by Jim Magary | Apr 21, 2015 | Tax Help
Get a Letter from the IRS
The IRS mails millions of notices and letters to taxpayers each year.
Reasons why we might send you a notice.
Tips to know in case you get one.
1. Don’t panic.
You often can take care of a notice simply by responding to it.
2. An IRS notice typically will be about your federal tax return or tax account. It will be about a specific issue, such as changes to your account.
It may ask you for more information.
It could also explain that you owe tax and that you need to pay the amount that is due.
3. Each notice has specific instructions, so read it carefully.
It will tell you what you need to do.
4. You may get a notice that states the IRS has made a change or correction to your tax return.
If you do, review the information and compare it with your original return.
5. If you agree with the notice, you usually don’t need to reply unless it gives you other instructions or you need to make a payment.
6. If you do not agree with the notice, it’s important for you to respond. You should write a letter to explain why you disagree. Include any information and documents you want the IRS to consider.
Mail your reply with the bottom tear-off portion of the notice. Send it to the address shown in the upper left-hand corner of the notice. Allow at least 30 days for a response.
7. You won’t need to call the IRS or visit an IRS office for most notices.
If you do have questions, call the phone number in the upper right-hand corner of the notice. Have a copy of your tax return and the notice with you when you call.
This will help the IRS answer your questions.
8. Always keep copies of any notices you receive with your other tax records.
9. Be alert for tax scams.
The IRS sends letters and notices by mail. The IRS does not contact people by email or social media to ask for personal or financial information.
10. For more on this topic visit IRS.gov.
Click on the link ‘Responding to a Notice’ at the bottom left of the home page.
by Jim Magary | Apr 20, 2015 | Tax Help
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by Jim Magary | Apr 20, 2015 | Tax Help
Within 24 hours of receiving your current financial statement we can get an IRS Tax Levy, Bank Levy, Wage Garnishment levy AFFORDABLY released. We know the system, Former IRS.
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What it takes to get your IRS tax levy, IRS wage levy garnishment tax levy released.
As a general rule if taxpayers do not respond to final notice is sent by IRS, the Internal Revenue Service is required to send out a tax levy. Therefore is very important for you to pick up all your IRS mail because all IRS mail from the IRS is date sensitive.
As a general rule IRS sends out close to 1.8 million tax levies and wage garnishments each year. These include IRS bank levy and wage garnishment levies and notices as well.
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.
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by Jim Magary | Apr 20, 2015 | Tax Help
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IRS Case Resolutions
As a general rule once the Internal Revenue Service takes a current financial statement, a documented 433F, they will dispose of the case in one of three ways.
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Beware of calling companies on the Internet.
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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. Make sure you ask the qualifications of the personnel that will be working your case.
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.
Last note of interest.
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by Jim Magary | Apr 20, 2015 | Tax Help
Within 24 hours of receiving your current financial statement we can get an IRS Tax Levy, Bank Levy, Wage Garnishment levy AFFORDABLY released.
We know the system, Former IRS Managers and Agents, AFFORDABLE !
Because of our years of experience working at Internal Revenue Service we know the system to get immediate releases of an IRS tax levy, IRS bank levy or IRS wage garnishment.
Not only can we get your tax levy released or removed we can also settle your case at the same time.
We have worked a system for over 60 years and understand the protocols and the internal revenue manual’s to get your levy released in your case closed with IRS.
FST is a full service tax firm with an expertise in IRS and state tax matters.
We’ve been practicing since 1982 and are A+ rated by the Better Business Bureau
What it takes to get your IRS tax levy, wage levy garnishment tax levy released.
As a general rule if taxpayers do not respond to final notice is sent by IRS, the Internal Revenue Service is required to send out a tax levy.
As a general rule IRS sends out close to 1.9 million tax levies each 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.
Call us today for a free initial tax consultation and we will walk you through the system of getting an IRS tax levy, bank levy or wage garnishment levy released.
It will be necessary for you to fully complete an IRS form 433F (an IRS financial statement) that you can find on our website along with supplying IRS with bank statements, pay stubs and copy of all monthly expenses.
When you call our office we were thoroughly review your case, give you a free tax assessment and let you know the necessary steps to completely remove your IRS problem including releasing an IRS tax levy, or wage levy garnishment and settling your case all at the same time.
We are the friendly, affordable and experienced professional tax team practicing since 1982.
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by Jim Magary | Apr 20, 2015 | Tax Help
Late Filing and Late Paying Penalties
If you are due a refund there is no penalty if you file a late tax return.
But if you owe tax, and you failed to file and pay on time, you will usually owe interest and penalties on the tax you pay late.
What you should know about these penalties.
1. Two penalties may apply.
If you file your federal tax return late and owe tax with the return, two penalties may apply. The first is a failure-to-file penalty for late filing.
The second is a failure-to-pay penalty for paying late.
2. Penalty for late filing.
The failure-to-file penalty is normally 5 percent of the unpaid taxes for each month or part of a month that a tax return is late.
It will not exceed 25 percent of your unpaid taxes.
3. Minimum late filing penalty.
If you file your return more than 60 days after the due date or extended due date, the minimum penalty for late filing is the smaller of $135 or 100 percent of the unpaid tax.
4. Penalty for late payment.
The failure-to-pay penalty is generally 0.5 percent per month of your unpaid taxes. It applies for each month or part of a month your taxes remain unpaid and starts accruing the day after taxes are due.
It can build up to as much as 25 percent of your unpaid taxes.
5. Combined penalty per month.
If the failure-to-file penalty and the failure-to-pay penalty both apply in any month, the maximum amount charged for those two penalties that month is 5 percent.
6. File even if you can’t pay.
In most cases, the failure-to-file penalty is 10 times more than the failure-to-pay penalty. So if you can’t pay in full, you should file your tax return and pay as much as you can.
Use IRS Direct Pay to pay your tax directly from your checking or savings account.
You should try other options to pay, such as getting a loan or paying by debit or credit card. The IRS will work with you to help you resolve your tax debt.
7. Late payment penalty may not apply.
If you requested an extension of time to file your income tax return by the tax due date and paid at least 90 percent of the taxes you owe, you may not face a failure-to-pay penalty.
However, you must pay the remaining balance by the extended due date.
You will owe interest on any taxes you pay after the April 15 due date.
8. No penalty if reasonable cause.
You will not have to pay a failure-to-file or failure-to-pay penalty if you can show reasonable cause for not filing or paying on time.
There is also penalty relief available for repayment of excess advance payments of the premium tax credit for 2014.
