by Jim Magary | Feb 10, 2015 | Tax Help
We are an AFFORDABLE full service tax firm that specializes in immediate and permanent IRS tax relief for all IRS & State problems.
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FST has over 60 years of direct work experience in the local, district, and regional tax offices of the IRS. We taught tax law and new IRS agents their jobs. We also help right part of the IRS collection division manual section 5.
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If you need to file back past due tax returns contact us today and we can bring you current with the Internal Revenue Service.
We can prepare all your back income, business or corporate tax returns filed them with Internal Revenue Service and work out a tax settlement with the Internal Revenue Service.
Over 16 million taxpayers do not file annual tax returns. So you are not alone.
As a former IRS agent, I can specifically tell you that the Internal Revenue Service will make this a very easy and seamless process for you.
Most people do not file because they do not have the proper records.
We can get your information to file your tax returns.
If that is the case, we can reconstruct your tax returns and file your back or past-due returns within a matter of days.
Taxpayers have options to pay back taxes.
Taxpayers can have the option to make payments, be put in hardship or settle with the IRS.
FST can go ahead and work out a payment arrangement that’s agreeable to your current financial condition.
Last year alone the Internal Revenue Service issued close to 6 million part pay installment agreements. Most of the IRS payment plans were result of the streamlined payments.
If you are an offer in compromise candidate and wish to make a settlement with Internal Revenue Service we can explain to you the offer process and work out a tax settlement if you are a viable, and suitable candidate for the offer program.
I was a former revenue officer and teaching instructor of the offer in compromise program.
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by Jim Magary | Feb 10, 2015 | Tax Help
Uncle Sam has is eye out for this Scam
The Internal Revenue Service today warned that taxpayers should watch for improper claims for fuel tax credits, one of the “Dirty Dozen” tax scams for the 2015 filing season.
Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter any time but many of these schemes peak during filing season as people prepare their returns or people to help with their taxes.
Fraud involving the fuel tax credit is considered a frivolous tax claim and can result in a penalty of $5,000.
Furthermore, illegal scams can lead to significant penalties and interest and possible criminal prosecution. IRS Criminal Investigation works closely with the Department of Justice (DOJ) to shutdown scams and prosecute the criminals behind them.
The fuel tax credit is generally limited to off-highway business use or use in farming.
Consequently, the credit is not available to most taxpayers. But yet, the IRS routinely finds unscrupulous preparers who have enticed sizable groups of taxpayers to erroneously claim the credit to inflate their refunds.
Fuel Tax Credit Scams – What You Need to Know
The federal government taxes gasoline, diesel fuel, kerosene, alternative fuels and certain other types of fuel. Certain commercial uses of these fuels are nontaxable.
Individuals and businesses that purchase fuel for one of those purposes can claim a tax credit by filing Form 4136, Credit for Federal Tax Paid on Fuels.
The tax is on fuels used to power vehicles and equipment on roads and highways.
Taxes paid for fuel to power vehicles and equipment used off-road may qualify for the tax credit and may include farm equipment, certain boats, trains and airplanes.
Improper claims for the fuel tax credit generally come in two forms.
Individual or business may make an erroneous claim on their otherwise legitimate tax return. Or an identity thief may claim the credit in a broader fraudulent scheme.
The IRS has taken a number of steps to improve compliance processes involving fuel tax credits.
IRS compliance filters are preventing a significant number of questionable fuel tax credit claims from being processed.
For example, new identity theft screening filters have also improved the IRS’s ability to identify questionable fuel tax credit claims during return processing, including preventing the issuance of $33 million in questionable credit claims in 2013.
For the upcoming filing season, the IRS has taken additional steps to identify returns for review that claim fuel tax credits, including broadening the identification criteria to ensure a more comprehensive compliance approach in selecting questionable tax returns.
As a former IRS agent in teaching instructor the public should know that the Internal Revenue Service is taking a much more aggressive approach to put filters in their Cade 2 computer system to catch tax cheats.
