by Jim Magary | Mar 23, 2015 | Tax Help
FST is comprised “AFFORDABLE” Tax Attorneys, CPAs and former IRS agents & managers
We have a combined 206 years of professional tax experience and have been practicing since 1982.
We are A+ rated by the Better Business Bureau.
As a general rule within 24 hours we can get your IRS tax levy garnishment released in your case closed with the Internal Revenue Service.
As a result over 60 years of direct working knowledge we know and understand the complete inner workings of the Internal Revenue Service.
We know the system inside and out. We have a very systematic way to get an IRS tax levy or wage garnishment levy released.
Our streamline processes are very fast and effective and can save you money.
Be very careful when shopping the Internet because many of the sites you hit are no more than marketing companies selling your information to third parties.
As a general rule within 24 hours of receiving your current documented financial statement we can get an IRS tax levy, bank levy, paycheck levy, wage garnishment levy released.
IRS has a very specific process to get tax levies, bank levies and wage garnishment released. They must go by the book and we know the book.
IRS only levies bank accounts and paychecks and wages when taxpayers have ignored or failed to respond to the last IRS notice sent.
As a general rule the IRS sends out 4 notices and the final notice, the 1058 must be responded to.
As a former IRS agent I can tell you I never found great pleasure in levying a taxpayer’s wages or their bank account.
We were just trying to get their attention because they would not respond to our many telephone calls and letters.
Many times IRS will send out certified mail on final notices.
IRS secures your levy sourced from your previous file tax returns.
IRS picks up information from third parties who must report to them such as your banks and employers. IRS carries up to 20 levy the sources per person.
If not IRS will follow-up with enforcement action, including the filing of a federal tax lien which will ruin and destroy your credit.
The IRS’s computer system manually and systemically sends out both bank and wage garnishment levies from information they have on their computer systems.
If you are in receipt of an IRS tax levy or wage garnishment we will need to contact IRS give them a current financial statement and have an exit strategy on how you plan to take your case off the enforcement computer.
As a general rule, your case can be removed by declaring and proving that you are the current financial hardship, wish to make a monthly installment agreement or wish to file an offer in compromise if you are a true tax that settlement candidate. If you are a tax debt settlement candidate we will pre-qualify you before filing for the offer in compromise.
The reason you hire a professional tax firm is they understand the process and can get the best result.
Call us today for an initial tax consultation and we will get your tax levy, bank levy or wage garnishment levy removed and your case closed all of the time.
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by Jim Magary | Mar 23, 2015 | Tax Help
Deadline to Take Required Retirement Plan Distributions
The Internal Revenue Service today reminded taxpayers who turned 70½ during 2014 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Wednesday, April 1, 2015.
The April 1 deadline applies to owners of traditional IRAs but not Roth IRAs.
Normally, it also applies to participants in various workplace retirement plans, including 401(k), 403(b) and 457 plans.
The April 1 deadline only applies to the required distribution for the first year. For all subsequent years, the RMD must be made by Dec. 31.
A taxpayer who turned 70½ in 2014 and receives the first required payment on April 1, 2015, for example, must still receive the second RMD by Dec. 31, 2015.
Affected taxpayers who turned 70½ during 2014 must figure the RMD for the first year using the life expectancy as of their birthday in 2014 and their account balance on Dec. 31, 2013.
The trustee reports the year-end account value to the IRA owner on Form 5498 in Box 5. Worksheets and life expectancy tables for making this computation can be found in the Appendices to Publication 590-B.
Most taxpayers use Table III (Uniform Lifetime) to figure their RMD. For a taxpayer who reached age 70½ in 2014 and turned 71 before the end of the year, for example, the first required distribution would be based on a distribution period of 26.5 years.
A separate table, Table II, applies to a taxpayer married to a spouse who is more than 10 years younger and is the taxpayer’s only beneficiary.
Though the April 1 deadline is mandatory for all owners of traditional IRAs and most participants in workplace retirement plans, some people with workplace plans can wait longer to receive their RMD.
Employees who are still working can, if their plan allows, wait until April 1 of the year after they retire to start receiving these distributions.
Employees of public schools and certain tax-exempt organizations with 403(b) plan accruals before 1987 should check with their employer, plan administrator or provider to see how to treat these accruals.
The IRS encourages taxpayers to begin planning now for any distributions required during 2015.
An IRA trustee must either report the amount of the RMD to the IRA owner or offer to calculate it for the owner.
by Jim Magary | Mar 23, 2015 | Tax Help
Reporting Foreign Income
1. Are you a U.S. citizen or resident who worked abroad last year?
2. Did you receive income from a foreign source in 2014?
If you answered ‘yes’ to either of those questions here are tax tips you should know about foreign income:
1. You must Report Worldwide Income.
By law, U.S. citizens and residents must report their worldwide income. This includes income from foreign trusts, and foreign bank and securities accounts.
2. File Required Tax Forms.
You may need to file Schedule B, Interest and Ordinary Dividends, with your U.S. tax return.
You may also need to file Form 8938, Statement of Specified Foreign Financial Assets. In some cases, you may need to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts. See IRS.gov for more information.
3. Review the Foreign Earned Income Exclusion.
If you live and work abroad, you may be able to claim the foreign earned income exclusion. If you qualify, you won’t pay tax on up to $99,200 of your wages and other foreign earned income in 2014.
See Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion, for more details.
4. Don’t Overlook Credits and Deductions.
You may be able to take a tax credit or a deduction for income taxes you paid to a foreign country.
These benefits can reduce your taxes if both countries tax the same income.
