by Jim Magary | Jul 14, 2015 | Tax Help
We are an “AFFORDABLE” PROFESSIONAL IRS Tax Firm. 24 hours after receiving your current financial statement we can get an IRS Tax Levy, IRS Bank Levy, IRS Wage Garnishment levy released and your case closed.
We have worked out of the local, district, and regional tax offices of the Internal Revenue Service.
We are true IRS tax experts. We have over 60 years of direct IRS work experience.
We have worked as IRS supervisors, managers and teaching instructors.
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.
There is a very specific process to get these levees released and we can save you time and money because of our streamlined process of levy release.
We have been practicing since 1982 and are A+ rated by the Better Business Bureau.
We handle anything from a simple IRS notice or letter to going tax court if necessary.
All work is done in-house. We are a full-service professional tax firm.
IRS Tax Levies + As a general rule, if taxpayers do not respond to final notice that are 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 because IRS’s computer will do so.
As a general rule, no human hand touches IRS mail, it is all set out systemically by the IRS Cade 2 computer. It sends out close to 150 million pieces of mail a year.
IRS generally sends out five billing notices and then the important 1058 that lets you know an IRS tax levy is to follow. IRS has the right to shorten the period of time depending on your tax situation and history.
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 general rule, IRS sends out close to 1.9 million tax levies/garnishments 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.
The IRS filed 700,000 federal tax liens last year.
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.
The Internal Revenue Service does a thorough review of your current financial statement before closing your case. The internal revenue service will compare your expenses against that of the national, geographical, and localized standards that IRS has on their website.
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.
Even though these numbers change from year to year these are pretty close to yearly averages.
Offer in Compromise, IRS Tax Settlements, Pennies on a Dollar
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.
Please Note : 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. IRS also has the right to prepare your tax return under 6020 B of the Internal Revenue Code.
We can prepare any and all back tax returns with little or no records.
If you do not prepare your back tax returns, the IRS can prepare them and make sure you pay the most amount allowed by law under code section 6020B.
If you’ve lost your tax records we can reconstruct them through methods we have learned at the Internal Revenue Service.
We can also help audit proof your tax returns. We can assure you will pay the lowest amount allowed by law.
Please call us today for a free initial tax consultation, since 1982.
Omaha + Remove IRS Tax Levy NOW + IRS Bank Levy + Wage Garnishment + Owe Back Tax Debt + Unfiled Tax Returns
by Jim Magary | Jul 13, 2015 | Tax Help
The Premium Tax Credit
This year, there are some changes to tax forms related to the Affordable Care Act.
For the first time, you will report health care coverage on your tax return. Most taxpayers will simply check a box to indicate that each member of their family had qualifying health coverage for the whole year.
And for taxpayers who received advance payments of the premium tax credit or are claiming the premium tax credit, there is also a new form they will have to complete. More details about claiming the premium tax credit or reconciling the advance payments of the premium tax credit can be found in Publication 974, Premium Tax Credit.
To help navigate these changes, taxpayers and their tax professionals should consider filing their return electronically.
Using tax preparation software is the best and simplest way to file a complete and accurate tax return as it guides individuals and tax preparers through the process and does all the math. There are a variety of electronic filing options, including free volunteer assistance, IRS Free File for taxpayers who qualify, commercial software, and professional assistance.
Information on the decision of the Supreme Court of the United States in King v. Burwell regarding Premium Tax Credits under the Affordable Care Act
The Supreme Court decision on June 25 upheld the availability of premium tax credits under the Affordable Care Act in every state. In other words, nothing has changed and tax credits remain available.
Individuals do not need to take any action or make any changes in response to the announcement by the Supreme Court. If you have any additional questions, please visit HealthCare.gov.
Basic Information
If you get your health insurance coverage through the Health Insurance Marketplace, you may be eligible for the premium tax credit. This tax credit can help make purchasing health insurance coverage more affordable for people with moderate incomes.
Each year the Health Insurance Marketplace has an open enrollment period. The open enrollment period to purchase health care insurance for 2015 closed on Feb. 15, 2015.
However, the federally-facilitated Marketplace has announced special enrollment period from March 15 through April 30, 2015.
The special enrollment period is for individuals and families in states that use the federally facilitated Marketplace who did not have health coverage in 2014 and are subject to the shared responsibility payment when they file their 2014 taxes.
