by Jim Magary | Mar 31, 2015 | Tax Help
We are composed of IRS tax attorneys, tax lawyers, certified public accountants and former IRS agents.
We are a full service tax firm that specializes in permanent and immediate IRS tax relief.
Our former IRS agents and managers worked over 60 years for the Internal Revenue Service in the local, district, and regional tax office of the Internal Revenue Service.
Our former IRS Agents have worked as managers, instructors, appellate agents and taught IRS tax law.
We know the system inside and out and can offer affordable IRS tax help for every tax problem you have.
FST can defend you during an IRS tax audit provide your best possible tax defense and if you will owe money we can work out a tax settlement for you. IRS audits less than 1% of all taxpayers.
If you have received an IRS bank or wage garnishment levy, within 24 hours of receiving your current financial statement we can settle and close your case.
IRS sends out 1.6 million bank or wage garnishment levies every year.
It should be noted that the only reason the IRS sends out bank or wage garnishment levies is because taxpayers do not respond to the fifth and final notice sent by Internal Revenue Service.
You must answer the last IRS notice which is LT 11 or the 1058.
Many times that comes by certified mail. Taxpayers failing to respond to the final notice can expect an IRS bank levy or wage garnishment levy.
If you wish to settle your IRS tax debt with Internal Revenue Service, we will walk through the offer in compromise program and let you know if you are a qualified and suitable candidate for the fresh start initiative offer in compromise program.
Details of the offer in compromise can be found on our home page under offer in compromise. In 2014 the IRS accepted 41% of all offers in compromise filed.
Before filing an offer in compromise you must be qualified for the full program or you will be wasting your money. We will review with you if you are a qualified candidate before taking any money or retainer from you.
If you have past due tax returns you wish to file, we can file those tax returns with little or few tax records.
Due to our years of experience at the Internal Revenue Service we can prepare your returns under IRS tax reconstructive methods.
We are the affordable tax firm A+ rated by the Better Business Bureau and we have been in private practice since 1982.
We have over 206 years of professional tax experience.
Our IRS tax attorneys are tax lawyers can take any case to tax court.
You can speak directly to one of our IRS tax attorneys or tax lawyers by simply asking the receptionist that you wish to retain attorney-client privilege.
Attorney-client privilege as a general rule are warranted only on criminal cases most all other cases are administrative matters.
IRS Tax Attorney, Tax Lawyer + Tax Audit + IRS Levy + Settle with IRS + File Past Due Returns + Affordable IRS Help + San Meteo, Vacaville, Vallejo, Visalia, Sunnyvale will
by Jim Magary | Mar 31, 2015 | Tax Help
Have AFFORDABLE & EXPERIENCED former IRS agents and managers who know the system deal with your IRS back tax debt. We represent individuals, businesses and corporations.
We are composed of tax attorneys, CPAs, and former IRS agents. Our former IRS agents and managers on staff have over 60 years of combined IRS work experience in the local, district, and regional tax offices of the IRS.
If you owe back taxes and owe back tax debt call us today and we can provide immediate tax relief for individuals, businesses and companies that owe back payroll tax problems.
FST is a full service tax firm that specializes in IRS and state tax representation.
FST has represented thousands of individuals, businesses and corporations on both income tax, business and payroll tax matters.
The IRS Collection Process
IRS will require a full financial statement that is verified with bank statements and copies of monthly expenses on any collection case in which back taxes are owing.
You will need to fill out a 433F which is the IRS financial statement that they will require and you can find that right on our website.
Once IRS verifies your income and monthly expenses they will be prepared to settle your case and take your case off the IRS enforcement computer CADE2.
As a general rule, the Internal Revenue Service after a careful review of your financial statement will usually put a taxpayer or business in a tax hardship or ask them to make a monthly payment agreement.
Approximately 40% of all taxpayers who owe tax have their cases put into an economic tax hardship.
For those of you who wish to settle your tax debt we can examine whether you are a qualified candidate for an offer in compromise.
Last year over 78,000 offers in compromise were filed and IRS accepted 38% for an average of $.14 on a dollar. The average settlement was $6500 per case.
