by Jim Magary | Aug 5, 2015 | Tax Help
Starting a New Business
When you start a business, a key to your success is to know your tax obligations.
You may not only need to know about income tax rules, but also about payroll tax rules. Here are five tax tips that can help you get your business off to a good start.
1. Business Structure.
An early choice you need to make is to decide on the type of structure for your business. The most common types are sole proprietor, partnership and corporation.
The type of business you choose will determine which tax forms you will file.
2. Business Taxes.
There are four general types of business taxes.
They are income tax, self-employment tax, employment tax and excise tax. In most cases, the types of tax your business pays depends on the type of business structure you set up. You may need to make estimated tax payments.
If you do, use IRS Direct Pay to pay them.
It’s the fast, easy and secure way to pay from your checking or savings account.
3. Employer Identification Number.
You may need to get an EIN for federal tax purposes. Search “do you need an EIN” on IRS.gov to find out if you need this number.
If you do need one, you can apply for it online.
4. Accounting Method.
An accounting method is a set of rules that you use to determine when to report income and expenses.
You must use a consistent method.
The two that are most common are the cash and accrual methods.
Under the cash method, you normally report income and deduct expenses in the year that you receive or pay them. Under the accrual method, you generally report income and deduct expenses in the year that you earn or incur them.
This is true even if you get the income or pay the expense in a later year.
5. Employee Health Care. The Small Business Health Care Tax Credit helps small businesses and tax-exempt organizations pay for health care coverage they offer their employees.
A small employer is eligible for the credit if it has fewer than 25 employees who work full-time, or a combination of full-time and part-time.
The maximum credit is 50 percent of premiums paid for small business employers and 35 percent of premiums paid for small tax-exempt employers, such as charities.
The employer shared responsibility provisions of the Affordable Care Act affect employers employing at least a certain number of employees (generally 50 full-time employees or a combination of full-time and part-time employees).
These employers’ are called applicable large employers. ALEs must either offer minimum essential coverage that is “affordable” and that provides “minimum value” to their full-time employees (and their dependents), or potentially make an employer shared responsibility payment to the IRS.
The vast majority of employers will fall below the ALE threshold number of employees and, therefore, will not be subject to the employer shared responsibility provisions.
Employers also have information reporting responsibilities regarding minimum essential coverage they offer or provide to their fulltime employees.
Employers must send reports to employees and to the IRS on new forms the IRS created for this purpose.
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, guaranteed.
We have worked out of the local, district, and regional tax offices of the Internal Revenue Service.
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.
We’ve been practicing since 1982 and are A+ rated by the Better Business Bureau.
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 we levy 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, bank levy 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.
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.
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. Your individual financial statement will determine how IRS will close your case.
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.
Remove IRS Tax Levy NOW + IRS Bank Levy + IRS Wage Garnishment + Settle Back Tax Debt + Unfiled Tax Returns + Indianapolis, Fort Wayne, Evansville, South Bend, Hammond
by Jim Magary | Aug 4, 2015 | Tax Help
We are AFFORDABLE Former IRS Agents & Managers that specialize in the removal of IRS tax levies, bank levies, and wage garnishment levies. We know the system, since 1982.
IRS files 1.9 million tax levies each year and files over 700,000 federal tax liens each year. The numbers are staggering.
The IRS collection computer collects billions of dollars each year without a single hand touching a letter or envelope.
IRS gets their levy information from past tax returns.
Information is collected from W-2s and 1099s input on the IRS enforcement computer.
FST results – 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.
We have over 206 years professional tax experience and have been in private practice since 1982 and we are A+ rated by the Better Business Bureau.
There’s a very streamlined process too quickly, efficiently and for affordable fees get your IRS tax levy immediately released.
Our former IRS agents have worked in the local, district, and regional tax offices of the Internal Revenue Service. We taught tax law as former IRS Agents.
We cannot only get your bank or wage levy released, we can settle your case all at the same time.
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.
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.
You want to make sure you turn in a correct and honest financial statement to Internal Revenue Service and that’s for hiring tax professionals can help you.
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. you can find old national standards on our website. is very important to know the system.
As a general rule IRS settles case by putting them into hardship, payment agreements or the recommendation of settling your tax debt to the offer in compromise.
When you owe back taxes the IRS closes the cases this way:
Three general closing methods.
1. IRS will either place your case and hardship,
2. Ask for monthly payment agreement or
3. accept an offer in compromise.
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.
We have over 206 years professional tax experience and we’re A+ rated by the Better Business Bureau.
Call us today for a free initial tax consultation hear the truth.
STOP IRS BANK, WAGE GARNISHMENT LEVY NOW + SETTLE RESOLVE IRS TAX DEBT + FORMER IRS + Indianapolis, Fort Wayne, Evansville, South Bend, Hammond
by Jim Magary | Aug 4, 2015 | Tax Help
We are an Affordable Professional Tax Firm” that specializes in IRS and State tax debt resolution.
We are former IRS Agents & Managers who know the system, since 1982.
A plus Rated BBB. We have over 206 professional tax experience.
