by Jim Magary | Aug 6, 2015 | Tax Help
If you are dealing with an IRS problem call us today, we are the AFFORDABLE professional tax firm with over 206 years of professional tax experience since 1982. A plus Rated BBB.
We have over 60 years of direct work experience in the local, district and regional tax offices of the Internal Revenue Service.
We know the IRS system inside and out.
We have worked as supervisors, as managers, and teachings instructors while employed at the Internal Revenue Service.
If you have any sort of IRS problem contact us today and we can review with you various solutions to go ahead and help with an IRS final notice, certified mail, intent to levy, the filing of a federal tax lien, payment plans and the settling of your case through an offer a compromise.
If you have received an IRS final notice, we can stop IRS today with the simple filing of a power of attorney and with a direct IRS conversation.
We handle all correspondence and you will never have to communicate or speak with the Internal Revenue Service.
If you have received an IRS notice of intent to levy, we can file a collection due process hearing also to stop IRS.
There are a variety of other techniques that we will explain to you depending on your individual situation.
If you are going to owe back taxes and wish a payment plan or which to reach a settlement with them call us today for a free initial tax consultation.
We will lay out a very specific plan and educate you about the process of tax resolution for your individual case.
IRS Mail Correspondence
If IRS sends you a document it is time sensitive and taxpayers must follow-up on all time sensitive letters. If you do not respond IRS letters, their enforcement computer will send out liens, levies, and garnishments to go ahead and get your attention.
The IRS collection computer is the largest of its kind in the world.It is called CADE2
Once a tax return is filed or IRS initiates a tax assessment, IRS sends out a series of five notices and those notices are sent five cycles or five weeks apart.
IRS has the option, depending on the dollar amount and the history of the taxpayer to speed up those assessments.
If you are in need a professional tax help call us today and speak to a tax firm who truly knows the system they can help you with any tax problem you have.
We can stop the IRS today because we know the system we worked in the system and we have the experience within the system.
The IRS Billing Notices for those that owe IRS Back Taxes:
1. CP 14 – This is the notice of balance due,
2.CP 501 – This is a Bill that you still owe tax,
3. CP503 – Important, Immediate Action Required
4. CP 504 – Urgent Notice – We Intend to Levy on Certain Assets, Please Respond Now
5. CP90/CP297/ – IRS Letter 1058 – Final Notice of Intent to Levy of Your Right to a Hearing
Caution, You Must Answer this Notice
6.CP 91- CP298 -IRS Final Notice
Call us today for a free initial tax consultation. Speak directly to true, affordable IRS tax experts.
Received IRS Final Notice + Certified Mail + STOP IRS NOW + Intent to Levy Lien + IRS Payment Plans + Settle Offer in Compromise
by Jim Magary | Aug 5, 2015 | Tax Help
“AFFORDABLE ” former IRS agents and managers who know the system can permanently resolve any IRS tax problem, Since 1982.
We are a full service tax firm that specialize in IRS and state tax services. We are true tax experts. Over 60 years of combined IRS work experience.
We specialize in all IRS tax problems, from a simple IRS notice or letter to going to tax court. We are also tax specialist for any appellate cases.
As former IRS agents and managers we trained new IRS employees.
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.
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.
Make sure when you are looking around for a tax resolution firm you are speaking to an actual company and not a lead generation site. Generally, when you speak to a tax resolution company you are speaking to a salesperson and not a true expert. be sure you know the difference.
Approximately 90% of the sites on Google are no more than marketing and lead companies.
IRS Tax Problems = Remove IRS Tax Levies/ IRS Wage Garnishments NOW
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.
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. 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 different ways to get your federal tax lien released and once we know more about your case we could speak to you on how to best get this federal tax lien released.
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. If you are not sure which is your last notice call us today and we can plop an IRS tax transcript for you.
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.
It is important that your financial statement is completely documented. IRS will do a thorough review of your current financial statement along with documentation. You want to make sure you are honest and correct before sending to IRS.
How IRS will close Your Case off the Collection Computer:
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.
