by Jim Magary | Jan 16, 2015 | Tax Help
We’re affordable tax experts to remove an IRS tax levy, bank levy or wage garnishments. Settle your Case!
We are an AFFORDABLE full service tax firm with an expertise in all IRS and state tax matters.
As a general rule we can remove your IRS bank tax levy or wage garnishment levy within 24 hours of receiving your current financial statement.
We can get your money back from the Internal Revenue Service.
You will never speak to the IRS and we will remove your IRS tax levy, bank levy or wage levy garnishment and we can settle your case all at the same time.
To get your IRS levy removed and your case settlement we will need to give IRS a current financial statement on form 433F.
You can find that on our website.
That financial statement will need to be completely documented along with pay stubs, bank statements and your monthly expenses.
With that in hand, we will call the Internal Revenue Service and get your case placed into either an economic tax hardship, monthly installment agreement or we will propose you file your offer in compromise to settle your tax debt for pennies on a dollar if you are a qualified candidate.
Please call us today for free initial tax consultation and speak to a true IRS tax expert.
We have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
We are true IRS tax experts.
When you call our office you will speak directly to an affordable tax expert.
We are the fast, friendly, and affordable professional tax firm.
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by Jim Magary | Jan 16, 2015 | Tax Help
Last year the Internal Revenue Service granted close to 6 million IRS payment plans, installment agreements and streamlined payment plans to taxpayers.
Call us today for free initial tax consultation and we will walk you through the process to get you an IRS payment plan, installment agreement or tell you how to make an affordable monthly streamlined payment with the Internal Revenue Service.
We can also talk you about the possible tax solution of settling your tax debt through the offer in compromise program, that is settling your tax debt for pennies on the dollar.
The most common way to back your IRS tax debt is through a Monthly Installment or Payment Plan,you are not alone.
The most widely used method for paying an old IRS debt is the monthly installment agreement.
If you owe $50,000 or less in total back taxes, you should be able to get an installment payment plan for 72 months.
If you owe more than $50,000, should get professional tax help to make sure you are getting the best possible payment that IRS is allowed to give her the IRS will try to stronghold taxpayers because they don’t know the system and make them find payment agreements that are unreasonable. The agents job on the other end of the phone is to collect a very most amount of money possible.
. There is a system we have over 60 years of direct IRS work experience and can help you get a very affordable IRS payment plan or installment agreement
As part of its Fresh Start program,(not named after us ) the IRS adopted new rules and formats making it easier to obtain a payment plan, installment agreement with the Internal Revenue Service.
The threshold for qualifying for an installment agreement
The threshold for qualifying for an installment agreement is the following:
Without having to provide financial information the is a 433F or a 433A, was increased from $25,000 to the current $50,000.
This amount and the timeline for paying was increased to 72 months from 60 months. This is great news for taxpayers.
One of the keys and a very important issue is that you must be current on the filing of all back tax returns.
Internal Revenue Service will conduct a full compliance check to make sure all your tax returns are filed before you will enter into a payment agreement.
If you have not filed back tax returns need to do so inform us when calling our office and we can prepare back tax returns with little or no records.
Due to our years of experience at the Internal Revenue Service we can prepare back tax returns for those who have no tax records under reconstructive methods that we learned and taught at the Internal Revenue Service.
Do not let the non filing of back tax returns keep you from getting your case close with the Internal Revenue Service
.
Monthly Payment Plans of more than $50,000 in back total taxes.
If you owe more than $50,000 or have absolutely no way of paying this amount you owe in six years or less, your request for a monthly payment plan begins with an IRS agent working the case analyzing your current collection Information Statement on Form 433-A or on 433F.
You can find both of these financial statements on our website.
The IRS Agents working your case uses the information on the form to determine the amount you can pay.
IRS will use the National, Regional and Monthly Standards to determine the amount of your pay to the IRS. Here is where good representation comes in handy.
