by Jim Magary | Jul 10, 2015 | Tax Help
If you owe back taxes to the Internal Revenue Service you’re not alone. We are AFFORDABLE tax experts that can permanently resolve your problem, former IRS Agents, since 1982.
Over 16 million taxpayers do not file annual tax returns, 6 million of taxpayers make payment or installment agreements, 40% of all IRS collection cases are put into hardship status, and 78,000 apply for the IRS settlement program called the offer in compromise.
If you owe any back taxes to the Internal Revenue Service and need to speak about completely resolving your problem there is nobody better to speak to the than former IRS agents and managers who know the system.
We can remove an IRS tax levy within 24 hours of receiving your current financial statement, put you into a payment or settlement program or represent you for IRS tax audit.
Call us today for a free initial tax consultation.
Payment Plans
There are two types of IRS payment plans and IRS installment plans/agreements.
The dollar amount you owe the IRS will determine which option you take. After we review your case we will let you know your eligibility for the different programs.
Besides consulting the tax professional, you should also find out if you are a qualified candidate for the offer in compromise or tax debt settlement program all at the same time. There is a very quick pre-qualifier tool you can fill out to find out whether you can settle your tax debt for pennies on the dollar.
If you call our office today we will review your IRS options for IRS payment plan or installment plan.
Having worked for the Internal Revenue Service for over 60 years will give us a unique edge on all our competition because we understand the programming, the system and the formatting for IRS payment installment agreements.
Depends on how much you owe
There are generally two types of IRS payment plans or installment agreements.
Two types = Those for taxpayers owing over $50,000 and those people throwing under $50,000 people for those taxpayers owing over $50,000
As soon as you know you are going to owe back taxes you should contact us so we can review all your tax options and let you know the details about setting up an IRS installment plan repayment plan.
Different type of installment agreements and payment plans.
- Individual Installment Agreement
This payment plan applies to individuals who owe $50,000 or less in income tax, interest, and penalties.
Remember this is combined. IRS looks at your total pay off amount not your tax alone.
With an installment agreement, you can make regular monthly payments over time. Payments can be made through Direct Debit (from your bank account), check or money order, credit card, EFTPS , payroll deduction , or an Online Payment Agreement .
When you set up an installment agreement, make sure you will be able to make the monthly payments without defaulting. the reason it is very important to contact a tax professional is to make sure you can pay your back tax and not do so just because of fear of the Internal Revenue Service.
Many people cannot pay back tax he should find out about the IRS program called currently not collectible.
If your income at exceeds your expenses based on the national averages IRS has the option to put your case into current hardship are currently not collectible.
We review each account to find out which is the best option for the taxpayer or business.
One simple phone telephone call to us today, believe it or not can end your problem because of our 60 years of direct working knowledge of the Internal Revenue Service
- Installment Agreement for Individuals
Taxpayers who Owe Over $50,000 plus
Individuals who fall into this category must submit Form 9465 as well as Form 433-F (Collection Information Statement).
Form 433F is used by ASC for obtaining your documented current financial information, in order to figure out how you can pay the overdue tax balance.
if your case is in the local office with a revenue officer they will insist on a verified form 433A.
You can find both 433 f and 433a on our website.
Both financial statement must include your last three months bank statements, a copy of your last paystub and a copy of all monthly expenses.
You want to make sure they’re absolutely no inconsistencies within them.
As a former IRS agent when you call our office will careful we review your financial statement for any inconsistencies. I urge cautions for all taxpayers giving IRS financial statements
Small Business Installment Agreement, payment agreements.
Businesses that owe IRS back taxes of $25,000 or less in back taxes may request an “In-Business Trust Fund Express” installment agreement.
This type of payment plan usually doesn’t require a financial statement, although the business must currently have employees.
An IBTF-Express IA provides a 24-month period to fully pay the outstanding tax debt.
If the amount owed is greater than $10,000 (and below $25,000), the business must set up a Direct Debit installment agreement.
Costs for Installment or Payment Plans
Note that it costs $120 to set up a standard agreement or payroll deduction agreement, and $52 to set up a Direct Debit agreement.
If your income is below a certain level, the fee for setting up an installment agreement is $42.
To request this reduced fee, submit Form 13844 (Application for Reduced User Fee for Installment Agreements).
Call us today for a free initial tax consultation in hear the truth about dealing with IRS.
When speaking to us we will review with you the offer in compromise program to see if you’re eligible to settle your debt for pennies on the dollar.
The IRS Settlement Program, the Offer in Compromise, pennies on the dollar.
The Internal Revenue Service excepted close to 40,000 tax settlements last year.
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship.
IRS always considers your unique set of facts and circumstances: including your,
• Ability to pay;
• Total Income;
• All Expenses; and
• Asset equity including IRA and pensions.