Additional criteria apply. This special enrollment period will allow individuals and families who were unaware of or didn’t understand the implications of this new requirement to enroll in health insurance coverage through the FFM.
Full details about the special enrollment period are on the HealthCare.gov website.Some state-based marketplaces have established similar special enrollment period; contact your state’s marketplace for more information.
The Department of Health and Human Services administers the requirements for the Marketplace and the health plans they offer.
For more information about your coverage options, financial assistance and the Marketplace, visit HealthCare.gov.
Eligibility
In general, you may be eligible for the credit if you meet all of the following:
• buy health insurance through the Marketplace;
• are ineligible for coverage through an employer or government plan;
• are within certain income limits;
• do not file a Married Filing Separately tax return (unless you meet criteria which allows certain victims of domestic abuse and spousal abandonment to claim the premium tax credit using the Married Filing Separately filing status); and
• cannot be claimed as a dependent by another person.
Publication 974, Premium Tax Credit provides additional instructions for taxpayers who are filing a separate return from their spouse because of domestic abuse or abandonment.
If during enrollment, you are eligible for the credit, you can choose to:
• Get It Now: have some or all of the estimated credit paid in advance directly to your insurance company to lower what you pay out-of-pocket for your monthly premiums; or
• Get It Later: wait to get all of the credit when you file your tax return.
During enrollment the Marketplace will use information you provide about your projected income and family composition for the year to estimate the amount of the premium tax credit you will be able to claim on your tax return.
You will then decide whether you want to have all, some or none of your estimated credit paid in advance directly to your insurance company.
Claiming the Credit on Your Federal Tax Return
If you chose to have advance credit payments sent to your insurer, you must file a federal income tax return, even if otherwise not required to file.
You must complete Form 8962, Premium Tax Credit (PTC) to claim the premium tax credit and reconcile your advance credit payments with the premium tax credit you are eligible to claim on your return.
If the amount is less than the actual premium tax credit, you will get the difference as a higher refund or lower tax due. If the advance credit payments that were paid to your health care provider were more than the actual credit, you may need to pay the difference with your tax return. The completed Form 8962 must be filed with your federal income tax return.
If you enrolled in coverage through the Marketplace but didn’t get the benefit of advance credit payments during 2014, if eligible, you may claim the premium tax credit when you file your return.
You can complete Form 8962 to find out if you are eligible for the credit. You can also use our interactive tool, Am I eligible to claim the Premium Tax Credit?, to find out if you are eligible.
If you purchased coverage through the Health Insurance Marketplace you will receive Form 1095-A, Health Insurance Marketplace Statement from your Marketplace. This form provides information you will need when completing Form 8962.
If you have questions about the information on Form 1095-A for 2014, or about receiving Form 1095-A for 2014, you should contact your Marketplace directly.
If you have questions about how a Form 1095-A with incorrect information affects your taxes, see our Incorrect Forms 1095-A and the Premium Tax Credit questions and answers.
Filing electronically is the easiest way to file a complete and accurate tax return. Electronic Filing options include free Volunteer Assistance, IRS Free File, commercial software and professional assistance.
Penalty Relief Related to Repayment of Excess Advance Payments of the Premium Tax Credit for 2014
Starting with 2014 tax returns, just like taxpayers reconcile their tax withholding with their actual tax liability and get refunds or make an additional payment accordingly, individuals benefiting from tax credits for Marketplace coverage will follow the same process.
Normally, taxpayers may owe certain penalties for late payments or underpaymentof estimated tax. However, to help smooth the process for the first year of the Affordable Care Act, the IRS will waive these penalties (Notice 2015-09 ), for eligible taxpayers if they resulted from repayment of excess advance payments of the premium tax credit for Marketplace coverage.
This has no effect on the fee individuals will pay if they chose not to buy affordable health coverage. Penalties do not apply to underpayment of this shared responsibility payment, although interest will accrue for late payments.
IRS will continue to assess the fee without change.
Taxpayers will need to take the following simple actions to qualify for penalty relief related to repayment of excess advance payments of the premium tax credit:
• Failure to Pay: Taxpayers who are subject to a “failure to pay” penalty will receive a notice and demand for payment in the mail that will include an address for responses. Taxpayers should submit a letter to this address that contains the statement:
“I am eligible for the relief granted under Notice 2015-09 because I received excess advance payment of the premium tax credit.”