Here are some top tips for negotiating an installment plan:
- Make sure you can live with the Payment Plan,
- Do not say yes and know in your heart and check book this payment will fail down the road,
- Propose a payment plan you can live with,
- Do not say yes just to get IRS off your back or you are afraid or intimidated by them. You need to keep extra money around in case a emergency or medical issues that may arise,
- remember to try to make the minimum amount knowing if you have extra you can send overage to IRS on any given week or month,
- make sure all payments are sent timely. I would urge all taxpayers to send them out 5 to 7 days early and by registered mail or certified mail or direct deposit. t,
- make sure all your tax returns are filed timely and are filed timely and up-to-date, if you fail to file a tax return the Internal Revenue Service will always the default agreement and that means you have to walk through the process all over again.
If the IRS grants an installment plan, it may take several weeks to notify you in writing.
Different Ways to Make Monthly payments or Installment Agreements
Until you receive written notice of approval from the IRS, send payments to your local service center using the payment slips and bar-coded envelopes provided.
Other options for making payments once your Installment agreements is approved:
1. You can use a direct payroll deduction.
Request a payroll deduction on Form 2159, Payroll Deduction Agreement.
Your employer must agree to send payments to the IRS each month using the IRS’s payment slips.
2. Use a direct debit.
Have your bank automatically debit your checking account each month and send a payment to the IRS.
As long as you keep the bank account opened, this is the most foolproof way to make sure you don’t miss a payment and risk having the agreement revoked.This is the way FST recommends.
Why does IRS reject Payment plan and Installment Plans
The most common ways are the following not an all-inclusive list.
Your living expenses are not all considered necessary.
- The IRS may determine your current living expenses are to high for their taste.
- IRS usually does not allow credit card payments, tithing to churches, private schools and college payments.
- IRS is has a very strict standard that you can find on our website under the forms page called the national standard test. The IRS keeps very strict standards on acceptable monthly expenses if they will allow.
Another reason for rejections could be the information you provided on your Collection Information Statement, Form 433-A, is incomplete or untruthful.
As a former IRS agent and teaching instructor the Internal Revenue Service agent trained to be sneaky and suspicious of things that do not make sense.
After working hundreds and thousands of cases the normal agent is aware of those trying to lie or hide things.
IRS can use your past tax returns, your W-2s, 1099s if they think you are hiding things.
IRS can actually pull a credit report to make sure you are telling the truth.
Do not default on a Payment Plan
If you default on a payment plan you better have a good reason for the IRS to reinstate a defaulted plan.
IRS is hard-pressed to give you another agreement after you defaulted on one.
You will find IRS taking a hard-line position if you have defaulted because you have not filed your current tax return or the possibility that you are not currently making withholding or estimate tax payments.
If the IRS Agent denies your Payment Plan or Installment Agreement
If the Internal Revenue Service does not allow your payment plan or installment agreement you always have the option of going to an IRS supervisor.
One thing that is problematic for most taxpayers is that they do not understand the system IRS.
The IRS has a very systematic way that they set payment plans up.
It is set up to the IRS standards and not according to their standards and not the taxpayer standard.
The IRS Can Revoke an Installment Agreement
Once the IRS approves of your payment plan or installment agreement, you and the IRS are completely bound by the terms of the payment contact ,unless, yes unless the following occurs.
1. You fail to file your tax returns or pay taxes that arose after the agreement was entered into by You and the IRS.
IRS computers will monitor you for filing future returns, your AGI specially, and making promised payments.
2. You miss a payment.
Under the terms of all payments agreements , if all IRS payments not made in full and right on time this can cause the IRS Installment Agreement to be revoked immediately.
In practice, the IRS usually waits 30 to 60 days before revocation.. You sometimes are entitled to a warning or a chance to reinstate the agreement.
3. The IRS discovers that you provided inaccurate or incomplete information as part of the negotiation.
4. Internal Revenue Service is going to not keep your payment plan active for the life.
As a general rule every 2 to 3 years the Internal Revenue Service sends out a notice to review your financial statement and make a new determination on where you stand.