40% of those who owe back taxes will have their cases closed by hardship and 6.5 million will close there cases by monthly payment agreements.
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. he is 20
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 fo yes
The average settlement on offers in compromise or $6500 per case, please keep in mind this is just the national average. Before anyone files for an offer in compromise I suggest they walked to the IRS pre-qualifier tool. It is a free way to pre-qualify yourself.
Call us today for a free initial tax consultation.
New York = IRS Tax Problem Help Services + Remove IRS Tax Levies + Wage Garnishment + Unfiled Back Tax Returns + Settle IRS Debt + Make IRS Payments + Tax Lien Help
by Jim Magary | Aug 5, 2015 | Tax Help
We had over 60 years with the IRS in the local, district and regional tax office of IRS. We Know the System!
Let our knowledge work for you! ” We are the AFFORDABLE professional tax firm.”
We are A+ rated by the Better Business Bureau and have been in private practice since 1982. We have over 206 years of professional tax experience. We know the system inside and out.
If you owe back taxes to the Internal Revenue Service and are looking for IRS tax debt relief on a federal, individual, business or payroll tax matter, call us today and hear the truth about your case.
FST staffers has over 60 years of working directly for the Internal Revenue Service and understand the system inside and out.
We have worked in the local, district, and regional tax offices of the IRS. Our staffers have worked as managers, supervisors, and teaching IRS instructors.
We can handle anything from a simple notice or letter going to tax court.We’re IRS tax expert in appellate cases as well.
In dealing with the IRS on back taxes it is important to know for any individual, business or payroll tax case that you be current in the tax year you are in. Compliance is very important to Internal Revenue Service.
IRS will want you current in your withholding, estimate or current payroll tax deposits.
The Internal Revenue Service may refuse to work with all clients who cannot keep up with current payment requirements. This is a must.
FST will lay out a complete working system for you to cooperate with Internal Revenue Service to ensure that you will get to deal you are looking for with the IRS, one that you can live with.
Please be advised in any time you owe IRS back tax debt you will be required to fill out our current financial statement. There is absolutely no getting around this.
Your current financial statement will determine how the Internal Revenue Service will close your case.
This is applicable for all individual, business and corporate clients. IRS evaluates all clients based on their current financial statements.
If you are dealing with the ACS unit you will need to use financial statement number 433F if you are dealing in the local office you will need financial statement form 433 a, both can be found on our website.
That financial statement will need to be completely verified and documented to support the numbers on it. IRS will want to verify your financial statement via bank statements, copy of monthly expenses and a copy of pay stubs to verify income.
When you call our office and know that all work is done in-house by a truly seasoned and professional tax staff.
We are the fast, friendly professional tax firm when it comes to dealing with those who all back IRS taxes and are seeking IRS tax debt relief, we can handle all federal and state tax cases.
Call us today for a free initial tax consultation.
Do not be afraid to file multiple year back tax returns, we can get you in the system worry free.
New York + Owe Back IRS Taxes Debt = Individual, Business, 941 Payroll Taxes Debt Settlements + Unfiled Tax Returns + IRS Payment Plans + New York City
by Jim Magary | Aug 5, 2015 | Tax Help
I am a former IRS revenue officer and teaching instructor of the IRS offer in compromise, tax debt settlement program.
I know the system inside and out I will let you know if you qualify to settle or you reduce your IRS tax debt. Free Consults
We are AFFORDABLE IRS 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 are composed of former IRS agents and managers who were former employees of 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. We are true IRS experts who understand the IRS collection system.
All our work is done in-house and we are used by other firms to do their backend work.
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.
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.
So if we send in your offer in compromise, you probably do have a pretty good chance of getting it accepted.
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 for the OIC
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.
About 20% of all offers in compromise go to the Appellate Division for settlement. Most offers that are accepted by the Internal Revenue Service are done through true tax professional firms.
You should know that not everyone is an offer in compromise candidate to settle their tax debt.
Making 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 must and 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 through the IRS:
Your initial payment will vary based on your offer and the payment option you choose:
1• 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.