Call us today and speak to a true IRS tax expert if you owe IRS back tax debt.
If you need to file back tax returns we can have our accounting staff and tax preparation staff bring you up-to-date.
It is necessary for all taxpayers to file all tax returns before Internal Revenue Service will work or close your case off the IRS collection computer.
It is critical you file all your tax returns if not the IRS has the option of filing your tax return and this will not be a pleasant experience. All taxpayer should file their tax returns and get them on the system. As a former IRS agent I can tell you at some point IRS will hunt you down.
Call us today for a free initial tax consultation. we are the fast, friendly and affordable professional tax firm.
IRS = Owe IRS Tax = Back Tax Debt Help = Individual, Business, Payroll Taxes, Settlements = San Meteo, Vacaville, Vallejo, Visalia, Sunnyvale
by Jim Magary | Mar 31, 2015 | Tax Help
IRA Contribution for the 2014 Tax Year
Age rules.
You must be under age 70½ at the end of the tax year in order to contribute to a traditional IRA. There is no age limit to contribute to a Roth IRA.
Compensation rules.
You must have taxable compensation to contribute to an IRA. This includes income from wages and salaries and net self-employment income. It also includes tips, commissions, bonuses and alimony. If you are married and file a joint tax return, only one spouse needs to have compensation in most cases.
When to contribute.
You can contribute to an IRA at any time during the year. To count for 2014, you must contribute by the due date of your tax return. This does not include extensions.
That means most people must contribute by April 15, 2015. If you contribute between Jan. 1 and April 15, make sure your plan sponsor applies it to the year you choose (2014 or 2015).
Contribution limits.
In general, the most you can contribute to your IRA for 2014 is the smaller of either your taxable compensation for the year or $5,500. If you were age 50 or older at the end of 2014, the maximum you can contribute increases to $6,500.
If you contribute more than these limits, an additional tax will apply. The added tax is 6 percent of the excess amount that you contributed.
Taxability rules.
You normally won’t pay income tax on funds in your traditional IRA until you start taking distributions from it.
Qualified distributions from a Roth IRA are tax-free.
Deductibility rules.
You may be able to deduct some or all of your contributions to your traditional IRA.
Use the worksheets in the Form 1040A or Form 1040 instructions to figure the amount that you can deduct.
You may claim the deduction on either form. You may not deduct contributions to a Roth IRA.
Saver’s Credit.
If you contribute to an IRA you may also qualify for the Saver’s Credit. The credit can reduce your taxes up to $2,000 if you file a joint return.
Use Form 8880, Credit for Qualified Retirement Savings Contributions, to claim the credit. You can file Form 1040A or 1040 to claim the Saver’s Credit.
by Jim Magary | Mar 31, 2015 | Tax Help
FST is a team of AFFORDABLE Former IRS agents, managers and teaching instructors. We are also composed of tax attorneys, CPAs and we know the system.
We can help get you immediate tax relief if you owe back taxes on individual, business, corporate or payroll taxes. We can handle any federal or state tax debt.
FST has over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the Internal Revenue Service. We have a total of 206 years of combined IRS work tax experience.
We are A+ rated by the Better Business Bureau and have been in private practice since 1982.
When you call our office you can speak directly to a true IRS tax professional who will give you expert advice on how to resolve any IRS tax problem that you have including owing back tax debt for individual, business or payroll taxes.
Owing Back Taxes to the IRS
Anytime individuals or businesses owes back taxes with the Internal Revenue Service, it will be required to provide a current documented financial statement. Always on the forms belonging to IRS.
The Internal Revenue Service will ask for a 433F, 433A, or 433B depending on the type of tax you owe.
You will have to verify all income and all expenses. the Internal Revenue Service will compare your expenses with that against the national, regional and local standards. You can find those standards on our website.
As a result of the Internal Revenue Service reviewing your current financial statement there are three general options that a taxpayer, business or corporation will have if they owe individual, business or payroll taxes.
The IRS agent reviewing the case will either put your case into a hardship because of your current financial situation, IRS will ask you to make monthly payments, or IRS will propose you file an offer in compromise to resolve your tax debt problem.
as a side note, 40% of all taxpayers at oh Baghdad are put into a current hardship and over 6 million taxpayers enter into installment or payment agreements with the Internal Revenue Service.