5. For some reason if your current financial statement stops your income drops or you have a huge rise in expenses may be because of medical conditions you can call IRS and request a new financial statement and payment agreement
Call us today we are a full service service tax firm that specializes in IRS tax resolution.
If you have a current IRS financial statement or arrangement and wish to talk to you about a tax debt settlement of your tax for pennies on the dollar through the offer in compromise program, call us today for free initial consultation.
Get Affordable IRS Payment Plan, Installment Agreement, Make Affordable Streamline Monthly IRS Payments + Affordable+ Former IRS, We Know the System
by Jim Magary | Jan 16, 2015 | Tax Help
We’re a AFFORDABLE professional local South Florida tax firm that specialized in IRS tax issues and tax problems. 954-492-0088
IRS last year alone set up close to 6 million payment plans, installment agreements with taxpayers and business tax owed back taxes.
We can get you a AFFORDABLE workable installment plan or payment plan with the IRS.
We have been practicing in South Florida since 1982 in are A+ rated by the Better Business Bureau.
We are comprised of tax attorneys, CPAs and former IRS agents, managers and tax instructors.
We have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the South Florida IRS.
We have worked as IRS revenue agents,auditors , revenue officers and teaching instructors.
As a result of all our experience we understand systems and protocols to get you a very successful result in working with any IRS tax deficiency.
Whether you are undergoing an IRS audit or owe IRS back taxes, we can give you options on various solutions to resolve your IRS issue.
Call us today for a free initial tax consultation.
We are a full service tax firm located in Fort Lauderdale.
You may come in for a visit for Skype us today when you call our office shall speak directly to a true IRS tax professional.
We specialize in IRS payment plans, installment agreements and how to make the most used of your money to pay IRS back taxes.
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by Jim Magary | Jan 15, 2015 | Tax Help
IRS Starts 2015 Tax Season tomorrow
Free File Opens Tomorrow, E-File Tuesday Expanded Online Services Enable People to Learn About New Health Care Provisions
The Internal Revenue Service announced the on-time opening of the nation’s 2015 filing season and highlighted a growing array of online services, including features that help taxpayers understand how the Affordable Care Act will affect them at tax time, along with the availability of the Free File program.
Taxpayers have until Wednesday, April 15, 2015 to file their 2014 tax returns and pay any tax due. The IRS expects to receive about 150 million individual income tax returns this year. Like each of the past three years, more than four out of five returns are expected to be filed electronically.
The IRS Free File program, available at IRS.gov, will open Friday for taxpayers, and the IRS will begin accepting and processing all tax returns on Tuesday, Jan. 20.
This year’s return will include new questions to incorporate provisions of the Affordable Care Act (or ACA). The majority of taxpayers – more than three out of four – will simply need to check a box to verify they have health insurance coverage.
For the minority of taxpayers who will have to do more, IRS.gov/aca features useful information and tips regarding the premium tax credit, the individual shared responsibility requirement and other tax features of the ACA.
“Our employees will be working hard again this season to help the nation’s taxpayers,” IRS Commissioner John Koskinen said. “We encourage people to use the tools and information available on IRS.gov, particularly given the long wait times we anticipate on our phone lines. As always, taxpayers can benefit by filing electronically.”
Koskinen announced that taxpayers can begin preparing their returns using the Free File system on Friday, Jan. 16. Available only at IRS.gov, Free File offers two filing options:
• Brand-name software, offered by IRS’ commercial partners to about 100 million individuals and families with incomes of $60,000 or less; or
• Online fillable forms, the electronic version of IRS paper forms available to taxpayers at all income levels and especially useful to people comfortable with filling out their own returns.
E-file, when combined with direct deposit, is the fastest way to get a refund. More than three out of four refund recipients now choose direct deposit. People who e-file make fewer mistakes, and it costs nothing for those who choose Free File.
In all, 14 software companies will be participating in this year’s Free File program. Additional details about the specific Free File offerings will be available tomorrow on the front page of IRS.gov when Free File becomes available.
Taxpayers who purchase their own software can also choose e-file, and most paid tax preparers are now required to file their clients’ returns electronically. In addition to Free File, commercial software companies also are currently available for taxpayer use.
