by Jim Magary | Feb 13, 2015 | Tax Help
and you
FST has over 206 years professional tax experience and 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 KNOW the SYSTEM.
As former IRS agents some on our staff taught tax law and wrote part of the IRM section 5 dealing with the collection division.
FST can provide immediate tax levy relief of bank and wage garnishment levies, IRS audits, IRS settlements call offers in compromise, IRS payment plans and any type of IRS matter situation or problem that may arise.
We can represent you on any IRS or state tax matter. We have a whole host of other professionals at work here including tax attorneys, certified public accountants, enrolled agents and a full tax and accounting service.
All our work is done in-house.
There is a difference between an IRS bank levy and a wage garnishment levy.
the IRS only sends out and Iris Bank Levy wage garnishment notice when taxpayers have not responded to final notices. and you
Banks do not need to forward funds from the received levy until the 22nd day after receipt giving the taxpayer 21 days to solve their problem.
A wage levy garnishment is an immediate seizure of the majority of your next paycheck.
As unfair as it is it is possible to get your levy released within 24 hours of receiving a financial statement.
To get an IRS tax levy, bank levy or wage garnishment release, IRS will need a current documented financial statement along with three months worth of bank statements, monthly expenses and a copy of your pay stub to prove your income.
Internal Revenue Service will analyze your current financial statement and make a closing decision to remedy your case.
As a general rule the two main solutions are putting your case into a temporary hardship or asking for a monthly payment agreement.
Your financial statement will dictate how IRS will take your case off their enforcement computer.
Others opt to file for offer in compromise to settle their tax debt through the new fresh start tax initiative called the offer in compromise.
The good news about the IRS tax debt settlement program is the fact that 41% of all taxpayers who apply get accepted for an average of $.14 on the dollar but you must meet the qualifications.
We file no offers unless you are a qualified candidate.
Don’t be duped by other firms promising pennies on the dollar.
I can tell you this because I am a former IRS agent teaching instructor who work the offer in compromise program is a former employee.
Call us today we are a full service tax firm having a unique expertise and all IRS matters.
We’ve been practicing since 1982 in our A+ rated by the BBB.
Here the truth about your case by calling us today and seeking the advice of a true affordable IRS tax expert.
by Jim Magary | Feb 13, 2015 | Tax Help
Trust your problem to AFFORDABLE former IRS agents and managers who know the system.
FST has over 206 years professional tax experience and over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the Internal Revenue Service.
As former IRS agents we taught tax law and wrote part of the IRM section 5 dealing with the collection division. we are truly affordable tax experts when it comes to solving any IRS tax problem, matter, state or federal.
We provide immediate tax levy relief of bank and wage garnishment levies, IRS audits, IRS settlements call offers in compromise, IRS payment plans and any type of IRS matter situation or problem that may arise.
Immediate relief of an IRS tax levy, bank levy or wage garnishments
There is a difference between an IRS bank levy and a wage garnishment levy.
Banks do not need to forward funds from the received levy until the 22nd day after receipt giving the taxpayer 21 days to solve their problem.
A wage levy garnishment is an immediate seizure of the majority of your next paycheck.
As unfair as it is it is possible to get your levy released within 24 hours of receiving a financial statement.
To get an IRS tax levy, bank levy or wage garnishment release, IRS will need a current documented financial statement along with three months worth of bank statements, monthly expenses and a copy of your pay stub to prove your income.
Internal Revenue Service will analyze your current financial statement and make a closing decision to remedy your case.
As a general rule the two main solutions are putting your case into a temporary hardship or asking for a monthly payment agreement.
Your financial statement will dictate how IRS will take your case off their enforcement computer.
Others opt to file for offer in compromise to settle their tax debt through the new fresh start tax initiative called the offer in compromise.
The good news about the IRS tax debt settlement program is the fact that 41% of all taxpayers who apply get accepted for an average of $.14 on the dollar but you must meet the qualifications.
We file no offers unless you are a qualified candidate.
Don’t be duped by other firms promising pennies on the dollar.
I can tell you this because I am a former IRS agent teaching instructor who work the offer in compromise program is a former employee.
Call us to get more details.
