by Jim Magary | Aug 10, 2015 | Tax Help
Understanding Your Letter 5591
File your 2014 federal tax return with Form 8962, Premium Tax Credit, as soon as possible to protect your eligibility for assistance with paying for your or your family’s Marketplace health insurance coverage in 2016.
What you need to do
• Read your letter carefully.
• Review the situation to see if you agree with the information in the letter.
• File your 2014 tax return with Form 8962 as soon as possible, even if you don’t normally have to file.
• Use the Form 1095-A that you received from your Marketplace to complete Form 8962. If you need a copy of your Form 1095-A, log in to your HealthCare.gov or state Marketplace account or call your Marketplace call center.
• If you have already filed your 2014 tax return with Form 8962, please disregard this letter.
You may want to…
• Visit IRS.gov/aca for more information on filing a 2014 tax return with Form 8962.
• File electronically to ensure you file a complete and accurate tax return.
• Visit IRS.gov/filing for more information about electronic filing options, or call us at 1-800-829-0922.
Answers to Common Questions
What is the Premium Tax Credit?
If you, your spouse, or any dependent you can claim on your tax return enrolled in 2014 health insurance coverage through the Health Insurance Marketplace, you may be eligible for the premium tax credit.
This tax credit helps make health insurance coverage more affordable for people with moderate incomes.
What is the Form 1095A?
You receive a Form 1095-A when you or a family member enroll in health insurance coverage through the Health Insurance Marketplace. Form 1095-A provides the information you need to complete Form 8962, Premium Tax Credit.
If you or your family members enrolled in the Marketplace in more than one qualified health plan policy, you will receive a Form 1095-A for each policy.
If you receive a Form 1095A, check the information on the form carefully. Please contact your Marketplace if you have questions about its accuracy.
What happens if I received advance payments of the Premium Tax Credit and don’t file a tax return?
You will not be eligible for advance payments of the premium tax credit or cost-sharing reductions to help pay for your Marketplace health insurance coverage in 2016.
This means you will be responsible for the full cost of your monthly premiums and all covered services.
In addition, the IRS may contact you to pay back some or all of the advance payments of the premium tax credit
by Jim Magary | Aug 7, 2015 | Tax Help
We are Affordable IRS Tax Experts. We have been in practice since 1982, Former IRS, A plus rated by the BBB.
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.
We are true affordable experts for all IRS tax problems and tax matters.
We can remove an IRS tax levy within 24 hours, represent you during an IRS tax audit, talk to you about entering into an IRS payment plan getting put into a tax hardship and file any and all back tax returns.
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 are true IRS tax experts.
We also taught tax law to new IRS agents.
We know the IRS inside and out. Based on your set of circumstances we can accurately predict the outcome of your case. Once we have 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 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 Plan Agreements
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
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
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 the fast, friendly and affordable professional tax firm.
We are A+ rated by the Better Business Bureau, since 1982.
Former IRS + Owe IRS Tax + Back IRS Debt + Payment Plans + Remove Tax Levies + IRS Audit Representation + File Tax Returns + New York, Brooklyn, Borough of Queens, Manhattan, Bronx
by Jim Magary | Aug 7, 2015 | Tax Help
As Former IRS Agents & Managers we specialize in AFFORDABLE immediate and permanent IRS Tax Relief.
We have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
Being former IRS agents and managers we know the system inside and out.
We know exactly what Internal Revenue Service is going to do based on your set of circumstances and financial condition.
Not only were we former IRS agents and managers we were supervisors and tax instructors and taught new IRS agents there jobs.
If you have received an IRS tax bill, final notice before levy or seizure, received a notice of levy on your wages or bank account, need to make a payment plan or settle your tax debt with the Internal Revenue Service contact us today for free initial tax consultation.
We’ve been in private practice since 1982 and have over 206 years of professional tax experience in dealing with IRS tax matters.
If you have received an IRS tax levy, within 24 hours of receiving your current financial statement we can get your tax levy released, if you have received an IRS federal tax lien, we can talk to you about different programs to get your lien released, if you need an IRS payment plan we will go over the different type of installment agreements they have for taxpayers.
A note to all taxpayers:
As a former IRS agent and teaching instructor those tax bill notices are all time sensitive and must be addressed by the due dates on your mail correspondence. IRS sends bills on billing cycles that are usually five weeks apart.
Failure to keep up with the due dates many times winds up as enforced collection actions by the Internal Revenue Service.