• Penalty for Underpayment of Estimated Taxes: Taxpayers should check box A in Part II of Form 2210, Underpayment of Estimated Tax by Individuals, Estates and Trusts, complete page 1 of the form, and include the form with their return, along with the statement: “Received excess advance payment of the premium tax credit.”
No further action is required.
Publication 974, Premium Tax Credit has more information for taxpayers who must repay excess advance payments of the premium tax credit and want to determine their eligibility for penalty relief.
This relief does not extend the April 15, 2015 due date. However, to obtain an extension individuals can file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, on or before April 15, 2015.
An extension of time to file a tax return does not extend the time to pay taxes—even if a taxpayer is granted an extension to file their return, their tax payment is still due by April 15, 2015.
by Jim Magary | Jul 13, 2015 | Tax Help
The are an”AFFORDABLE” professional tax firm with over 206 years of professional tax experience, since 1982.
We have over 60 years of direct work experience in the local, district and regional tax offices of the Internal Revenue Service.
We have worked as IRS supervisors, IRS managers, and IRS teachings instructors. we know the system inside and out.
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. We will develop a specific plan of action directly for you based on your current financial condition and needs.
Our firm knows how to stop the Internal Revenue Service.
We will thoroughly review your case and go over various options and remedies to completely end your IRS problem or situation.
We can completely remove the stress and the worry that you have because of our knowledge and experience of the system.
We’ve been doing this since 1982 and understand the system inside and out.
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 communicate with the Internal Revenue Service.
Stop the worry today.
We can talk to you about the removal or the filing a federal tax liens, work out a payment plan, release a tax levy or talk to you about settling your debt to the offer in compromise program.
The internal revenue service files 700,000 federal tax liens a year and places 6.5 million taxpayers that the payment agreements.
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 Tax Billing Notices
If IRS sends you a document it is time sensitive and taxpayers must follow-up on all time sensitive letters.
The system of the IRS Tax billing Notices, you must respond to IRS tax billing notices.
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.
These IRS tax notices are all sent out in five-week billing cycles.
1. CP- 14 – This is the notice of balance due,
2.CP – 501 – This is a Bill that you still owe tax,
3. CP – 503 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
6.CP 91- CP298 -Final IRS Notice, You must answer his Notice!
IRS – Final Notice, Certified Mail + STOP IRS NOW + Intent to Tax Levy + IRS Lien + Payment Plans + Offer in Compromise
by Jim Magary | Jul 13, 2015 | Tax Help
We are “AFFORDABLE” Former IRS Agents & Managers that specialize in the removal of IRS tax levies, bank levies, wage garnishment levies & tax settlements. We know the system, since 1982, A + Rated BBB. IRS Tax Experts!
IRS files 1.9 million tax levies each year and files over 700,000 federal tax liens each year. If the IRS has filed a tax lien or levy on you are not alone.
There is a fast and easy system to go ahead and get your money back from the Internal Revenue Service.
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.
The IRS has the largest collection enforcement machine in the world and is called the CADE2.It is important you always answer IRS mail because it is always sensitive.
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.
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 and we know the system inside and out.
We cannot only get your bank or wage levy released, we can settle your case all at the same time. When you call our office we will go over the different ways you can settle your tax debt completely with the IRS.
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.
Cases in the local office with revenue officers will require a 433a.
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.
You want to make sure you turn in a correct and honest financial statement to Internal Revenue Service.
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 the national standards on our website. It is very important to know the system.
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.
We will review with you the IRS offer in compromise to see if you can settle your debt for pennies on a dollar.
We have been in practice since 1982 and are A+ rated by the Better Business Bureau. We are the honest, friendly, and affordable professional tax.
STOP IRS BANK, WAGE GARNISHMENT TAX LEVY NOW + SETTLE IRS TAX DEBT + UNFILED TAX RETURNS + FORMER IRS + Mitchell, Yankton, Pierre, Huron, Vermillion
by Jim Magary | Jul 13, 2015 | Tax Help
We are an AFFORDABLE professional tax firm that specializes in IRS Back Taxes, A + Rated BBB, in private since 1982. Experts.
