by Jim Magary | Jul 21, 2015 | Tax Help
We are “AFFORDABLE” Former IRS Agents & Managers that specialize in the fast removal of IRS tax levies, bank levies, and wage garnishment levies. We know the system, since 1982.
We are A plus rated by the BBB.
We have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the Internal Revenue Service.
We know the system inside and out.
IRS files 1.9 million tax levies each and every year. If you have received an IRS tax levy you are not alone.
This number includes bank levies, wage garnishment levies and third-party levies.
We have a streamlined process that can affordably solve your IRS tax debt and release your tax levy all at the same time.
When you call our offices we will go over a variety of solutions and resolutions to not only get your IRS wage garnishment levy released but close and settle your case all at the same time. Each key case is unique and dependent on the taxpayer’s financial statement. The importance of your financial statement is key to success in negotiating any type of dealer settlement or levy release with the Internal Revenue Service.
IRS Final Tax Billing Notices
If you do not respond to the IRS the final notice, the IRS has no choice but to systemically send out an IRS bank or wage garnishment levy. IRS billing cycles or five weeks apart in this critical you answer all IRS correspondence.
The IRS Cade 2 computer system is the mother of all collection tools. It sends out millions and millions pieces of mail each and every year. It collects billions of dollars for the United States Treasury Department.
It is the largest collection computer in the world. Not a human hand touches and IRS levy they are all systemically sent out.
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.
IRS Required Financial Statement- the 433F
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.
It will need to be a form 433F. The form 433 a is used by the local offices and exclusively by revenue officers.
IRS will require the last 3 months of bank statements, copy of all monthly expenses and a copy of your pay stub to verify your current financial statement. IRS conducts a thorough review of your 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 hardship, payment agreements or the recommendation of settling your tax debt to the offer in compromise.
The IRS places over 40% of their collection cases into a current tax hardship or uncollectible and over 6 million people enter into installment payments every year. Your financial statement will determine the way IRS will close their case.
It is important for you to know if you owe back IRS tax debt, you will have to file all back tax returns before the Internal Revenue Service will negotiate with you.
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.
When speaking to somebody on our friendly staff, we will let you know if you are an eligible candidate to settle your tax debt through the offer in compromise program.
Last year there were 78,000 offers in compromise filed in close to 40% of more accepted by the Internal Revenue Service for average of $6500.
The offer compromise program, OIC, is not for everybody.
We will walk you through the pre-qualifier tool before you spend any money to make sure you are a qualified candidate for the program.
Call us today to learn more about the offer in compromise program offered by the Internal Revenue Service. You will hear the truth from true season tax professionals who have over 60 years of direct work experience with the Internal Revenue Service.
Call us today for a free initial tax consultation.
by Jim Magary | Jul 21, 2015 | Tax Help
Self-Insured Employers Must File Health Coverage Information Returns
Regardless of size, all employers that provide self-insured health coverage to their employees are treated as coverage providers.
These employers must file an annual return reporting certain information for each employee they cover.
As coverage providers, these employers must:
• File a Form 1095-B, Health Coverage, with the IRS, accompanied by a Form 1094-B transmittal. Filers of more than 250 Forms 1095-B must e-file. The IRS allows and encourages entities with fewer than 250 forms to e-file.
• Furnish a copy of the 1095-B to the responsible individual – generally the primary insured, employee, parent or uniformed services sponsor. You may electronically furnish the Form 1095-B.
If a provider is an applicable large employer also providing self-insured coverage, it reports covered individuals on Form 1095-C instead of Form 1095-B.
Form 1095-C combines reporting for two provisions of the Affordable Care Act for these employers.
The information reporting requirements are first effective for coverage provided in 2015. Thus, health coverage providers will file information returns with the IRS in 2016, and will furnish statements to individuals in 2016, to report coverage information in calendar year 2015.
The information that a provider must report to the IRS includes the following:
• The name, address, and employer identification number of the provider.
• The responsible individual’s name, address, and taxpayer identification number, or date of birth if a TIN is not available.