We have been in private practice since 1982 and are true affordable IRS and State 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 taught tax law when employed with the Internal Revenue Service.
We understand all the protocols and systems to affordably and swiftly deal with any IRS tax issue.
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.
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 note that your current financial statement will determine the outcome of your case.
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. IRS will use a national standard tests to look at your income and expenses. To learn more about the IRS evaluation process talk to one of our tax experts so you completely understand how the Internal Revenue Service will interpret and close your case.
The Filing of Back 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
If you owe back taxes and as a general rule your financial statement will determine how IRS will close your settle your case. Form 433F.
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 in is a good reflection of your ability to pay or inability not to pay.
Most cases in which back tax debt is owed to Internal Revenue Service will require a current and verifiable financial statement. You can find those financial statements directly on our website.
When you call us we will give you the financial statement applicable to your case.
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.
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. When calling our office you will speak to a true IRS tax professional.
Indianapolis + IRS Taxes Debt Help + Owe Back Taxes + Individual, Business, 941 Payroll Taxes + Unfiled Tax Returns + Trust Fund Taxes + IRS Tax Debt Settlements
by Jim Magary | Aug 4, 2015 | Tax Help
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.
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. We are true tax experts. All our work is done in-house and we are used by other firms to do their backend work.
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 IRS new fresh start initiative set out by the Internal Revenue Service many more taxpayers are eligible for the tax debt settlement. Always remember you must be a true and qualified candidate.
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.
Right now there are 7500 cases in the IRS Q. The average wait time is currently nine months.
IRS is currently swamped with cases and they have few employees to work the volumes of offers currently in the system.
By this time next year one-third of the IRS total workforce will have retired or opted out for early retirement within the last five years. So you must persevere.
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.
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.
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.
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 you file.
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:
• 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 of the Internal Revenue Service.
While your offer in compromise 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.
We are a full-service professional tax firm that has a unique expertise in the resolution of all IRS tax matters.
As a side note, taxpayers should be aware that all tax returns must be filed before they can have an improved offer in compromise.
We can prepare any and all back tax returns.
Indianapolis + Offer in Compromise + IRS Tax Debt Settlement Program + Settle, Reduce IRS Tax Debt + Former IRS Offer Specialist Expert
by Jim Magary | Aug 4, 2015 | Tax Help
We are an “AFFORDABLE” full service tax firm that specializes in IRS tax problems. Since 1982, A plus rated, Former IRS.
We have over 60 years of direct IRS work experience in the local, district, and regional tax offices of the Internal Revenue Service.
We know the system inside and out.
We’ve trained new IRS agents their jobs, that’s how well we know the system and these years of experience can work directly for you. We are actually used by other firms for their backend work.
If you need to file back tax returns or owe the IRS a tax debt, we can go ahead and work out an effective tax settlement for you.
We know the best system that will fit your case and your current financial needs.
IRS after reviewing your current financial statement will either put you into a current hardship, asking for a monthly payment agreement or will consider the filing of an offer in compromise for pennies on a dollar if you’re a qualified candidate for the offer in compromise program.
Important Note:
Your current financial statement will determine the closing method used by IRS.
IRS uses financial statement form 433F worth the cases in the local office will use form 433A.
The Internal Revenue Service does a comprehensive review of your current financial statement and will ask for things like bank statements, copies of monthly expenses, and their last pay stubs. The more money you owe more thorough the review.
At the current time over 40% of the cases are put into a currently not collectible file, 6.5 million taxpayers have current monthly or installment agreements and 38,000 taxpayer settled by the acceptance of an offer in compromise.
Do you have unfiled or not filed back tax returns?
Many people do not file back tax returns because they lost their records.
It is important to remember IRS just want you back in the system so don’t let fear or panic set in.
If this is your case, we can go ahead and pull IRS tax transcripts and secure enough information to file back tax returns.
If you have little or few tax records that is not a problem we can prepare your returns under reconstructive methods ensure you will pay the lowest amount allowed by law.
Being a former IRS agents we understand all the techniques to get you back in the system worry free.
Do not let not having records keep you from filing your back tax returns. We can get you back in the system worry free.
6020B
I caution those taxpayers who do not file to be very careful because IRS can file your tax return under 6020B and you will pay the most amount allowed by law.
If you do not follow-up on the assessment IRS makes under 6020 B of the IRC code, the Internal Revenue Service will follow-up by the filing of a federal tax levy in a federal tax lien.
We will give you a free evaluation or analysis on the best way to settle your case for the lowest possible dollar amount if you are a suitable candidate for an offer in compromise.
We are the fast friendly and affordable professional tax firm, since 1982 A+ rated by the Better Business Bureau.
If you have any IRS tax problem, need to file and file back returns, want to get a tax levy, bank levy or wage garnishment levy released, need to get an IRS payment plan, or find out the easiest way to settle your case for pennies on the dollar.
When you call our office you will speak directly to a true IRS tax expert.
We are A+ rated by the Better Business Bureau with over 206 years of professional tax experience.
IRS Taxes = Affordable, Former IRS + Unfiled Back Tax Returns + Tax Levy + Tax Liens + Payment Plans + Offer in Compromise Settlements