The IRS will begin accepting and processing all returns – whether e-file, Free File or paper tax returns — on Jan. 20.
Like last year, the IRS expects to issue more than nine out of 10 refunds within 21 days. Again, the fastest way to get a refund is to e-file and choose direct deposit. It takes longer to process paper returns and in light of IRS budget cuts resulting in a smaller staff, it will likely take an additional week or more to process paper returns meaning that those refunds are expected to be issued in seven weeks or more.
Koskinen said, “If you haven’t already, you should consider filing electronically. It’s fast, accurate and the best way to get your refund quickly.”
Koskinen also strongly encouraged taxpayers to visit IRS.gov as a first stop for information ranging from the status of their refunds to basic tax information. He cautioned taxpayers that recent budget reductions will mean long wait times on the phone, routinely topping 30 minutes.
Information on IRS.gov and using tax software and e-file are among the options that can help people with questions about the individual shared responsibility requirement included in the Affordable Care Act, which is new to the Form 1040 this filing season.
Health Care Basics
The Affordable Care Act requires that a taxpayer and each member of their family either has qualifying health insurance coverage for each month of the year, qualifies for an exemption , or makes an individual shared responsibility payment when filing their federal income tax return.
Some moderate-income taxpayers may also qualify for financial assistance to help cover the cost of health insurance purchased through the Health Insurance Marketplace.
Taxpayers will fall into one or more of the following categories:
• Check the box. Most taxpayers will simply check a box on their tax return to indicate that each member of their family had qualifying health coverage for the whole year. No further action is required.
Qualifying health insurance coverage includes coverage under most, but not all, types of health care coverage plans. Taxpayers can use the chart on IRS.gov/aca to find out if their insurance counts as qualifying coverage.
• Exemptions. Taxpayers may be eligible to claim an exemption from the requirement to have coverage. Eligible taxpayers need to complete the new IRS Form 8965, Health Coverage Exemptions, and attach it to their tax return. Taxpayers must apply for some exemptions through the Health Insurance Marketplace. However, most of the exemptions are easily obtained from the IRS when filing a return.
• Individual Shared Responsibility Payment. Taxpayers who do not have qualifying coverage or an exemption for each month of the year will need to make an individual shared responsibility payment with their return for choosing not to purchase coverage. Examples and information about figuring the payment are available on the IRS Calculating the Payment page.
• Premium Tax Credit. Taxpayers who bought coverage through the Health Insurance Marketplace should receive Form 1095-A, Health Insurance Marketplace Statement, from the Marketplace by early February. This form should be saved because it has important information needed to complete a tax return.
If the Form 1095-A is not received by early February, contact the Marketplace where coverage was purchased.
Do not contact the IRS because IRS telephone assistors will not have access to this information.
federal income tax return.
These taxpayers need to reconcile those advance payments with the amount of premium tax credit they’re entitled to based on their actual income. As a result, some people may see a smaller or larger tax refund or tax liability than they were expecting. Use IRS Form 8962, Premium Tax Credit (PTC), to calculate the premium tax credit and reconcile the credit with any advance payments.
The IRS has set up a special section at IRS.gov/aca with more information about the Affordable Care Act and the 2014 income tax return.
Alternatively, low-and moderate-income taxpayers can get help meeting this health-care requirement and filing their return for free by visiting one of the more than 12,000 community-based tax help sites staffed by more than 90,000 volunteers that participate in the Volunteer Income Tax Assistance and Tax Counseling for the Elderly (VITA/TCE) programs. To find the nearest site, use the VITA/TCE Site Locator on IRS.gov.
The IRS also reminded taxpayers that a trusted tax professional can also provide helpful information about the health care law. A number of tips about selecting a preparer and national tax professional groups is available on IRS.gov.
The IRS urges all taxpayers, especially those claiming the premium tax credit, to make sure they have all their year-end statements in hand before they file their return. This includes Forms W-2 from employers, Forms 1099 from banks and other payers, and, for those claiming the premium tax credit, and Form 1095-A from the Marketplace.