IRS generally approve an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time.
Make sure you are eligible for the settlement program
The best way to find out if you are eligible for an offer in compromise is to fill out the quick pre-qualifier tool to find out the dollar amount you could potentially qualify for.
The following are other qualifications;
Before IRS can consider your offer settlement, you must be current with all filing and payment requirements.
IRS will conduct a full compliance check of all filings and making sure you have current withholding or estimate payments made in the year you are sending in the program settlement.
You are not eligible if you are in an open bankruptcy proceeding.
Step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF).
Your completed offer program 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.
Select a IRS OIC payment options for installment or payment plans that fits:
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.
Call us today for a free initial tax consultation and speak to a true IRS tax professional.
We are a full service tax firm with the tax expertise in federal and state tax representation.
We are the fast, friendly and affordable professional tax firm that has been resolving tax that since 1982.
IRS – Owe Back Taxes + Stop Tax Levy + IRS Payment Plans + Settlement Programs + IRS Audits = Former IRS Agents + Sioux Falls, Rapid City, Aberdeen, Brookings, WatertownI
by Jim Magary | Jul 10, 2015 | Tax Help
We are former AFFORDABLE IRS agents and managers that can completely resolve and end your IRS tax problems. We know the system, since 1982.
We are a full-service team that 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.
FST can stop an IRS final notice prevent, stop an IRS tax levy or wage garnishment and settle your IRS tax debt.
We will handle your IRS tax problems, you will never speak to the Internal Revenue Service.
We know the system inside and out.
IRS Tax Problems
As a former IRS agents we were auditors, revenue agents, revenue officers, supervisors and taught at the regional training centers.
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.
If you do not file your tax returns, IRS will file for you under code section 6020 b ,assessed the tax and then can send out bank and wage garnishment levies.
It is very important you follow up on all IRS correspondence.
All IRS notices are time sensitive and must be addressed by the date given by the Internal Revenue Service. All these notices are systemic and not a human hand touches them.
IRS enforcement computer CADE2 will follow-up on every action of a letter sent. this computer is the largest collection tool in the world.
IRS is the largest collection system in the world.
- IRS sends out 1.9 million tax levies each and every year.
- Not only does it send out IRS tax levies it also sends out 700,000 federal tax liens every year as well.
- Internal Revenue Service has the right to seizure home, your pension retirement and even Social Security.
As a general rule, within 24 hours we can get your money back from Internal Revenue Service. The IRS tax levy will be released and the case will be closed by Internal Revenue Service.
The closing method the IRS will use will depend currently on your financial statement. As a general rule, cases either a placed and to currently not collectible status or installment agreement.
Over 40% of all IRS cases are placed into currently not collectible and 6.5 million cases are placed into installment agreements.
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.
Compliance is very important to the Internal Revenue Service. we can file any and all back tax returns you have with little or no records based on reconstructive methods we learned that the Internal Revenue Service. We can file accurate returns and make sure you all the lowest amount allowed by law.
Settling your IRS tax debt – the offer in compromise
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.
When you call our office we will give you an initial free consultation to make sure you qualify.
We will walk you through the IRS offer in compromise program and let you know how much the IRS will settle your case for.
We are the fast, friendly, and affordable professional tax firm since 1982.
Before hiring any professional firm check there bios on the website to make sure you are dealing with the true tax professional firm.
There are many advertisers and lead generation companies that advertise in this tax resolution vertical, but I warn all taxpayers to check them out and make sure you are reaching out to a true professional tax firm. Don’t be fooled by fakes.
IRS Taxes + Tax Problem, Help + Final Notice of Intent + Tax Levy + Bank & Wage Releases + File Back Returns + Offer in Compromise = Sioux Falls, Rapid City, Aberdeen, Brookings, Watertown
by Jim Magary | Jul 10, 2015 | Tax Help
We are “Affordable” former IRS agents and managers who know the system, since 1982, A plus rated BBB. True 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 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.
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 know every system used by the IRS.
We have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
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.
IRS will then do a careful review and place your case out of the reach of the IRS enforcement computer.
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.
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.
However, do not play the IRS audit lottery.
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 = Sioux Falls, Rapid City, Aberdeen, Brookings, Watertown
by Jim Magary | Jul 9, 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 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 both types of levies.
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 continue with 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.
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 Bank, Wage 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.
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.
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.
Call our office today for a free professional tax consultation and speak to a true IRS tax expert.
We have been in practice since 1982 and are A+ rated by the Better Business Bureau.
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 9, 2015 | Tax Help
We are the AFFORDABLE professional tax firm that can permanently resolve any IRS or State tax problem, since 1982.