If you owe back tax will review the situation and can enter you either into a hardship program or have you make back payments depending on your current financial condition.
Call us today we are a full service tax firm having a unique expertise and all IRS matters.
We’ve been practicing since 1982 in our A+ rated by the BBB.
Minneapolis + Stop IRS Tax Levy, Bank & Wage Levies, Settle IRS Back Taxes, File Back Taxes * Fast Affordable* Former IRS
by Jim Magary | Feb 13, 2015 | Tax Help
We are an AFFORDABLE professional tax firm composed of IRS tax attorneys, tax lawyers, CPAs, and former IRS agents managers and tax instructors.
We have over 206 years of professional tax experience and over 60 years of working directly for the IRS.
On staff are former IRS agents who logged over 60 years and the local, district, and regional tax offices of the IRS.
Beside their IRS agent jobs they have also worked as supervisors, managers, teaching instructors and have written part of section 5 of the Internal Revenue Service manual dealing with the IRS collection division.
Our tax attorneys and tax lawyers can represent you in Tax Court if necessary. Your information when calling our firm can remain privileged.
IRS tax levies
If you have received an IRS bank or wage garnishment levy, as a general rule within 24 hours you can get your IRS levy released.
You should know that there is a difference between a bank in a wage garnishment levy.
Both are seizures however a bank is required to hold the Levy 21 days before sending the money to IRS giving you enough time to get your levy released.
A wage garnishment levy is an immediate seizure with the bulk of your paychecks minus some exemptions going to Internal Revenue Service.
To get your IRS tax levy or garnishment release is necessary to give virus occurred documented financial statement.
IRS tax audit
Less than 1% of all taxpayers get audited by the IRS.
If you have received the nasty gram from Internal Revenue Service you can have a former IRS agent represent you during the tax audit and provide your best possible IRS audit tax defense.
We can take the case to appeals for Tax Court if necessary.
IRS tax settlements
The good news is that the offers in compromise are starting to be accepted by Internal Revenue Service.
41% of all offers in compromise are accepted by Internal Revenue Service and this is great news for taxpayers.
This is definitely an upswing compared the last couple years.
Before we file a offer in compromise we make sure you are a qualified candidate to do so.
Filing back tax returns.
As a general rule, before IRS will work with you or close the case IRS will want to want to make sure all your tax returns are filed and on record with IRS.
If you need to file your back tax returns call us today we can have former IRS agents and managers prepare your return and assure they will be as audit proof as possible.
Call us today and speak directly to IRS tax attorneys, IRS tax lawyers, CPAs and former IRS agents.
We are A+ rated by the Better Business Bureau.
IRS – Affordable IRS Tax Attorney Lawyer Help = IRS Garnishment Bank, Wage Levy, IRS Audit, Settle Tax, Back Returns = Des Moines, Cedar Rapids, Davenport, Sioux City, Waterloo
by Jim Magary | Feb 12, 2015 | Tax Help
Obtaining and Claiming a Health Coverage Exemption
The Affordable Care Act requires you and each member of your family to have minimum essential coverage, qualify for an insurance coverage exemption, or make an individual shared responsibility payment when you file your federal income tax return.
If you meet certain criteria, you may be exempt from the requirement to have qualifying health coverage. If you are exempt, you will not have to make a shared responsibility payment when you file your 2014 federal income tax return this year. For any month that you do not qualify for a coverage exemption, you will need to have minimum essential coverage or make a shared responsibility payment.
How you get a coverage exemption depends upon the type of exemption for which you are eligible. You can obtain some exemptions only from the Marketplace, while others may be claimed when you file your tax return.
You may be exempt if:
• The minimum amount you must pay for the annual premiums is more than eight percent of your household income
• You have a gap in coverage that is less than three consecutive months
• You qualify for an exemption for one of several other reasons, including having a hardship that prevents you from obtaining coverage, or belonging to a group explicitly exempt from the requirement
You will claim or report coverage exemptions on Form 8965, Health Coverage Exemptions, and attach it to Form 1040, Form 1040A, or Form 1040EZ. These forms can all be filed electronically.
If you are granted a coverage exemption from the Marketplace, they will send you a notice with your unique Exemption Certificate Number or ECN.
