing, including any points the seller paid, were at least as much as the points charged. You cannot have borrowed the funds from your lender or mortgage broker in order to pay the points.
7. You use your loan to buy or build your main home.
8. The points were computed as a percentage of the principal amount of the mortgage, and
9. The amount shows clearly as points on your settlement statement.
You can also fully deduct (in the year paid) points paid on a loan to improve your main home if you meet tests one through six above.
Points that do not meet these requirements may be deductible over the life of the loan. You can deduct points paid for refinancing generally only over the life of the new mortgage.
However, if you use part of the refinanced mortgage proceeds to improve your main home and you meet the first six requirements stated above, you can fully deduct the part of the points related to the improvement in the year you paid them with your own funds.
You can deduct the rest of the points over the life of the loan. Points charged for specific services, such as preparation costs for a mortgage note, appraisal fees, or notary fees are not interest and cannot be deducted.
Points paid by the seller of a home cannot be deducted as interest on the seller’s return, but they are a selling expense that will reduce the amount of gain realized.
The buyer may deduct points paid by the seller, provided the buyer subtracts the amount from the basis or cost of the residence.
You can only deduct points you pay on loans secured by your second home over the life of the loan.
by Jim Magary | Aug 17, 2015 | Tax Help
We are “AFFORDABLE” IRS tax specialist for the offer in compromise program for those wishing to settle their IRS tax debt.
Former IRS Agents & Managers, Since 1982.
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.
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.
Due to the new fresh start initiative set out by the Internal Revenue Service many more taxpayers are eligible for the tax debt settlement.
The Internal Revenue Service is making the offer in compromise or the IRS tax debt settlement an easier process.You should know that the offer in compromise is not a fast process and will take at least six months for any offer to compromise to be processing the system.
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.
When you call our office we walked to the pre-qualifier tool to make sure you were a qualified candidates are you are not wasting your time or money.
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 will return your offer in compromise for unfiled tax returns.
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.
You should know that not everyone is an offer in compromise candidate to settle their tax debt.
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 in compromise
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
Your initial payment will vary based on your offer and the payment option you choose:
• 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.
• Periodic Payment:
Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.
Understand the OIC process
While your offer is being evaluated:
• 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.
Please keep in mind that if you have had an offer in compromise rejected you may file another offer at any point in time.
We are a full-service professional tax firm that has a unique expertise in the resolution of all IRS tax matters.
Hear the truth today from an expert tax firm on IRS tax resolution matters.
IRS Offer in Compromise + IRS Tax Debt Settlement Forgiveness Programs + Settle Tax Debt + Former IRS + White Plains, Amherst, Hempstead, Rochester, Utica
by Jim Magary | Aug 17, 2015 | Tax Help
FST is an “Affordable Professional Tax Firm” that specializes in IRS and State tax resolution. Affordable New York Tax Experts
We are former IRS Agents & Managers who know the system, since 1982. A plus Rated BBB, Free Tax Consults.
We have been in private practice since 1982 and are true affordable tax experts in resolving individual, business and payroll taxes debt. We are true tax experts.
We have over 206 professional tax experience.
If you owe the Internal Revenue Service back taxes or back tax debt, it only makes sense to hire former IRS agents and managers who know the system inside and out.
We understand all the IRS systems protocols and procedures to get you immediate and permanent IRS tax relief.
We can help anyone who owes any federal, State, individual, business, or 941 payroll taxes including those who have not filed back tax returns and those wishing to settle IRS tax debt.
We have over 60 years of direct work experience at the Internal Revenue Service in the local, district, and regional tax offices of the IRS. While employed at Internal Revenue Service and we were former instructors.
Please Note:
It is important to understand, those who will owe back taxes that your current financial statement will usually determine the outcome of your case.
Therefore the preparation and the completion of your financial statement is the key to success and negotiation with the IRS is critical.
It is always best to have a tax professional help you with the preparation documentation in the submission of these forms.
Filing of Back IRS Income & Business Tax Returns
If you have not file tax returns, our former IRS agents can prepare your back tax returns with little or no records and settle your tax debt at all at the same time.
Make sure you file your back tax returns because IRS enjoys the privilege of filing your back tax returns under 6020 B of the code if you fail to file back taxes.