If you are in receipt of an IRS tax levy, IRS wage levy or IRS bank levy garnishment, contact us today and we can get your money back from the Internal Revenue Service. We can also close your case off the IRS CADE2 enforcement computer system.
Being former IRS agents and managers we know the system inside and out. We were former IRS teaching instructors. We trained new IRS agents their job.
We are composed of tax attorneys, CPAs and former IRS agents and managers who know the system. We are tax experts and IRS and state tax matters.
We have over 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
Before IRS will release a tax levy, a wage garnishment or bank seizure Internal Revenue Service will need a current documented financial statement, Form 433F. If the case is in the local office with a revenue officer, they were required documented form 433a.
The filling out of documentation on your financial statement is critical to resolving any IRS back taxes issue. You can find this form( 433F) on our website.
With that current financial statement you will need to provide IRS the last three months of your bank statements, copies of your pay stubs and your monthly expenses. The Internal Revenue Service will compare your monthly income expenses against that of the national, regional, and localized standards. The list of standardized expenses that IRS are also found on our website.
As a general rule, after IRS review your current financial statement they will either place you in to a tax hardship, asked for a monthly payment or may instruct you that you are a good tax debt settlement candidate for the offer in compromise.Make sure you’re completely accurate and honest on your financial statement.
We will review the financial statement with you before sending it into Internal Revenue Service.
Important Note: As a general rule, IRS will not release your levy until all your tax returns are filed.
It is important you file all back tax returns if not the IRS can file for you under 6020 B of the Internal Revenue Code and they will make sure you get no deductions.
You will pay the highest amount of tax allowed by law.
If this has happened to you can refile your returns and asked for an IRS audit reconsideration.
We can prepare all back, past-due and not file tax returns with little or no records. We will prepare your return under reconstructive methods and through IRS tax transcripts. where tax experts for reconstruction having been trained by the Internal Revenue Service. We can ensure you will pay the lowest amount of tax allowed by law.
IRS Tax Debt Settlement, Offer in Compromise, “Pennies on a Dollar”
After the review of your financial statement we can let you know whether you are a possible debt settlement candidate for the offer in compromise program.
It is important to remember not everybody is eligible, you must be a qualified candidate.
All tax returns must be filed and you must be in full compliance.
We can prepare any back tax returns that have not previously been filed. we can do so with little or no records.
Approximately 40% of all offers in compromise are accepted by Internal Revenue Service. The current wait time is nine months for IRS to work your offer in compromise.
The average settlement per case this current year is $6500 per settlement.
Call us today and speak to a true IRS tax expert regarding the settling of your case by the Internal Revenue Service.
We have 206 years of professional tax experience in our true experts in the resolving of IRS or state tax debt issues. When you call our office you will speak to a true tax professional.
We are the fast, friendly, and affordable professional tax firm. Since 1982, we are A+ rated by the Better Business Bureau.
Affordable IRS Taxes Help + IRS Tax Levy Releases + Wage & Bank Garnishment + Settle Back Taxes Debt + Sioux Falls, Rapid City, Aberdeen, Brookings, Watertown
by Jim Magary | Jul 9, 2015 | Tax Help
Tips about Vacation Home Rentals
If you rent a home to others, you usually must report the rental income on your tax return. However, you may not have to report the rent you get if the rental period is short and you also use the property as your home.
In most cases, you can deduct your rental expenses.
When you also use the rental as your home, your deduction may be limited.
Basic tax tips that you should know if you rent out a vacation home:
• Vacation Home. A vacation home can be a house, apartment, condominium, mobile home, boat or similar property.
• Schedule E. You usually report rental income and rental expenses on Schedule E, Supplemental Income and Loss.
Your rental income may also be subject to Net Investment Income Tax.
• Used as a Home. If the property is “used as a home,” your rental expense deduction is limited.
This means your deduction for rental expenses can’t be more than the rent you received. For more about these rules, see Publication 527, Residential Rental Property (Including Rental of Vacation Homes).
• Divide Expenses. If you personally use your property and also rent it to others, special rules apply.
You must divide your expenses between the rental use and the personal use. To figure how to divide your costs, you must compare the number of days for each type of use with the total days of use.
• Personal Use. Personal use may include use by your family. It may also include use by any other property owners or their family.
Use by anyone who pays less than a fair rental price is also personal use.
• Schedule A. Report deductible expenses for personal use on Schedule A, Itemized Deductions.
These may include costs such as mortgage interest, property taxes and casualty losses.
• Rented Less than 15 Days. If the property is “used as a home” and you rent it out fewer than 15 days per year, you do not have to report the rental income.
In this case you deduct your qualified expenses on schedule A.
If you make $60,000 or less, you can use brand-name tax software. If you earn more, you can use Free File Fillable Forms, an electronic version of IRS paper forms.
Free File is available only through the IRS.gov website.