I’m than I expect to see a huge increase in criminal and civil penalties very soon. IRS will catch up with the system.
by Jim Magary | Feb 10, 2015 | Tax Help
Advance Payments of the Premium Tax Credit and Your Tax Return
The Affordable Care Act includes financial assistance in the form of the premium tax credit for eligible taxpayers with moderate incomes who purchase coverage through the Health Insurance Marketplace.
When you purchased coverage for 2014 through the Marketplace, you may have chosen to have the government send advance payments of the premium tax credit to your insurer to lower your monthly insurance premiums.
At that time, the Marketplace estimated these credits based on information you provided about your expected household income and family size for the year.
If you chose to have advance credit payments sent to your insurer, you must file a federal income tax return, even if otherwise not required to file.
Taxpayers will need to reconcile these payments with the amount of premium tax credit you’re eligible for on your tax return.
Taxpayers receiving too much or too little in advance can affect your refund or balance due when you file.
Advance credit payments that are lower than the amount of premium tax credit on your tax return will reduce your tax bill or increase your refund.
On the other hand, if your advance credit payments are more than the premium tax credit you are eligible for based on your actual income, you will need to repay the excess amount, subject to certain caps.
This usually will result in a smaller refund or a larger bill when you file your return.
The repayment amount is based on your household income and family size. For more information on the repayment if your household income is less than 400 percent of the federal poverty line, the repayment amount is limited.
Taxpayers with household incomes of 400 percent or more of the federal poverty line must repay all of the excess amount. See the instructions for Form 8962, Premium Tax Credit (PTC) for more information on the federal poverty line amounts.
Normally, taxpayers may owe certain penalties for late payments or underpayment of estimated tax.
To help smooth the process for the first year of the Affordable Care Act, the IRS will waive these penalties for eligible taxpayers if they resulted from repayment of excess advance payments of the premium tax credit.
This has no effect on the fee individuals will pay if they chose not to buy affordable health coverage.
You must complete Form 8962 to claim the premium tax credit and reconcile your advance credit payments with the premium tax credit you are eligible to claim on your return.
You should receive Form 1095-A, Health Insurance Marketplace Statement from your Marketplace by early February.
This form provides information you will need when completing Form 8962. If you have questions about the information on Form 1095-A for 2014, or about receiving Form 1095-A for 2014, you should contact your Marketplace directly.
Use Fresh Start Tax to help audit proof your tax return.
by Jim Magary | Feb 10, 2015 | Tax Help
We are comprised of AFFORDABLE of tax attorneys, tax lawyers, CPAs, enrolled agents, and former IRS agents, managers and tax instructors.
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If you have received an IRS tax levy as a general rule within 24 hours of our firm receiving your documented financial statement including your last tax return, your pay stub, your last three months bank statements we can get IRS to release a bank or wage garnishment levy.
If you are looking for an IRS tax settlement that is called an offer in compromise.
42% of all offers in compromise filed with IRS were accepted.
Last year 78,000 taxpayers settled are taxed at the of the tax settlement called the offer in compromise.
If you owe back taxes to the Internal Revenue Service we have a variety of solutions to currently resolve all problems.
Your situation will be governed completely on your current financial statement and your ability to pay the back tax.
If you need to file back tax returns we have a fully professional staff that can assure you will pay the lowest amount allowed by law and help audit proof your return from the Internal Revenue Service.
Call us today to speak to true IRS tax experts.
If you need to speak directly to a tax attorney or tax lawyer because of a criminal situation you have asked our receptionist to do so so the attorney knows the call may remain privileged.
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by Jim Magary | Feb 10, 2015 | Tax Help
We are a team of AFFORDABLE Former IRS agents, managers and teaching instructors. We know the system.
We can help get you immediate tax relief if you owe back taxes on individual, business, corporate or payroll taxes.
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 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. We know all the solutions.
Owing Back Taxes to the IRS
Anytime anyone 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.
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.
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.
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by Jim Magary | Feb 10, 2015 | Tax Help
The Affordable professional tax firm.
Trust your problem to 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’re true affordable tax experts when it comes to 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
To get an IRS tax levy 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.
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
If you are undergoing a tax audit you can have a former IRS agents defend your tax position in a sure you pay the lowest amount allowed by law.
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.
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