5. Use IRS Free File.
Almost everyone can prepare and e-file their U.S. federal tax returns for free by using IRS Free File. If you make $60,000 or less, you can use brand-name tax software.
If you earn more, you can use Free File Fillable Forms, an electronic version of IRS paper forms. Some Free File software products and fillable forms also support foreign addresses for those who live abroad.
Free File is available only through the IRS.gov website.
6. Tax Filing Extension is Available.
If you live outside the U.S. and can’t file your tax return by April 15, you may qualify for an automatic two-month extension of time to file.
That will give you until June 16, 2015, to file your U.S. tax return. This extension also applies to those serving in the military outside the U.S.
You will need to attach a statement to your return explaining why you qualify for the extension.
How To Report Foreign Income, IRS Tax Experts, Fresh Start Tax LLC
by Jim Magary | Mar 17, 2015 | Tax Help
We are a Christian Tax Professional tax firm that specialize in IRS tax debt relief and repair .<><
Do not be yoked together with unbelievers. For what do righteousness and wickedness have in common? Or what fellowship can light have with darkness? 2 Corinthians 6:14
We are staffed with Christian tax attorneys, tax lawyers, Certified public accountants enrolled agents and former IRS agents. We are a full service Christian tax firm.
We can stop the IRS as a general rule with one phone call and give you professional, experienced & affordable tax representation for any IRS tax matter problem <><
You will you will never have to speak to the Internal Revenue Service and we handle all communication.
We are a full service tax and accounting Christian tax firm.<><
We’ve been practicing since 1982 and have over 206 years professional tax experience. We will give you the honest truth about fully resolving your IRS or state tax situation.
We can resolve any IRS case and show you different solutions to resolve your IRS tax matter. We are a Christian IRS tax service firm.
Our former IRS agents have worked as supervisors, managers and tax instructors also others on staff have written part of the internal revenue manual.
We have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS. When we were just former IRS agents we were managers, supervisors and teaching instructors.
When you call our office we will offer you a few different options with you to go ahead and fully resolve your tax situation.
If you owe back taxes, we can provide you a series of options that will stop or settle your tax debt with the Internal Revenue Service.
We can prepare and file old or back tax returns and provide the best possible tax audit defense for IRS. If you will owe tax will settle your debt all at the same time.
We can resolve any IRS back tax problem, settle tax debt, remove an IRS tax levy or tax lien, file back taxes work out a payment plan in resolve any outstanding IRS tax audit.
IRS by the Numbers and Stats
IRS levies 1.8 million taxpayers every year,
IRS files close to 900,000 federal tax liens every year,
IRS audits 1% of all taxpayers every year,
IRS settles 42% of all offers in compromise filed.
Average IRS tax settlement $.14 on the dollar,
The more money you make the higher chance of an IRS tax audit.
Call us today for free initial tax consultation.
We are the fast, friendly, and affordable professional Christian tax firm.
Please be aware that many firms on the Internet advertise that they have a Christian tax practice.
You should be aware there are few professional tax resolution companies that are Christian and faith-based.
Make sure you check them out before retaining anybody, Blessings <><
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by Jim Magary | Mar 17, 2015 | Tax Help
We are of very affordable professional tax firm specializing in IRS tax problem help.
We have over 206 years of professional tax experience and over 60 years as former IRS agents working directly in the local, district, and regional tax offices of the IRS.
We are composed of tax attorneys, CPAs, enrolled agents and former IRS agents.
We are A+ rated by the Better Business Bureau and we know every possible tax solution to completely resolve any IRS problem that you have.
From a simple IRS notice or letter to going to IRS appeals, or tax court, we can resolve the issues at hand.
We can release a IRS tax levy garnishment within 24 hours of receiving your current documented financial statement, we can have our former IRS agents prepare and file any unfiled tax returns, and we can talk to you about settling your tax debt through the offer in compromise if you are a true debt settlement candidate.
We can have our former IRS represent you for IRS tax audit and have a former IRS collection revenue officer set you up on a payment plan or hardship depending on your current financial statement.
Call us today for a free initial tax consultation.
We are the fast, friendly, and affordable professional tax firm.
Tax Attorneys, Tax Lawyer = IRS Problems = Tax Levy Garnishments, Unfiled Returns, Sette Tax Debt , Audits, Payment Plans = Fresno, Stockton, Santa Rosa, Concord, Berkeley, Elk Grove
by Jim Magary | Mar 17, 2015 | Tax Help
We can resolve your IRS Problem.We are an “affordable” professional tax firm that has been in private practices 1982.
If you have any back tax issues with the Internal Revenue Service or have not filed back income tax returns, we can result in settle your case all at the same time.
We have over 206 years of professional tax experience in over 60 years of working directly for the Internal Revenue Service and the local, district, and regional tax offices of the IRS.
Fresh Start tax LLC is a much different firm than other companies. we do our own work in-house, most companies sub their work out to backend offices.
We are staffed with tax attorneys, CPAs and former IRS agents. Our vast experience and knowledge with the Internal Revenue Service works in your favor.
If you want to settle your back taxes, IRS will require a current financial statement along with documentation.
IRS rules require only form 433-F, along with bank statements, copy of pay stubs, and monthly expenditures.
It is important a true professional full-out the financial statements because we know exactly what IRS is looking for and can help navigate the waters to get you achieved results.
If you have not filed tax returns we can prepare your returns with little or no records do our reconstructive methods we learned IRS.
We can remove an IRS tax or wage garnishment levy within 24 hours of receiving your current financial statement and or get you placed into a payment program or tax hardship depending on your situation.
We are a full service tax firm, since 1982.
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