If the responsible individual is not enrolled in the coverage, providers may, but are not required to, report the TIN of the responsible individual.
• The name and TIN, or date of birth if a TIN is not available, of each individual covered under the policy or program and the months for which the individual was enrolled in coverage and entitled to receive benefits.
For more information, see Questions and Answers on Information Reporting by Health Coverage Providers on IRS.gov/aca.
Employers who provide self-insured coverage should review Publication 5125, Responsibilities for Health Coverage Providers.
Applicable large employers should review Publication 5196, Reporting Requirements for Applicable Large Employers.
by Jim Magary | Jul 21, 2015 | Tax Help
Former AFFORDABLE IRS agents and managers can completely resolve and end your IRS tax problems. Since 1982, A plus rated BBB.
FST specializes in IRS back tax problem help and we have been in private practice since 1982. We are A+ rated by the Better Business Bureau. We have over 206 years professional tax experience.
FST can stop an IRS final notice prevent, stop an IRS tax levy or wage garnishment and settle in IRS tax debt through the offer in compromise if you are a suitable candidate.
We will handle your IRS tax problem, you will never speak to the Internal Revenue Service.
IRS Back Tax Debt Problem Help
As a former IRS agents we were auditors, revenue agents, revenue officers, supervisors and taught at the regional training centers.
We know the IRS system inside and out, we taught IRS tax law as former IRS Agents.
With that much experience we understand the codes, protocols, settlement theories , and all the avenues to resolve any IRS back tax debt problem.
We can stop an IRS final notice, we can stop an IRS tax or wage garnishment levy and file any back tax returns that are currently not on file.
It is very important that every taxpayer respond to letters and notices out by the Internal Revenue Service. These IRS notices or time sensitive and IRS will follow-up with enforcement action if taxpayers failed to respond to IRS notifications.
If you do not file your tax returns, IRS will file for you under code section 6020B, assess the tax , and then can send out bank and wage garnishment levies. They can also follow-up by filing a federal tax lien.
IRS enforcement computer CADE2 will follow-up on every action of a letter sent.
It is the IRS collection beast.
IRS sends out 1.9 million tax levies each and every year. This includes bank levies and wage garnishment levies or third party seizures.
Not only does it send out IRS tax levies it also sends out 700,000 federal tax liens every year as well. They are a billing beast.
As a general rule, within 24 hours we can get your money back from Internal Revenue Service.
The closing method the IRS will use will depend currently on your financial statement.
As a general rule, cases either will be placed and to currently not collectible status or installment agreement.
Once we have your documented financial statement your case can will be resolved. Just for your information if you received an IRS wage levy by law your next paycheck goes to the Internal Revenue Service with some exemptions.
With a IRS bank levy there is a 21 day hold or freeze on the account. You can still continue to use your bank account. On the 22nd day the banks will send the money to the Internal Revenue Service. Remember you are allowed to use your account freely during that period of time without fear of the second IRS levy.
The IRS will make sure that all your tax returns are filed and as a general rule will attempt to secure current financial statement so they can take your case off of all IRS enforcement computers.
With that in mind, the Internal Revenue Service will generally remedy your case by putting it into a non-collectible file, asking you to make payments, or letting you know you could be a choice candidate to settle your debts through the offer in compromise program.
Settling your IRS tax debt through the Offer in Compromise/Tax Debt Settlements
I am a former IRS revenue officer who not only worked the program at IRS but was a regional trainer of the program.
I caution any taxpayer wanting to settle their debt for pennies on the dollar to make sure they are qualified applicants for the program. you can find the IRS pre-qualifier tool for the offer in compromise program on our website. You can walk to the program yourself or call us today and we will go over the program with you.
Since 1982, A+ rated by the Better Business Bureau. Over 206 years of professional tax experience.
We are the fast and affordable professional tax firm.
Stop IRS Tax Problem – IRS Final Notice, Tax Levy Garnishment, Bank & Wage Releases, File Back Returns, Offer in Compromise
by Jim Magary | Jul 21, 2015 | Tax Help
As former AFFORDABLE IRS agents and managers we can get your IRS tax levy garnishment released and your case closed all at the same time, fast and affordable, since 1982.