You will enter your ECN in Part I, Marketplace-Granted Coverage Exemptions for Individuals, of Form 8965 in column C. If the Marketplace hasn’t processed your exemption application before you file your tax return, complete Part I of Form 8965 and enter “pending” in Column C for each person listed.
If you claim the exemption on your return, you do not need an ECN from the Marketplace. With the tax filing season underway, most exemptions for 2014 are only available by claiming them on your tax return.
If your income is below your filing threshold and you are not required to file a tax return, you are eligible for an exemption and you do not have to file a tax return to claim it.
If you choose to file a tax return, you will use Part II, Coverage Exemptions for Your Household Claimed on Your Return, of Form 8965 to claim a health coverage exemption.
Other IRS-granted coverage exemptions may be claimed on your tax return using Part III, Coverage Exemptions for Individuals Claimed on Your Return, of Form 8965.
For a coverage exemption that you qualify to claim on your tax return, all you need to do is file Form 8965 with your tax return – remember that you do not need to contact the IRS to obtain the exemption in advance.
Taxpayers and their tax professionals should consider filing returns electronically. Using tax preparation software is the best and simplest way to file a complete and accurate tax return as it guides individuals and tax preparers through the process and does all the math.
by Jim Magary | Feb 11, 2015 | Tax Help
•
IRS Offshore Voluntary Disclosure Efforts Produce $6.5 Billion; 45,000 Taxpayers Participate
Stopping offshore tax cheating and bringing individuals, especially high net-worth individuals, back into the tax system has been a top priority of the Internal Revenue Service for several years.
IRS offshore voluntary disclosure programs are designed to encourage taxpayers with undisclosed offshore assets to become current with their tax liabilities.
The programs have been part of a wider effort to stop offshore tax evasion, which includes enhanced enforcement, criminal prosecutions and implementation of third-party reporting via the Foreign Account Tax Compliance Act (FATCA).
The latest series of voluntary programs began in 2009.
Overall, the three voluntary programs have resulted in more than 45,000 voluntary disclosures from individuals who have paid about $6.5 billion in back taxes, interest and penalties. Here are highlights of the different variations of the IRS offshore efforts since 2009:
2009 OVDP
The IRS announced the 2009 Offshore Voluntary Disclosure Program (OVDP) in March 2009.
It offered taxpayers an opportunity to avoid criminal prosecution and a settlement of a variety of civil and criminal penalties in the form of single miscellaneous offshore penalty.
It was based on existing voluntary disclosure practices used by IRS Criminal Investigation.
Generally, the miscellaneous offshore penalty for the 2009 program was 20 percent of the highest aggregate value of the unreported offshore accounts from 2003 to 2008.
Participants were also required to file amended or late returns and FBARs for those years.
Concurrent publicity associated with U.S. enforcement actions against certain foreign banks led to strong demand of this voluntary program.
In the 2009 OVDP the IRS received 15,000 disclosures prior to the Oct. 15 closing date that year. It resulted in the collection of $3.4 billion in back taxes, interest and penalties.
It also led to another 3,000 disclosures after the closing date.
2011 OVDI
The 2009 program resulted in many disclosures and furthered the investigation of many individuals and financial institutions that facilitated non-compliance with U.S. tax laws.
As these investigations continued, the IRS responded to requests from tax practitioners that additional individuals sought to come forward and voluntarily disclose their offshore accounts.
In February 2011, the IRS announced the 2011 Offshore Voluntary Disclosure Initiative (OVDI), which lasted until Sept. 9 of that year.
Generally, participants of this program paid a 25-percent miscellaneous offshore penalty on the highest aggregate value of unreported offshore accounts from 2003 to 2010. In addition, some participants were eligible for special 5-percent or 12.5-percent penalties, depending on the severity of their noncompliance.
The 2011 OVDI drew 15,000 disclosures and resulted in the collection of $1.6 billion in back taxes, interest and penalties for the 70 percent of cases that were closed that year.
2012 OVDP
After the two prior voluntary programs, continued strong interest by taxpayers and tax professionals led to a third program. In January 2012, the IRS revised the terms of the 2011 OVDI program and made it permanent until further notice.
