by Jim Magary | May 4, 2015 | Tax Help
If you are dealing with an IRS issue call us today, we are the affordable professional tax firm with over 206 years of professional tax experience.
We have over 60 years of direct work experience in the local, district and regional tax offices of the Internal Revenue Service.
We know the system inside and out.
We have worked as supervisors, as managers, and teachings instructors.
If you have any sort of IRS problem contact us today and we can review with you various solutions to go ahead and help with an IRS final notice, certified mail, intent to levy, the filing of a federal tax lien, payment plans and the settling of your case through an offer a compromise.
If you have received an IRS final notice, we can stop IRS today with the simple filing of a power of attorney and with a direct IRS conversation.
If you have received an IRS notice of intent to levy, we can file a collection due process hearing also to stop IRS. Received and certified mail? Do not worry!
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.
For over 10 years I was a former revenue officer and teaching instructor at the regional training office of the Internal Revenue Service.
Do don’t be bullied by the IRS, fight back with Former IRS Agents! We know the system know how to fight back.
As a former IRS agent I can tell you many taxpayers do not respond to IRS mail.
If IRS sends you a document it is time sensitive and taxpayers must follow-up on all time sensitive letters.
When you call our office we will pull a tax transcript, review your case and work out a very definitive plan of action to get IRS permanently off your back.
We have worked thousands of cases since 1982.
The system of the 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
1. CP 14 – This is the notice of balance due,
2.CP 501 – This is a Bill that you still owe tax,
3. CP503 – Important, Immediate Action Required
4. CP 504 – Urgent Notice – We Intend to Levy on Certain Assets, Please Respond Now
5. CP90/CP297/ – IRS Letter 1058 – Final Notice of Intent to Levy of Your Right to a Hearing
6.CP 91- CP298 -Final
Call us today for a free initial tax consultation
Received IRS Final Notice, Certified Mail + STOP IRS NOW + Intent to Levy, Lien, Payment Plans, Settle Offer in Compromise + Richmond, Murrieta, Burbank, Antioch, Daly
by Jim Magary | May 4, 2015 | Tax Help
Owe back taxes to the Internal Revenue Service or the State of California, call us today to hear various AFFORDABLE tax solutions to end your tax problems. Since 1982.
We are a tax specialty firm that deals with IRS and state tax problems. We are true IRS tax experts. If you will owe IRS back taxes we can give you a variety of options to solve your IRS problem.
We can help resolve any individual, business, or payroll tax problem that you have. We are A+ rated by the Better Business Bureau and have over 206 years of professional tax experience.
Owing Back Taxes, Dealing with the IRS
As a general rule once the Internal Revenue Service takes a current financial statement, a documented 433F, they will dispose/close the case in one of three ways.
After a careful review of your current documented financial statement they will either place you into:
1. an uncollectible hardship status, or CNC
2. ask for a payment agreement or installment arrangement ,
3. advise you could possibly be a tax settlement candidate for the offer in compromise program.
It is important to remember that all financial statements are carefully reviewed by the IRS.
When you call our offices you will speak to a true IRS or state tax professional.
Beware of calling companies on the Internet.
Many companies are no more than advertising businesses truly for your business. Make sure you see bios on the site to make sure you are calling a true tax firm.
Do not get ripped off by companies who are selling your information to third parties with your valuable information attached.
It is very important to note:
If you owe back federal or state tax debt the government agency will require you to be current within the year you are making the request.
Therefore you need to make current estimate payments, have your withholding up to date or be making current payroll tax deposits. the reason is simple, if you cannot make current tax deposits you cannot keep up with your tax debt.
I know this policy well because I am a former IRS revenue officer and teaching instructor.
The cardinal rule for IRS collections officers is simply this, if they can’t keep current they shouldn’t be in business.
Call us today and get a free initial tax consultation review of your case and we will go over with you the different solutions that you can live with.
If you owe individual taxes IRS will require a 433a if you will owe business taxes they will require a form 433B.
If you owe back IRS taxes make sure you have an exit strategy.
We are very truthful in our dealings with every taxpayer and many times our exit strategy are things that businesses may have never thought about.
We worked thousands of cases since 1982 are true IRS tax experts. We are A+ rated by the Better Business Bureau on a bed in private practice since 1982.
Owe Back Taxes IRS = Individual, Business, Payroll Tax Settlements + Payment Plans + Affordable Experts = Richmond, Murrieta, Burbank, Antioch, Daly
by Jim Magary | May 1, 2015 | Tax Help
Have former IRS agents get your tax levy released within a 24-hour period of time, we are the affordable professional tax firm.
If you are in receipt of an IRS tax levy, wage levy or bank levy garnishment contact us today and we can get your money back from the Internal Revenue Service.
Not only can we get your tax levies removed we can settle and close your case at the same time.
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.
We were also former IRS agent teaching instructors and know the system inside and out.
There is a very specific system to get an IRS tax levy removed and due to our 60 years of direct work experience in the IRS offices we know the exact system to make this a seamless, fast and affordable process.
IRS Tax Levy Releases
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.
When you owe back taxes IRS makes their decisions based on current documented financial statements. The financial statement is the key to get in your levy released in your case settled.
It is important to have a seasoned tax professional fill out and negotiate your levy release and settlement because they know and understand the system.