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 so well we taught tax law to new IRS agents. We also taught at the regional training centers.
If you have received an IRS tax levy, wage garnishment levy or wish to settle your tax debt call us today and hear the truth from IRS tax experts who have been in practice since 1982. We are a full service tax firm with all work being done in-house by a group of true IRS tax professionals.
We know and understand the fastest and the most affordable way to go ahead and get a removal or release of an IRS tax or wage garnishment levy and settle your case to stop the IRS.
Your financial statement is the key to fast IRS wage garnishments and bank levies releases.
The Process to get your Tax Levies Removed = IRS Levies on Bank and IRS Wage Garnishments
As former IRS agents we filed hundreds of tax levies so we understand the process and have a streamlined process to get an IRS tax Levy, Bank Levy wage garnishment levy released.
IRS Tax fact:
IRS levies 1.9 million taxpayers every year. IRS files over 900,000 federal tax liens every year.
IRS levies because taxpayers do not respond to final notices that are sent as a result of 1058 letters. IRS sends those final notices the last known address. Many times taxpayers have moved and never received their IRS notice her bills.
If you have not responded to IRS as a result of that tax notice within six weeks of those dates you can expect an IRS bank or wage garnishment levy.
IRS may follow that up with the filing of a federal tax lien.
You want to make sure IRS withholds the filing of the federal tax lien because it is very damaging to your credit report. Your credit score will take an absolute nosedive with the filing of a federal tax lien.
Before IRS releases a tax levy, bank tax levy or wage garnishment they will want a current financial statement to make a determination of how to close your case off the IRS enforcement computer.
That financial statement will be on IRS form 433F that you can find directly on our website.This financial statement will need to be fully documented including copies of bank statements, pay stubs, and proof of all monthly expenses.
IRS will do a close analysis of your statement with that of the national, and localized standards. You can find the acceptable standards on our website.
Both the US trustee in bankruptcy and the IRS uses same standards.
IRS will then release your IRS tax Levy, bank levy or wage garnishment and close your case generally with a payment agreement or by placing you in hardship.
Approximately 6.5 million taxpayers have their cases resolve via a payment agreement and 40% of those get resolved through an IRS tax hardship. The only way your case is removed from the IRS enforcement computers is by IRS reviewing your current documented financial statement.
Your financial statement will determine the way IRS deals with your situation.
Your levy can usually be released within 24 hours of IRS receiving your financial info.
The only thing that slows us down is you getting the information to us.
If you owe tax to the IRS and need to settle your tax debt contact us today and we can get your IRS tax Levy, bank levy or wage garnishment released and your case settle all at the same time.
If you have unfiled tax returns we can have former IRS agents reconstruct your tax returns assuring you will pay the lowest amount of tax allowed by law.
We are A+ rated by the Better Business Bureau and have been in private practice since 1982. We are the fast, friendly, and affordable professional tax firm.
REMOVE NOW IRS Tax Levy + Wage Garnishment & Settle IRS Tax Debt + Unfiled Back Tax Returns = Fast, Affordable = Ann Arbor, Flint, Clinton, Dearborn, Livonia
by Jim Magary | Jul 21, 2015 | Tax Help
2015 Results of Underreporting- IRS Mail Tax Audits
The Automated Underreporter Program matches taxpayer income and deductions submitted on information returns by third parties (e.g., employers, banks, brokerage firms) against amounts reported by taxpayers on their individual income tax returns to identify discrepancies.
The Automated Underreporter Program routinely identifies more than 20 million individual tax returns with discrepancies each year and, when warranted, assesses additional taxes as well as interest and penalties.
TIGTA AUDIT
TIGTA found that Automated Underreporter Program tax assessments increased significantly in recent years, from $4.24 billion in Fiscal Year 2006 to $7.84 billion in Fiscal Year 2013, an increase of 85 percent.
During Fiscal Year 2013, the Automated Underreporter Program also assessed approximately $708 million in accuracy‑related penalties; however, TIGTA found that such penalties were not always assessed when warranted.