2• 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.
If accepted, you must continue to pay monthly until it is paid in full.
While your offer in compromise is being evaluated by the IRS :
• 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.
As a side note, taxpayers should be aware that all tax returns must be filed before they can have an approved offer in compromise.
If you submitted an offer in compromise and IRS finds your tax returns are not file they will return the offer to you.
We could prepare all back returns for you with little or no records.
Call us today to find out more how you can settle your tax debt for pennies on the dollar. We are a true professional tax firm.
New York + IRS Offer in Compromise + Tax Debt Settlements + Settle & Reduce IRS Tax Debt + Unfiled Back Tax Returns + Former IRS
by Jim Magary | Aug 5, 2015 | Tax Help
We are an “AFFORDABLE” PROFESSIONAL Tax Firm, 24 hours of receiving your current financial statement we can get an IRS Tax Levy, Bank Levy, Wage Garnishment levy released & your case settled with IRS.
Because of our years of experience working at Internal Revenue Service we know the system to get immediate releases of an IRS tax levy, IRS bank levy or IRS wage garnishment.
Not only can we get your tax levy released or removed we can also settle your case at the same time.
We have worked in the system for over 60 years and understand the protocols and the internal revenue manual’s to get your levy released in your case closed with IRS.
On our staff have been IRS managers, supervisors, and teaching instructors with the IRS.
If you owe any type of back IRS or state taxes call us today for a free initial tax consultation and you can speak to a true IRS expert.
IRS usually levy only after these three requirements are met:
• IRS assessed the tax and sent you a Notice and Demand for Payment;
• You neglected or refused to pay the tax; and
• IRS sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy.
IRS may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested.
Please note:
If IRS levied your state tax refund, you may receive a Notice of Levy on Your State Tax Refund, Notice of Your Right to Hearing after the levy.
Get your IRS tax levy, IRS bank levy, IRS wage levy garnishment tax levy released.
As a general rule, if taxpayers do not respond to final notice is sent by IRS, the Internal Revenue Service is required to send out a tax levy. Therefore, it is important to respond to all IRS requests by mail.
As a general rule no human hand touches IRS mail, it is all set out systemically by the IRS Cade 2 computer.
IRS generally sends out five billing notices and then the important 1058 that lets you know an IRS tax levy is to follow. The IRS also has the option depending on the dollar amount to file a federal tax lien. The IRS files 800,000 federal tax liens each and every year.
Once again you must answer all IRS mail and all IRS information is time sensitive. IRS will follow-up on all correspondence.
The Internal Revenue Service sends out notices out notices on five-week billing cycles.
To find out where you are in the system, look on the top right corner, it’ll let you know a code number and experienced tax professional can let you know where you are in the IRS billing system
As a former IRS agent I can tell you that taxpayers stick their head in the sand and seal their own fate by not responding to the IRS final notice before seizure.
As a general rule, IRS sends out close to 1.9 million tax levies each year.
There is a difference be between an IRS federal tax levy in the federal tax lien.
A federal tax levy is a seizure a federal tax lien is a document to get placed at your courthouse.
A federal tax lien can stay on public court records for 10 years. they are generally released by full payment, statute expiration or accepted offer in compromise.
To get your IRS tax levy or wage garnishment released it will be necessary for you to give IRS a current documented financial statement along with making sure all your tax returns are filed in on IRS’s computer system.
It will be necessary for you to fully complete an IRS form 433F (an IRS financial statement) that you can find on our website along with supplying IRS with bank statements, pay stubs and copy of all monthly expenses.
When you call our office we were thoroughly review your case, give you a free tax assessment and let you know the necessary steps to completely remove your IRS problem including releasing an IRS tax levy, or wage levy garnishment and settling your case all at the same time.
IRS will generally close your case by putting it into a tax hardship or asking for a monthly payment plan.
40% of all cases are put in the tax hardship and 6.5 million cases are put into monthly installment agreements.