They will file your return to make sure you pay the highest amount allowed by law.
If this is happened to you, you can file for an IRS audit reconsideration.
IRS Required Financials Statements 433F, 433A
If you owe back taxes and as a general rule your financial statement will determine how IRS will close your settle your case.
If you owe individual, business or payroll taxes, we will take a current financial statement contact the IRS and work out an affordable individual or business payment plan and/or file and settle the tax if applicable.
It is critical that you understand the importance of your current financial statement because it will determine the outcome of your case.
Your last 3 to 6 months of your financial condition is IRS’s determining factor on your case resolution.
IRS has the option to determine the period of time and wish they can review your financial records. 3 to 6 months is generally the time periods they choose and is a good reflection of your ability to pay or inability not to pay.
As a general rule, when taxpayers or businesses owe back individual or payroll taxes, IRS closes case out by putting them into hardships, asking for payments or the settlement through the offer in compromise. See below how IRS will close cases.
These are the three most common ways that IRS close cases off their enforcement computer.
1. 40% of all taxpayers that owe back taxes to the IRS get put in the tax hardships,
2. 6.5 million people get put into payment plans and ,
3. 40,000 people get offers in compromise accepted.
Since 1982 we have been resolving IRS tax debt for individuals, businesses and corporations that owe back federal taxes including payroll tax debt.
Call us today for a free initial tax consultation.
IRS Taxes Debt Help = Owe Back Taxes = Individual, Business, 941 Payroll Taxes + Unfiled Tax Returns + Trust Fund Taxes + IRS Settlement
by Jim Magary | Aug 17, 2015 | Tax Help
An “Affordable Professional Tax Firm” that specializes in IRS and state tax resolution. Affordable New York Tax Experts, Since 1982.
We are former IRS Agents & Managers who know the system, since 1982.
We are A plus by the Rated BBB.
We have been in private practice since 1982 and are true affordable tax experts in resolving individual, business and payroll taxes debt.
If you owe the Internal Revenue Service back taxes or back tax debt, it only makes sense to hire former IRS agents and managers who know the system inside and out. We understand all the IRS systems protocols and procedures to get you immediate and permanent IRS tax relief.
We can help anyone who owes any federal, State, individual, business, or 941 payroll taxes including those who have not filed back tax returns and those wishing to settle IRS tax debt.
We have over 60 years of direct work experience at the Internal Revenue Service in the local, district, and regional tax offices of the IRS. while employed at Internal Revenue Service we taught tax lot of new IRS agents.
If you owe back taxes whether it be individual, business/corporate, back payroll taxes contact us today and we can review with you different tax solutions to go ahead and permanently and immediately remedy your problem from the Internal Revenue Service.
It is important to understand, those who will owe back taxes that your current financial statement will usually determine the outcome of your case.
Therefore the preparation and the completion of your financial statement is the key to success and negotiation with the IRS is critical.Knowing the system is critical.
Filing of Back or Past Due IRS Tax Returns
If you have not file tax returns, our former IRS agents can prepare your back tax returns with little or no records and settle your tax debt at all at the same time.
Make sure you file your back tax returns because IRS enjoys the privilege of filing your back tax returns under 6020 B of the code if you fail to file back taxes.
They will file your return to make sure you pay the highest amount allowed by law. If this is happened to you, you can file for an IRS audit reconsideration.
IRS keeps all your income records for seven years.
IRS Required Financials Statements, 433F
If you owe back taxes and as a general rule your financial statement will determine how IRS will close your settle your case.
If you owe individual, business or payroll taxes, we will take a current financial statement contact the IRS and work out an affordable individual or business payment plan and/or file and settle the tax if applicable.
Your last 3 to 6 months of your financial condition is IRS’s determining factor on your case resolution.
IRS has the option to determine the period of time and wish they can review your financial records. 3 to 6 months is generally the time periods they choose and is a good reflection of your ability to pay or inability not to pay.
As a general rule, when taxpayers or businesses owe back individual or payroll taxes, IRS closes case out by putting them into hardships, asking for payments or the settlement through the offer in compromise.
These are the three most common ways that IRS close cases off their enforcement computer.