For instance, the Automated Underreporter Program’s system does not apply the negligence penalty provided for by law unless the taxpayer has repeated the same type of income omission within four consecutive tax years.
Additionally, TIGTA’s review of Fiscal Year 2012 closed cases found that examiners were incorrectly waiving accuracy‑related penalties, which resulted in about $3.25 million in lost penalty revenue.
TIGTA also found that, due to an inaccurate programming condition, approximately $2.66 million in accuracy-related penalties were not assessed.
Also, after an in-depth study, a number of revisions were made to the taxpayer notice which alerts taxpayers that additional taxes may be owed as a result of underreporting.
Although the revised taxpayer notice was implemented in Fiscal Year 2013, the IRS has not evaluated, or established plans to evaluate, the effectiveness of the revised notice on reducing taxpayer underreporting.
by Jim Magary | Jul 21, 2015 | Tax Help
FST is an AFFORDABLE Professional Tax Firm that specializes in IRS Back Taxes, A plus Rated BBB, in private since 1982.
We have been in private practice since 1982 and are true affordable tax experts in resolving all federal, individual, business and payroll taxes.
Because of our years of experience at the Internal Revenue Service we know and understand the IRS and State tax systems. Since 1982 we have been resolving tax debt issues for businesses and individuals and for all types of IRS and state tax matters.
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.
We have worked as managers, supervisors and also teaching instructors.
We know every possible solution if you owe back taxes. The bottom line, is we know all the internal systems of Internal Revenue Service.
We can handle anything from an IRS simple notice or letter, to going IRS appeals, and even tax court. We are the full-service firm will all work being done in-house.
Your Current Financial Condition Determines How IRS Closes your Case
If you owe any IRS or State back taxes of any kind we can work out different tax solutions depending on your current financial condition.
Your current financial statement, as a general rule will determine the outcome of your case. Another factory to keep in mind is that most governments have a national standard expense table that they used to determine the end result of your case.
You can find those national standards directly on our website and we will review them with you when reviewing your financial statement.
Keep in mind your financial statement will have to be verified by the Internal Revenue Service before they will render any determination on your case.
Included in that financial statement, the 433F, will be the last three months of canceled checks, copy of monthly expenses and a copy of pay stubs.
IRS does a full analysis of your financial statement before rendering a determination. You want to make sure you are completely honest giving any government agency a financial statement.
IRS generally closes case by putting them in hardship or asking for a payment agreement or you have the possibility of settling your debt for pennies on the dollar if you are qualified candidate.
Keep in mind not everybody is a settlement candidate we carefully review each and every case we get.
We will carefully review your case and give you an expert opinion on whether your case is eligible for the fresh start initiative called the offer in compromise.
Over 41% of all taxpayers and apply for the offer in compromise program get accepted settlements but you must be a true qualified taxpayer for the program. The average settlement for the current year is $6500 per offer in compromise.
To find out whether you qualify for the offer in compromise program you can simply call us today or fill out the IRS pre-qualifier tool for the tax debt settlement call the offer in compromise.
FST can file all back tax returns and get this problem behind you so you can move on with your life.
Many times the Internal Revenue Service will not close your case off the system until all back tax returns are current up to date and they feel you are in compliance with your estimate or current withholding for the year we are in.
As a side note:
You want to make sure you file all your back tax returns if not the Internal Revenue Service will file all unfiled back tax returns and that will wind up being a nightmare.
IRS has the right to prepare your tax return under 6020 B of the code and they will give you no allowances for exemptions or expenses. if IRS does this, you will pay the most of tax allowed by law. If this has already happened to you, you may file for IRS audit reconsideration to reduce your tax liability. You can call us today and we can advise you on how to handle the situation.
Call us today for a free initial tax consultation speak directly to a true tax expert.
Owe Back IRS Taxes + Individual, Business, 941Payroll Taxes + Unfiled Tax Returns + Settle Tax Debt + Trust Fund Taxes = Detroit, Grand Rapids, Warren, Sterling Heights