Therefore it is important to address these issues soon as the mail comes in.
Also, please understand that wait times are extensive and you can be holding on the phone for over one hour however you must persist and get through to the Internal Revenue Service.
Remember, you must respond to every IRS notice you receive.
IRS Tax facts of interest:
1. IRS sends close to 2 million bank and wage garnishment levies each and every year,
2. Approximately 6.6 M people are on IRS payment plans,
3. Over 38% of all those who apply for an IRS tax settlement or approved by the Internal Revenue Service,
4. IRS sends out approximately 700,000 liens every year,
5. Over 40% of collection cases that IRS works winds of going into hardship.
6. Your chances of an IRS tax audit are less than 1%. However do not play the audit lottery.
7. The average wait time for an offer in compromise is nine months.
8. Normal billing cycles for IRS collection cases range between 3 to 5 months.
Call us today for a free initial tax consultation, since 1982.
We are A+ rated by the Better Business Bureau.
Affordable IRS Taxes Relief + Tax Bill Notice + Certified Mail + IRS Levy + IRS Liens + IRS Audits, IRS Payment Plans + Offer in Compromise + New York, Brooklyn, Borough of Queens, Manhattan, Bronx
by Jim Magary | Aug 7, 2015 | Tax Help
We are “AFFORDABLE” Former IRS Agents & Managers that specialize in the removal of IRS tax levies, bank levies, wage garnishment levies & IRS tax debt settlements on back taxes.
We know the system, since 1982, A + Rated BBB.
We have over 206 years of professional tax experience. Get your levy released within 24 hours.
IRS files 1.9 million tax levies each year and files over 700,000 federal tax liens each year.These numbers vary from year to year.
IRS is very generous in sending out tax federal liens and tax levies.It is their number one collection tool.
It is responsible for collecting billions of dollars into the US treasury. Also to send out IRS levies is very cheap. IRS levies are sent out systematically, and not a human hand touches the levy. IRS gets their levy sources from your tax return, that is your employers and your bank information. All this information is stored up on the Cade 2 computer.
If the IRS has filed a IRS tax lien or IRS levy, you are not alone, not by a long shot.
There is a fast and easy system to go ahead and get your money back from the Internal Revenue Service.
We have a streamlined process to get your money back from IRS. We know the system having worked for IRS for over 60 you combined years.
You will never have to speak to IRS.
We handle all the IRS communication between you and the Internal Revenue Service.
IRS Tax Levies 668a & IRS Tax Wage Garnishments 668w
There is a different between a bank levy and wage levy.
The IRS bank levy has a 21 day hold or freeze on the account and an IRS wage garnishment levy is an immediate tax levy on your next paycheck.
With the IRS wage garnishment levy certain exemptions may be taken. But it’s a continuous levy and garnishment until you get your levy released by calling the IRS. IRS has the option of not releasing your levy until all tax returns are filed.
As a general rule, 24 hours after receiving your current and verifiable financial statement we can get your IRS tax, bank levy garnishment released and your case closed with the IRS.
It only makes sense as former IRS agents and managers, we know the system inside and out. Just how well do we know the system, we were former IRS teaching instructors.
Our former IRS agents have worked in the local, district, and regional tax offices of the Internal Revenue Service and we know the system inside and out.
When you call our office we will go over the different ways you can settle your tax debt completely with the IRS. There are three general ways to get IRS tax levies released.
Required for IRS Tax Levy, IRS Bank, IRS Wage Tax Garnishment Releases.
IRS will require a current financial statement before they will release a bank levy, wage garnishment levy.
The IRS financial statement is required documentation before they can close any case.
The IRS financial statement will need to be a form 433F.
The local office does a much more thorough review than that of the ACS unit. There is also a higher pay grade agent working the case. The persons working these cases will be called IRS revenue officers.
IRS will require the last payments based statements, copy them all mostly expenses and a copy of your pay stub to verify your current financial statement.
IRS will compare your financial statement with that of the national averages and regional norms and come up with a plan to close your case off the IRS enforcement computer.
As a general rule IRS settles case by putting them into a tax hardship, payment agreements or the recommendation of settling your tax debt to the offer in compromise.
The offer in compromise is a more complicated process and it really takes a skilled tax professional to get an offer accepted. The current wait time for offers in compromise or nine months.
Last year 40% of all IRS collection cases ended up and were currently not collectible file and 6.5 million cases ended up with payment plans. Once again, everything depends on your current financial statement.