Being a former IRS agent teaching instructor gives us a huge advantage and the benefit of our experience is invaluable to our clients.
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. IRS usually uses financial statements to make determination on those who owe back taxes.
As a general rule IRS will not release your levy until all your tax returns are filed. We can prepare all your back tax returns and make sure you pay the lowest amount allowed by law. We can also review all previous file tax returns to make sure there were no errors on those return and may be able to save you money by filing an amended tax return.
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 allowed by law.
If this has happened to you can refile your returns and asked for an IRS audit reconsideration to reduce the IRS tax debt.
Tax Settlements
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.
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 is $6500 per taxpayer.
Each case is unique and based on your current financial situation. We will go ahead and get your IRS tax levy removed and craft an individual plan to completely resolve your IRS case. We are a full service tax firm.
Affordable IRS Tax Levy Removals + Wage & Bank Garnishment, Settle Tax Debt Now, Former IRS =Richmond, Murrieta, Burbank, Antioch, Daly
by Jim Magary | May 1, 2015 | Tax Help
Get your Money back from the IRS and settle your back taxes!
Within 24 hours of receiving your current financial statement FST can get your IRS tax levy or wage garnishment released & close your case.
We have over 206 years of professional tax of experience and are composed of tax attorneys, tax lawyers, CPAs, and former IRS agents.
We know the system to stop an IRS tax levy.
Please be advised that if you received an IRS bank levy you have 21 days to get your money back from the bank. If you have received a wage garnishment levy the majority of your next paycheck will go to IRS.
By calling our office we can stop the bank and wage garnishment levy and settle your tax debt.
Our former IRS agents have over 60 years of direct work experience working in the local, district, and regional tax offices of the IRS. We are true IRS tax experts.
As a result over 60 years, we know all the systems, protocols and the fastest way to resolve an any IRS tax debt or tax problem issue.
If you have received an IRS tax levy, bank levy or wage garnishment levy and wish to settle your tax debt call us today for a free initial tax consultation to find out the truth to get an immediate and permanent IRS tax resolution.
When we receive your current documented financial statement and we will call Internal Revenue Service and provide you with an IRS release or removal and an IRS tax Levy, Bank Levy or wage garnishment levy. We will settle your case at the same time.
We will speak to you about settling your back debt through tax debt the offer in compromise program.
The offer in compromise program is the IRS tax settlement program for settling your tax debt for pennies on a dollar.
You must be a qualified candidate to settle your back tax debt.
Last year close to 80,000 taxpayers applied for the offer in compromise program and approximately 38% of all taxpayers were accepted to settle their debt for pennies on the dollar.
When you call our office will find out if you are a tax debt settlement candidate by walking you through the new pre-qualifier tool for the offer in compromise.
When you call our office you will speak directly with true IRS tax experts who has years of experience in relieving taxpayers the back tax debt.
It is important for you to know that all your tax returns must be filed in the IRS system. If you have tax return you need to file you can have our former IRS agents prepare your returns and file them with the Internal Revenue Service.
STOP IRS TAX LEVY NOW + Bank Levy, Wage Garnishment Levy, Settle Debt = FAST AFFORDABLE FORMER IRS + Richmond, Murrieta, Burbank, Antioch, Daly
by Jim Magary | May 1, 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.
Over 16 million taxpayers do not file annual tax returns, 6 million of taxpayers make payment or installment agreements, 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 in need to speak about completely resolving your problem there is nobody better to speak to the informer 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.
Before you enter into a IRS payment plan with the Internal Revenue Service you should ask a tax professional which is the best option.
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.
If you call our office today we will review your IRS options for IRS payment plan or installment plan.
Call us today for a free initial tax consultation.
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
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
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 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
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 payment options for installment or payment plans
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.
IRS – Owe Back Taxes – Tax Levy, Payment Plans, Settlement Programs, IRS Audits = You have Options, Former IRS Agents + Richmond, Murrieta, Burbank, Antioch, Daly
by Jim Magary | May 1, 2015 | Tax Help
Report Changes in Circumstances that could Affect Your 2015 Premium Tax Credit
If you have enrolled for health coverage through the Health Insurance Marketplace and receive advance payments of the premium tax credit in 2015, it is important that you report changes in circumstances, such as changes in your income or family size, to your Marketplace.
Advance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Marketplace.
Having at least some of your credit paid in advance directly to your insurance company will reduce the out-of-pocket cost of the health insurance premiums you’ll pay each month.
However, it is important to notify the Marketplace about changes in circumstances to allow the Marketplace to adjust your advance payment amount.
This adjustment will decrease the likelihood of a significant difference between your advance credit payments and your actual premium tax credit.
Changes in circumstances that you should report to the Marketplace include, but are not limited to:
• An increase or decrease in your income
• Marriage or divorce
• The birth or adoption of a child
• Starting a job with health insurance
• Gaining or losing your eligibility for other health care coverage
• Changing your residence
For the full list of changes you should report, visit HealthCare.gov/how-do-i-report-life-changes-to-the-marketplace.
If you report changes in your income or family size to the Marketplace when they happen in 2015, the advance payments will more closely match the credit amount on your 2015 federal tax return.
This will help you avoid getting a smaller refund than you expected, or even owing money that you did not expect to owe.