We have been in private practice since 1982 and are true affordable tax experts in resolving federal, individual, business in payroll taxes.
As former IRS agents we understand every IRS system and protocol.
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. As a general source of reference your current financial statement will determined how the government agency will close your case.
Your Current Financial Condition Determines How Your Case Closes
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. Each agency will use their own financial form.
I cannot tell you the importance of your current financial statement.
Your current financial statement as a general rule will determine the outcome of your case. and other factory 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.
IRS Cases = 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 has the right to ask for all documentation.
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.
40% of all collection cases are put into a current tax hardship and 6.5 million cases are put into monthly installment agreements.
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. Keep in mind this is just the national average and varies from case to case.
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 full compliance.
You want to make sure you file all your back tax returns if not the Internal Revenue Service will file all unfiled, old,past due 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 prepares your return you will pay the highest amount of tax allowed by law, you do have the right however the file for an IRS audit reconsideration.
Call us today to learn more about the audit reconsideration process. we have the ability to undo a tax audit.
Call us today for a free initial tax consultation speak directly to a true tax expert.
Owe Back IRS Taxes + Individual, Business + Settle Payroll Taxes 941+ Trust Fund + Unfiled Tax Returns + Settle Tax Debt
by Jim Magary | Jul 13, 2015 | Tax Help
We are “Affordable” former IRS agents and managers who know the system, since 1982, A plus rated BBB. True IRS Tax Experts!
We can offer affordable IRS tax audit defense, providing different types of IRS tax settlements, and if you owe back taxes, provide quick and fast affordable tax solution options.
You will hear the truth! We are the affordable firm.
We can get your IRS tax levy removed within 24 hours of receiving your current financial statement, offer options about a federal tax lien and review with you the offer in compromise program to settle your debt for pennies on the dollar.
We can file all back tax returns with little or no records are experts in tax reconstruction. Do not be afraid to file because you work an old back taxes. IRS has programs just for you.
Being former IRS agents we know the system and know all the available resolution options.
We taught these programs at the Internal Revenue Service as former IRS agent managers and teaching instructors.
We have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS. We know every system employed by the Internal Revenue Service.
If you have received an IRS tax Levy, bank levy or wage garnishment notice, as a general rule within 24 hours of receiving your current financial statement we can close and settle your case with the Internal Revenue Service.
There are different types of settlements and we will review with you your different tax settlement options.
If you owe IRS taxes, you’ll have to fill out for IRS form 433F, it must be completely documented along with last three months of bank statements, paystubs and monthly expenses. IRS will ask for other documents as well. Make sure you are honest and accurate on all financial information.
There are various closing methods that IRS will use to take your case off the system.
The Internal Revenue Service usually settles by having your account put in the currently not collectible status, asking to make a IRS payment plan or the submission of an offer in compromise to settle your back tax debt.
Right now, 40% of all IRS collection cases end up being put in the currently uncollectible file and 6.5 million taxpayers are entering payment agreement programs.
Just for the record, IRS levies close to 2 million taxpayers each and every year and files over 700,000 federal tax liens. Upon receiving the last and final notice from Internal Revenue Service you have collection due process rights.
It is very important that taxpayers answer all IRS correspondence because it is time sensitive information.
As former IRS agents we used to issue tax levies so it only makes sense we know the quickest process to get an IRS tax levy released.
As a general rule, once we file the power of attorney and communicate with IRS they will stop all IRS collection action.
One of the benefits of hiring a professional tax firm is knowing the system and how to work within it.
If you are undergoing an IRS tax audit you can have a former IRS audit manager represent your best interest in front of the Internal Revenue Service.
Approximately 1% of all taxpayers get audited by the Internal Revenue Service.
If you will back tax debt to the Internal Revenue Service you will required to give IRS a back financial statement along with copies of bank statements, pay stubs and your monthly bills.
When you call our office you will not speak to a salesperson but a true IRS tax professional.
Call us for a free tax consultation.
Were a full service tax permit specialize in those who owe IRS taxes and have back tax problems. Since 1982, A+ rated Better Business Bureau.
Owe IRS Taxes + IRS Problem Help + IRS Audit, Tax Levy, Tax Lien + Settle Tax Debt + File Back Tax Returns = Mitchell, Yankton, Pierre, Huron, Vermillion
