by Jim Magary | Apr 2, 2015 | Tax Help
Michael D. Sullivan
Former IRS Agent, Revenue Officer & Teaching Instructor
Michael D. Sullivan is one of the founders of Fresh Start Tax LLC.
He had a distinguished career with the Internal Revenue Service for 10 years. He has been in private practice since 1983.
He is an expert in IRS in IRS matters and current trends.
He also collaborated with the U.S. Attorney’s office in many undercover operations. Michael received several awards for his work and dedication as a Revenue Officer.
During his tenure with the IRS, he was a Certified Tax Instructor who taught out of the Atlanta Regional IRS Training Offices.
He also taught out of the local and district offices of the IRS.
Mr. Sullivan trained many of the new and seasoned IRS Agents.
Michael has been in private practice for the last 30 years in the field of Taxpayer Consultation for IRS tax resolution issues.
He often consults with corporations and individuals, which involves a wide range of tax issues.
Michael has worked many large complex cases for high net worth individuals and large corporations. Mr. Sullivan is a committed professional with dedicated involvement in the tax profession community as a frequent speaker on the South Florida circuit and also served as an officer and on the Board of the Greater South Florida Tax Council.
Michael has been the program host and moderator for several Internal Revenue Service forums both in the public and professional sectors.
Michael is also a member of the National Society of Accountants. Mr. Sullivan is also registered with the Department of Business and Professional Regulation and has an approved class for IRS Collection Matters for Certified Public Accountants and Attorneys. Course # 0012279 expires 11/04/2016.
Michael graduated from St. Thomas University with a B.A. in Pre-Law. He also has attended Knox Theological Seminary. Mr. Sullivan has obtained a Life Time Achievement Award for Little League Baseball and currently sits on the International Board for the Walk to Emmaus. Michael also is a proud member of the Life Work Leadership program.
Michael is very active in the various ministries of his church where he can be found leading and teaching Biblical Studies. He has been the Southeast Florida District Lay Leader of the United Methodist Church.
Mr. Sullivan can be heard on Net Grace FM, for the Christian Business Weekly show.
Mr Sullivan has appeared on FOX BUSINESS NEWS.
http://video.foxbusiness.com/v/4147654259001/tips-for-getting-through-to-the-irs/?#sp=show-clips
Former IRS Agent & Teaching Instructor, 30 Years Experience, IRS Tax Help
by Jim Magary | Apr 1, 2015 | Tax Help
Is Your Gift is Taxable
If you gave money or property to someone as a gift, you may wonder about the federal gift tax.
Tax tips about gifts and the gift tax.
1. Nontaxable Gifts.
The general rule is that any gift is a taxable gift. However, there are exceptions to this rule. The following are not taxable gifts:
Gifts that do not exceed the annual exclusion for the calendar year,
Tuition or medical expenses you paid directly to a medical or educational institution for someone,
Gifts to your spouse (for federal tax purposes, the term “spouse” includes individuals of the same sex who are lawfully married),
Gifts to a political organization for its use, and
Gifts to charities.
2. Annual Exclusion.
Most gifts are not subject to the gift tax. For example, there is usually no tax if you make a gift to your spouse or to a charity. If you give a gift to someone else, the gift tax usually does not apply until the value of the gift exceeds the annual exclusion for the year. For 2014 and 2015, the annual exclusion is $14,000.
3. No Tax on Recipient.
Generally, the person who receives your gift will not have to pay a federal gift tax. That person also does not pay income tax on the value of the gift received.
4. Gifts Not Deductible.
Making a gift does not ordinarily affect your federal income tax. You cannot deduct the value of gifts you make (other than deductible charitable contributions).
5. Forgiven and Certain Loans.
The gift tax may also apply when you forgive a debt or make a loan that is interest-free or below the market interest rate.
6. Gift-Splitting.
You and your spouse can give a gift up to $28,000 to a third party without making it a taxable gift. You can consider that one-half of the gift be given by you and one-half by your spouse.
7. Filing Requirement.
You must file Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, if any of the following apply:
1. You gave gifts to at least one person (other than your spouse) that amount to more than the annual exclusion for the year.
2 . You and your spouse are splitting a gift. This is true even if half of the split gift is less than the annual exclusion.
3. You gave someone (other than your spouse) a gift of a future interest that they can’t actually possess, enjoy, or from which they’ll receive income later.
You gave your spouse an interest in property that will terminate due to a future event.
by Jim Magary | Apr 1, 2015 | Tax Help
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by Jim Magary | Apr 1, 2015 | Tax Help
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The IRS Tax Billing Notices
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
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6.CP 91 CP298 -Final
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by Jim Magary | Apr 1, 2015 | Tax Help
Proverbs 11:14
Where there is no guidance, a people falls, but in an abundance of counselors there is safety.
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by Jim Magary | Mar 31, 2015 | Tax Help
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