Last year IRS accepted 38,000 offers in compromise for average settlement of $6500 per case.Please keep in mind that is only an average. most of these cases are solely dependent on your current financial statement. The value of knowing how to fill out the financial statement is priceless and wins cases.
Please keep in mind if you have unfiled or back to tax returns, the IRS has the option of not releasing a federal tax levy because you are not in full compliance with tax laws.
We can prepare any and all back tax returns with little or no records.
Please call us today for a free initial tax consultation, since 1982.
New York + Remove IRS Tax Levy FAST + IRS Tax Bank Levy + Stop IRS Wage Garnishment + Settle Back Tax Debt + Unfiled Back Tax Returns
by Jim Magary | Aug 5, 2015 | Tax Help
What Can I Deduct?
To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business.
A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary.
It is important to separate business expenses from the following expenses:
The expenses used to figure the cost of goods sold,
Capital Expenses, and
Personal Expenses.
Cost of Goods Sold
If your business manufactures products or purchases them for resale, you generally must value inventory at the beginning and end of each tax year to determine your cost of goods sold.
Some of your expenses may be included in figuring the cost of goods sold. The cost of goods sold is deducted from your gross receipts to figure your gross profit for the year.
If you include an expense in the cost of goods sold, you cannot deduct it again as a business expense.
The following are types of expenses that go into figuring the cost of goods sold.
The cost of products or raw materials, including freight
Storage
Direct labor costs (including contributions to pensions or annuity plans) for workers who produce the products
Factory overhead
Under the uniform capitalization rules, you must capitalize the direct costs and part of the indirect costs for certain production or resale activities. Indirect costs include rent, interest, taxes, storage, purchasing, processing, repackaging, handling, and administrative costs.
This rule does not apply to personal property you acquire for resale if your average annual gross receipts (or those of your predecessor) for the preceding 3 tax years are not more than $10 million.
For additional information, refer to the chapter on Cost of Goods Sold, Publication 334, Tax Guide for Small Businesses and the chapter on Inventories, Publication 538, Accounting Periods and Methods.
Capital Expenses
You must capitalize, rather than deduct, some costs. These costs are a part of your investment in your business and are called capital expenses. Capital expenses are considered assets in your business.
In general, there are three types of costs you capitalize.
Business start-up cost (See the note below)
Business assets
Improvements
Note: You can elect to deduct or amortize certain business start-up costs.
Refer to chapters 7 and 8 of Publication 535, Business Expenses.
Personal versus Business Expenses
Generally, you cannot deduct personal, living, or family expenses. However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost between the business and personal parts.
You can deduct the business part.
For example, if you borrow money and use 70% of it for business and the other 30% for a family vacation, you can deduct 70% of the interest as a business expense. The remaining 30% is personal interest and is not deductible.
Refer to chapter 4 of Publication 535, Business Expenses, for information on deducting interest and the allocation rules.
Business Use of Your Home
If you use part of your home for business, you may be able to deduct expenses for the business use of your home.
These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation.
Refer to Home Office Deduction and Publication 587, Business Use of Your Home, for more information.
Business Use of Your Car
If you use your car in your business, you can deduct car expenses.
If you use your car for both business and personal purposes, you must divide your expenses based on actual mileage. Refer to Publication 463, Travel, Entertainment, Gift, and Car Expenses.
For a list of current and prior year mileage rates see the Standard Mileage Rates.
Other Types of Business Expenses
Employees’ Pay – You can generally deduct the pay you give your employees for the services they perform for your business.
Retirement Plans – Retirement plans are savings plans that offer you tax advantages to set aside money for your own, and your employees’ retirement.
Rent Expense – Rent is any amount you pay for the use of property you do not own. In general, you can deduct rent as an expense only if the rent is for property you use in your trade or business. If you have or will receive equity in or title to the property, the rent is not deductible.
Interest – Business interest expense is an amount charged for the use of money you borrowed for business activities.
Taxes – You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses.
Insurance – Generally, you can deduct the ordinary and necessary cost of insurance as a business expense, if it is for your trade, business, or profession.
