by Jim Magary | Apr 7, 2015 | Tax Help
We are AFFORDABLE IRS agents and managers, we know the system. Within 24 hours get your money back!
We have been in private practice since 1982 and are A+ rated by the Better Business Bureau.
After having been formerly employed by the Internal Revenue Service we understand and know the system inside and out.
We can stop an IRS tax levy, bank levy wage garnishment tax levy and settle your case all at the same time.
IRS settles the case in a variety of ways including payment plans, hardships and the acceptance of offers in compromise.
We have over 60 years of the working directly for the Internal Revenue Service in the local, district, and regional tax offices of the Internal Revenue Service.
As former IRS agents and teaching instructors we understand the system completely and understand the streamline processes that go with it to get your IRS Bank Levy, wage garnishment or tax levy removed and the settle your tax debt case all at the same time.
There is a very methodical system that IRS uses to remove an IRS bank levy or wage garnishment Tax Levies.
As a general rule within 24 hours of receiving your current documented financial statement we can get an IRS tax levy or bank levy released. Most taxpayers are no money to the Internal Revenue Service need to have financial statements turned into the Internal Revenue Service’s requirement so they can evaluate your case.
At FST we can settle your case and resolve your tax debt all at the same time.
Call our office today and speak to a true IRS tax expert about the removal and settlement of any IRS or state tax case that you have.
We are the affordable tax firm practicing since 1982 and are A+ rated by the Better Business Bureau.
Call us today for a free initial tax consultation and hear the truth from an A+ rated company.
STOP IRS Tax Levy = Bank & Wage Garnishments, Settle Tax, File Taxes + Affordable Fast + Former IRS = Modesto, Chula Vista, Fremont, Irvine, San Bernardino
by Jim Magary | Apr 7, 2015 | Tax Help
We are an AFFORDABLE professional tax firm that specialized in IRS tax relief, 60 years with IRS, we know the system!
If you have received an IRS bank or wage garnishment, did IRS file the federal tax lien,are you are looking for a payment plan or installment agreement or wish to settle your tax debt to the offer in compromise program?
Contact us today for a free initial tax consultation.
Need to file back tax returns?
We can have former IRS agents file your back taxes and settle your case all at the same time.
We are a full-service firm with all work being done in-house by true IRS and seasoned tax professionals.
We have a nationwide tax practice.
Since 1982 we have been resolving IRS tax debt.
On staff are tax attorneys, CPAs, former IRS agents who can resolve any IRS situation.
From the simple IRS notice/ letter, to going to appeals or even tax court we can resolve any IRS problem.
You have nothing to lose to call us for a free initial tax consultation and hear the truth about your case.
IRS Relief – Affordable Former IRS, Tax Levy, Tax Lien, Payment Plans, Settlements, File Back Taxes, Affordable – Bakersfield, Anaheim, Santa Ana, Riverside
by Jim Magary | Apr 7, 2015 | Tax Help
I know the offer in compromise inside and out! I was a teaching instructor that taught IRS Agents about the Program.
I’m a former IRS revenue officer and teaching instructor with the Internal Revenue Service. I have over 10 years of direct work experience in the local, district, and regional tax offices of the Internal Revenue Service.
I am one of the co-founders of fresh start tax and we specialize in IRS debt resolution and also specialize in the offer in compromise tax program.
As a former IRS agent revenue officer and teaching instructor I have worked hundreds of offers in compromise, I know the system!
Facts about Offers in Compromise:
- IRS accepted about 40% of all offers in compromise filed,
- Last year 78,000 taxpayers filed offers in compromise,
- Average settlement, $6500. ( misleading )
- Right now there’s a nine-month backup on working the offer in compromise by IRS because the pure volume of cases they have and by the lack of manpower.
Understanding the offer in compromise
I understand the system and the process and what it takes to get an offer in compromise accepted.
There is much myth about the offer in compromise. Watch out for the hype and believe the facts.
Many tax resolution companies have happy-go-lucky salesperson that will tell you anything to take your retainer from you only to disappoint you at a later time.
Know the facts before you give your money to any professional tax firm regarding your chances of getting an offer in compromise accepted.
Everyone believes that they can file for an offer in compromise and settle their tax debt for pennies on the dollar. If in fact that was the case, everybody would file their tax returns owe money and want settle their tax debt.
The IRS offices would be flooded with lines of people wanting to compromise their debt through the offer in compromise.
This is simply not true.
You must be a qualified and suitable candidate for the offer in compromise program with the Internal Revenue Service.
Before any person contemplates the filing of an offer in compromise, spending any money, waste their time or get their hopes up they should fill out the IRS pre-qualifier tool which will let them know ahead of time whether they are qualified for the program.
Call us today for a free initial tax consultation and we can walk you through the process of the offer in compromise to settle your tax that if you are a true qualified candidate for the debt settlement program called the offer in compromise.
Do not be fooled by companies promising they can settle your tax debt for pennies on a dollar.
While it is possible I want all taxpayers to make sure they are qualified candidates before submitting any money to a tax firm.
The Offer in Compromise Program
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:
• Ability to pay;
• Income;
• Expenses; and
• Asset equity.
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.
Submission of the Offer in Compromise
You’ll find step-by-step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF).
Your completed offer 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 payment option
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.
If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer. See your application package for details.
Understand the process
While your offer is being evaluated:
• Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);
• A Notice of Federal Tax Lien may be filed;
• Other collection activities are suspended;
• The legal assessment and collection period is extended;
• Make all required payments associated with your offer;
• You are not required to make payments on an existing installment agreement; and
• Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
Contact us for a free initial evaluation of an offer in compromise. We are true IRS specialist to resolving IRS tax problems.