1. 40% of all taxpayers that owe back taxes to the IRS get put in the tax hardships,
2. 6.5 million people get put into payment plans and ,
3. 40,000 people get offers in compromise accepted.
Call us today for a free initial tax consultation. We are the fast, friendly, and affordable professional tax firm.
End IRS Tax Problems + Former IRS + Levies + Audits + Payroll Tax Debt + Back Tax Returns + Settlements + Liens + Payment Options
by Jim Magary | Aug 17, 2015 | Tax Help
We can get your IRS tax levy, IRS wage garnishment levy released within a 24-hour period of time and close your case at the same time. Since 1982, A plus rated.
We have a combined 60 years of direct work experience in the local, district, and regional tax offices of the Internal Revenue Service and know exactly how to settle your case with the Internal Revenue Service.
As former IRS agents we taught tax law and tax procedure to new IRS agents, we know the system inside and out.
We can stop IRS tax levies and settle your case at the same time.
We are not a tax mill, we are professional tax firm . We have an immaculate and sterling reputation.
Within 24 hours of receiving your fully documented financial statement we guarantee that you will have a release of your IRS bank levy or wage garnishment levy.
Settling Tax Debt OIC + We will speak with you about settling your tax debt to the offer in compromise program.
Our firm will not submit an offer in compromise until we walked through the offer in compromise pre-qualifier tool to make sure that you can settle your tax debt for pennies on dollar.
As a IRS revenue officer agent, I both work this program was a teaching instructor for the tax debt settlement program. I’m a true IRS tax expert for the offer in compromise.
The Internal Revenue Service accepted 38,000 offers in compromise last year for average of $6500 per settlement.
Last year there were 78,000 offers in compromise filed. Please keep in mind this is a national average. Your current financial statement will determine the outcome for this program.
Taxpayers should be aware that there is a pre-qualifier tool for the offer in compromise program.
I suggest everyone the walk through this particular tool given by Internal Revenue Service to find out for a qualified candidate
IRS Tax Levy, IRS Wage Garnishment Releases and Removals and case closing.
The IRS filed 1.8 million the bank and wage garnishment levies last year. IRS filed over 700,000 federal tax liens.
Before IRS will release a tax levy, a wage garnishment or bank seizure, Internal Revenue Service will need a current documented financial statement. Your financial statement is the key to closing your case and settling your case.
If your case is in the automatic collection system, you will be filling out and documenting form 433F which you can find directly on our website. It is the only form the Internal Revenue Service will use.
When calling our office we will complete the form, speak to the Internal Revenue Service and within 24 hours of having your fully documented financial statement we can get your IRS tax levy released.
If the cases are in the local IRS office form 433 a will be required and a much more detailed investigation will be made on your current financial statement.
If this is the case a revenue officer out of the local office will be looking at your case.
Being a former IRS agent teaching instructors gives us a huge advantage and the benefit of our experience is invaluable to our clients. We know the system inside and out.
The filling out of your financial statement is critical into the settlement of your case.
With that current financial statement you will need to provide IRS the last three months of your bank statements, copies of your pay stubs and your monthly expenses.
IRS does a thorough review of your financial statement therefore you want to make sure you are both honest and accurate. IRS has the ability to go back as far as they want for their financial review. 3 to 6 months is a general indicator of IRS’s review process.
As a general rule, IRS will not release your levy until all your tax returns are filed.
We can prepare all your back tax returns with little or no records.
Internal Revenue Service usually closes your case off the enforcement two general ways: Based on your current financial statement, IRS will put you in a currently uncollectible file or put you in a payment agreement.
Over 40% of collection cases wind up in a current tax hardship and 6.5 million other taxpayers are put into monthly installment payment plans.
IRS may fail to release an IRS tax levy wage garnishment or bank levy because taxpayers have failed to file back tax returns.
After the review of your IRS financial statement we can let you know whether you are a possible debt settlement candidate for the offer in compromise program. We are true IRS tax experts.
IRS Tax Levy Help + IRS Bank Levies or Wage Garnishments + Settle IRS Tax Debt + File Back Taxes + White Plains, Amherst, Hempstead, Rochester, Utica