When you call our office we will review your financial statement and give you a free assessment on what we feel will happen and as a general rule we are spot on as to how IRS will work your case.
Call us today for free initial tax consultation and will show you the ways you can resolve your backs tax debt.
We are a full-service professional tax firm.
IRS Tax = Owe Back Taxes = Federal, Individual, Business, Payroll = Settlements, Payment Options, File Back Taxes – San Meteo, Vacaville, Vallejo, Visalia, Sunnyvale
by Jim Magary | Mar 31, 2015 | Tax Help
If you have not filed back tax returns & need to settle a back tax debt call for both former IRS agents and managers.
We are a full service tax firm that specialize in IRS tax relief.
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 a regional tax offices of the IRS.
We can prepare back tax returns with little or no records.
As former IRS agents and managers and having a professional practice since 1982, we have a streamlined process if you have not filed back tax returns.
You are going to owe tax, we can settle your tax debt all at the same time. Call us today for free initial tax consultation
Some facts of interest
If your return was not filed by the due date (including extensions of time to file), you may be subject to the failure to file penalty, unless you have reasonable cause for your failure to file timely.
If you did not pay your tax in full by the original due date of the return (regardless of extensions of time to file), you may also be subject to the failure to pay penalty, unless you have reasonable cause for your failure to pay timely, or the IRS has approved your application for extension of time for payment of the tax due to undue hardship (refer to Form 1127 (PDF), Application for Extension of Time for Payment of Tax Due to Undue Hardship).
Additionally, interest is charged on taxes not paid by the due date, even if you have an extension of time to file. Interest is also charged on penalties.
There is no penalty for failure to file if you are due a refund.
But, if you wait to file a return or otherwise claim a refund, you risk losing a refund altogether. An original return claiming a refund must be filed within 3 years of its due date for a refund to be allowed in most instances.
After the expiration of the three-year window, the refund statute prevents the issuance of a refund check and the application of any credits, including overpayments of estimated or withholding taxes, to other tax years that are underpaid.
Have more questions, call us today for a free initial tax consultation.
Los Angeles = Have Not Filed Back Tax Returns, Settle Back Tax Debt, Affordable, Former IRS
by Jim Magary | Mar 31, 2015 | Tax Help
We have a combined 60 years of direct work experience in the local, district and regional offices of Internal Revenue Service. We know the system. We can stop an IRS bank, wage levy and settle your tax debt all at the same time.
We are affordable Former IRS Agents & Managers that specialize in the removal of IRS tax levies, bank levies, and wage garnishment levies.
As a general rule, 24 hours after receiving your current and verifiable financial statement we can get your IRS levy garnishment released and your case closed with the IRS.
IRS will require a verifiable 433F financial statement with complete documentation.
That will include your last three months of bank statements, monthly expenses, and pay stubs. IRS will need to verify your income and assets.
They do so so they can not only give you a release of an IRS bank levy or wage garnishment levy.
It only makes sense as former IRS agents and managers we know the system.
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.
We are one of the most experienced and affordable professional tax firm that specialize in IRS tax relief of IRS tax levies, bank levies and wage garnishment levies.
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.
Some of our former IRS agents have worked as instructors, supervisors, managers and wrote part of the internal revenue manual on IRS collection policy and procedure.
Call us today for a free initial tax consultation.
As a general rule IRS settles case by putting them into hardship, payment agreements or the recommendation of settling your tax debt to the offer in compromise.
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. right now IRS settles 43% of taxpayers submitting offers in compromise.
Our first course of action will be to settle your case for pennies on a dollar if you’re a qualified and certified candidate for the offer program. The average settlement this year is $6500 per case. We will carefully review your case before the submission of any tax debt settlement.
We will ask for no fee to file an offer in compromise unless you are pre-qualified.
Call us today for a free initial tax consultation.
STOP IRS BANK, WAGE LEVY NOW & SETTLE, IRS TAX DEBT + AFFORDABLE, FORMER IRS = San Meteo, Vacaville, Vallejo, Visalia, Sunnyvale