Under the 2012 Offshore Voluntary Disclosure Program, participants pay a penalty of 27.5 percent of the highest aggregate balance or value of offshore assets during the prior eight years. The 5 or 12.5 percent penalties remained in effect for certain taxpayers.
In June 2012, the IRS added an option to the existing disclosure program that enabled some U.S. citizens and others residing abroad to catch up on their filing requirements and avoid large penalties if they owed little or no back taxes. This option took effect in September of that year. This 2012 program has drawn 12,000 disclosures since its inception.
2014 Changes to Offshore Programs
In June 2014, the IRS announced major changes in the 2012 offshore account compliance programs, providing new options to help taxpayers residing in the United States and overseas. The changes are anticipated to provide thousands of people a new avenue to come back into compliance with their tax obligations.
And with expansion of the streamlined procedures for non-willful taxpayers, the IRS will also adjusted the terms for taxpayers participating in the OVDP whose conduct may reflect willful non-compliance.
The changes modify the OVDP program to make it suited for taxpayers seeking relief from potential criminal prosecution.
All told, the three voluntary programs have resulted in more than 45,000 voluntary disclosures from individuals who have paid about $6.5 billion in back taxes, interest and penalties.
by Jim Magary | Feb 11, 2015 | Tax Help
We are the Affordable Professional Tax Firm for resolving your IRS Back Tax Debt Problems.
Call us today and speak to true IRS tax professionals it you owe back IRS taxes.
We can provide a variety of solutions to go ahead and resolve your current IRS problem.
We can offer to you a hardship programs, payment plans and settling your tax debt via the offer in compromise.
Our former IRS agents have over 60 years of direct work experience in the local, district, and regional tax offices of the IRS.
We are a full service tax firm.
We also have tax attorney CPAs enrolled agents and a host of other professionals to deal with any tax problem that you have.
Searching the Internet, Use Caution
In searching the Internet you will find many advertisers in the vertical of owing IRS back taxes.
A closer look at many of these Internet firms, you will find that many are no more than lead generations.
Check out there sites, there are no bio’s of professionals, because there are none.
Lead generation companies are advertisers who farm and sell your information to third parties who will pay the highest amount of money for your information.
Anywhere up to $90 a shot.
As a result, you never know who’ll wind up with your personal information.
Fresh Start Tax LLC is a true IRS tax resolution firm specializing individuals, companies, corporations that owe back IRS taxes. A plus rated BBB.
Our firm is staffed with IRS tax attorneys, tax lawyers, certified public accountants, enrolled agents and former IRS revenue officers.
Our former IRS staff has over 60 years of professional tax experience in the local, district, and regional tax offices of the Internal Revenue Service.
We have been in private practice since 1982 and are A+ rated by the Better Business Bureau.
There are variety of solutions available for taxpayers who will IRS back taxes.
If you are going to owe back taxes to the Internal Revenue Service, the IRS will require a current financial statement usually on form 433-F.
Once IRS sees that form documented and verified they will close your case off the enforcement computer.
How IRS will Generally close your Case, There are two general ways in which IRS will close your case.
1. Through an economic tax hardship, which means you don’t have enough money to cover your current expenses within the necessary standards.
2. The other is that you can make a payment based on your current income and expenses.
A possibility – The third option is the possibility of an offer in compromise called a tax debt settlement.
Over 42% of all those who apply qualify for the offer in compromise program.
Call us today for a free initial tax consultation and we will walk you through the process of resolving permanently, efficiently and affordably your IRS back tax debt problems.
If you owe back taxes and problems we are the affordable tax experts.
Call us today for a free initial tax consultation and hear the truth about your case. We are honest, experienced and the affordable tax experts for owing IRS back taxes.
Please keep in mind anytime you will back tax to the Internal Revenue Service it will be necessary you for you to have all your tax returns currently filed in on IRS’s system.
If you need to service call us today and we can have former IRS agents prepare your returns and help auditproof them.
Owe IRS Back Taxes, IRS Tax Debt Relief, Offer in Compromise, Payment Plans = Former IRS = Des Moines, Cedar Rapids, Davenport, Sioux City, Waterloo