Some of our clients are eligible for the new fresh start tax initiative called the offer in compromise to settle their tax debt for pennies on a dollar.
You may want to check out the IRS pre-qualifier tool to make sure that you are an eligible candidate for a tax settlement.
STOP IRS BANK & WAGE GARNISHMENT TAX LEVY NOW + OWE BACK IRS TAXES HELP + SETTLE IRS TAX DEBT + UNFILED TAX RETURNS
by Jim Magary | Aug 7, 2015 | Tax Help
We are an “AFFORDABLE PROFESSIONAL TAX FIRM” composed of Former IRS agents and managers who know the system & can permanently resolve any IRS tax problem. Since 1982, A plus Rated.
Since 1982, we are a full service tax firm that specialize in IRS and state tax services.
All work is done in-house by true IRS tax experts
We have over 206 years of professional tax experience. We specialize in IRS tax problem help services. All work is conducted in-house by true tax professionals. Working on cases are tax attorneys, CPAs, and former IRS agents.
We can remove an IRS tax levy garnishment within 24 hours of receiving your current financial statement, talk to you about the removal of a federal tax lien, represent you during an IRS tax audit, file any and all back tax returns and talk you about the settlement of your tax debt through the offer in compromise.
I am a former IRS revenue officer and former instructor who taught IRS collection agents their jobs. We know every possible option to remedy your IRS or state tax problem. is why
In most cases in which back taxes our owed, your financial statement is the key to tax resolution. Professional instruction is key to resolving any tax problem.
IRS Tax Levies Garnishment Information
The Internal Revenue Service levies approximately 1.8 million taxpayers each and every year and this figure includes and bank & wage garnishments. The IRS is very generous with their enforcement action. They are all send out systemically by computer. If you have been levied you are not alone.
If you have not responded to an IRS final notice they systematically send out an IRS tax levy from their CADE2 computer system.
As a general rule, IRS sends out a series of billing notices to the last known address.
Many taxpayers do not get their final notice because they have moved or never receive the mail.
The IRS billing notices are five weeks apart.
If you do not respond to the IRS last notice, the L-1058, you can expect the tax lien or tax levy to show up within 30 days of receiving the notice. IRS usually does not miss a follow-up date.
Before IRS will release the levy many times they want all on file tax returns in their hand to make sure you are in full compliance. We can prepare all your back tax returns. We can prepare all your back tax returns if necessary.
Before IRS will remove a tax levy or wage garnishment they will need a current and verifiable financial statement, 433F.
If the cases in the local office the revenue officer will require form 433a.
The revenue officer is a much more seasoned IRS agent and especially geared for higher dollar IRS collection cases.
Once we have your current verified financial statement in hand, we can usually get your tax levy or garnishment released within 24 hours. The sooner you get us a financial statement the sooner you get your money back from the Internal Revenue Service.
How IRS will close your case
IRS usually closes a case by putting a case in 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.
Offer in compromises are very tricky and should only be turned in by true tax professionals. IRS is very strict about their offer process. Right now there are over 7500 cases sitting in the queue.
40% of all people who owe IRS tax debt have their cases put into what is called a currently not collectible file and 6.5 million taxpayers have their cases put into current installment agreement or payments.
Please remember your current financial statement will determine the outcome of your case therefore it is critical to have a tax professional complete the financial information.
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.
Tax Debt Settlements, The OIC
If you wish to settle your tax debt, 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. Most people understand this as pennies on the dollar.
We do not file an offer in compromise for a tax debt settlement unless you are a qualified candidate. We walk all our clients through the process.
Approximately 38% 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 is $6500 per case but that is just the national average.
Call us today for a free initial tax assessment. We’ll go over every available option to get you the best possible remedy. Be blessed.
Affordable = IRS Tax Problem Services Help + IRS Tax Levy Garnishments Help + IRS Audits + File Back Tax Returns + Offer Settle Tax Debt + IRS Payments Plans+ New York, Brooklyn, Borough of Queens, Manhattan, Bronx
by Jim Magary | Aug 7, 2015 | Tax Help
We are an Affordable 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.
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.
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.
6672
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.
When you call us we will go over the trust fund penalty so you understand how it relates to you.
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.
Owe IRS Payroll + Keep IRS Out of Your Business + 941 Payroll Tax Debt Settlements + IRS Payment Plans + Former IRS Agents Can Help