We are A+ rated by the Better Business Bureau.
Call us today and hear the truth about the offer in compromise.
We are A+ rated by the Better Business Bureau and have been in private practice since 1982.
Los Angeles – Offer in Compromise – Former IRS Revenue Officer, Teaching Instructor of the Offer in Compromise, Expert
by Jim Magary | Apr 7, 2015 | Tax Help
I’m a former IRS revenue officer and teaching instructor with the Internal Revenue Service. As a former IRS agent revenue officer and teaching instructor I have worked hundreds of offers in compromise, I know the system!
IRS accepts about 40% of all offers in compromise. Last year 78,000 taxpayers filed offers in compromise and settle for a total of $6500. Right now there’s a nine-month backup on working the offer in compromise by IRS because the pure volume of cases they have and by the lack of manpower.
Understand the system
I understand the system and the process and what it takes to get an offer in compromise accepted.
There is much myth about the offer in compromise.
Everyone believes that they can file for an offer in compromise and settle their tax debt for pennies on the dollar. If in fact that was the case, everybody would file their tax returns owe money and want settle their tax debt.
The IRS offices would be flooded with lines of people wanting to compromise their debt through the offer in compromise.
This is simply not true.
You must be a qualified and suitable candidate for the offer in compromise program with the Internal Revenue Service.
Before any person contemplates the filing of an offer in compromise, spending any money, waste their time or get their hopes up they should fill out the IRS pre-qualifier tool which will let them know ahead of time whether they are qualified for the program.
Call us today for a free initial tax consultation and we can walk you through the process of the offer in compromise to settle your tax that if you are a true qualified candidate for the debt settlement program called the offer in compromise.
Do not be fooled by companies promising they can settle your tax debt for pennies on a dollar. While it is possible I want all taxpayers to make sure they are qualified candidates before submitting any money to a tax firm.
The Offer in Compromise
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:
• Ability to pay;
• Income;
• Expenses; and
• Asset equity.
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.
Submission
You’ll find step-by-step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF).
Your completed offer 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 payment option
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.
If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer. See your application package for details.
Understand the process
While your offer is being evaluated:
• Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);
• A Notice of Federal Tax Lien may be filed;
• Other collection activities are suspended;
• The legal assessment and collection period is extended;
• Make all required payments associated with your offer;
• You are not required to make payments on an existing installment agreement; and
• Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
Contact us for a free initial evaluation of an offer in compromise. We are true IRS specialist to resolving IRS tax problems.
We are A+ rated by the Better Business Bureau.
Offer in Compromise – Former IRS Offer in Compromise Revenue Officer, OIC Specialist
by Jim Magary | Apr 7, 2015 | Tax Help
Medicare Tax – What You Need to Know
Some taxpayers may be liable for an Additional Medicare Tax if your income exceeds certain limits.
Here are things that you should know about this tax:
• Tax Rate.
The Additional Medicare Tax rate is 0.9 percent.
• Income Subject to Tax.
The tax applies to the amount of certain income that is more than a threshold amount. The types of income include your Medicare wages, self-employment income and railroad retirement (RRTA) compensation. You must combine your wages and self-employment income to figure the tax. You do not consider a loss from self-employment purposes of this tax. You compare RRTA compensation separately to the threshold. See the instructions for Form 8959, Additional Medicare Tax, for more on these rules.
• Threshold Amount.
You base your threshold amount on your filing status. If you are married and file a joint return, you must combine your spouse’s wages, compensation, or self-employment income with yours. Use the combined total to determine if your income exceeds your threshold.
The threshold amounts are:
• Filing Status
• Threshold Amount
• Married filing jointly
• $250,000
• Married filing separately
• $125,000
• Single
• $200,000
• Head of household
• $200,000
• Qualifying widow(er) with dependent child
• $200,000
• Withholding / Estimated Tax.
Employers must withhold this tax from your wages or compensation when they pay you more than $200,000 in a calendar year. If you are self-employed you should include this tax when you figure your estimated tax liability.
• Underpayment of Estimated Tax.
If you had too little tax withheld, or did not pay enough estimated tax, you may owe an estimated tax penalty. For more on this topic, see Publication 505, Tax Withholding and Estimated Tax.
If you owe this tax, file Form 8959, with your tax return.
You also report any Additional Medicare Tax withheld by your employer on Form 8959. Visit IRS.gov for more on this topic.
You can also get forms and publications on IRS.gov/forms anytime.
by Jim Magary | Apr 6, 2015 | Tax Help
In many cases, those struggling with unpaid taxes qualify for one of several relief programs, including the following:
Most people can set up a payment agreement with the IRS online in a matter of minutes.Fresh start tax can hope to this process of getting the best in the cheapest agreement that meet your financial needs.
Those who owe $50,000 or less in combined tax, penalties and interest can use the Online Payment Agreement to set up a monthly payment agreement for up to 72 months. Being former IRS agents and managers we understand the best system that you can use the most affordable pricing.
Taxpayers can choose this option even if they have not yet received a bill or notice from the IRS.
With the Online Payment Agreement, no paperwork is required, there is no need to call, write or visit the IRS and qualified taxpayers can avoid the filing of a Notice of Federal Tax Lien if one was not previously filed.
Alternatively, taxpayers can request a payment agreement by filing Form 9465. This form can be downloaded from IRS.gov and mailed along with a tax return, bill or notice.
Some struggling taxpayers may qualify for an offer-in-compromise.
This is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed.
The IRS looks at the taxpayer’s income and assets to make a determination regarding the taxpayer’s ability to pay.
To help determine eligibility, use the Offer in Compromise Pre-Qualifier, a free online tool available on IRS.gov. Details on all filing and payment options are on IRS.gov.