Doing so will help avoid refund delays and the need to file an amended return later.
by Jim Magary | Jan 15, 2015 | Tax Help
We comprised of AFFORDABLE IRS tax lawyers, IRS tax attorneys, certified public accountants, enrolled agents, and former IRS agents. Since 1982, A plus rated BBB.
We are the experienced and trustworthy professional tax firm.
Our firm has over 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service. We also taught tax law is former IRS agents.
We know the IRS system due to our 60 years of direct work experience.
Our former IRS agents worked in the local, district, and regional teaching offices of the IRS.
We are IRS tax experts for releases and removal IRS tax levies, defense and representation for IRS all types of IRS tax audits, IRS tax settlement experts, and for those wishing to make payment agreements with the Internal Revenue Service.
You will find us an affordable choice to resolve your IRS problems matter.
We know every option that is available for tax settlements and immediate releases of IRS levies.
IRS Tax Levy Relief, Bank & Wage Garnishment Releases and Removals
An IRS tax Levy usually comes in two different forms.
An IRS bank levy or an IRS wage garnishment levy.
Both are different.
An IRS Bank Levy, 668A, puts a freeze on your money for 21 days where as IRS wage garnishment levy is an immediate seizure of your paycheck.
You can you use your bank account during that 21 day period.
The day the levy was received by the bank are the only funds that are frozen. You can use the account freely except for the frozen funds.
The Internal Revenue Service gives you a 21 day period of time to get your money back and allows the bank to keep the funds until the 21st day.
When the Internal Revenue Service garnishes wages,668W, it takes approximately 85% of the weekly wages. you will get your normal paycheck back as soon as IRS releases the wage levy.
As a general rule a wage levy can be released within 24 hours of receiving your current financial statement and calling the IRS.
Keep in mind the Internal Revenue Service does not want to seize money that belonging to taxpayers it only does so to get the attention of taxpayers to close their case off the IRS enforcement computer.
Within 24 hours of receiving your current financial statement, and as a general rule we can get your tax levy released and your case settled with the Internal Revenue Service.
IRS usually closes or settle their cases with non-collectible program, the payment program or the offer in compromise.
Each type of closure is completely dependent on your car in verifiable financial statement. The IRS generally works on forms 433F or 433A.
Financial statement you give Internal Revenue Service will depend on where the case is being work within the system
IRS Tax Audits, + IRS audits less than 1% of all taxpayers
The Internal Revenue Service audits exactly .88 of all personal tax returns under $200,000.
However we cautioned taxpayers do not play the IRS audit lottery.
Always file or correct tax return.
If you are undergoing an IRS tax audit you can have a former IRS audit manager provide your best possible tax defense and represent your best interest during an IRS tax audit. one of the keys of IRS audit representation is to limit the tax audit.
We can also take the case to IRS appeals are Tax Court is necessary and or appeals.
If you are wishing for an IRS tax settlement it is called an offer in compromise, we will be happy to walk you through the IRS prequalifier tool to see if you’re a suitable candidate before filing any offer in compromise.
We’ll qualify all taxpayers before we file and ask for an IRS tax settlement,OIC.
About 38% of all taxpayers who apply for a tax debt settlement relief can get it through the offer in compromise.
Those wishing to make payments to the Internal Revenue Service to resolve their debt, we will walk you through the financial statement to make an affordable payment that you can live with.
Many times IRS will stretch the boundaries of payments asking taxpayers to pay much more than they can live with and taxpayers settle because they don’t understand the system.
Call us today for a free initial tax consultation and speak to a true IRS tax expert who can resolve your case.
We are A+ rated by the Better Business Bureau and have been in private practice since 1982.
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by Jim Magary | Jan 15, 2015 | Tax Help
We are a full service tax firm that specialize in all IRS tax matters. We are the affordable and experienced LOCAL professional tax firm.
If you are undergoing any IRS tax problem let our former IRS agents and managers help resolve your issues.
If you are currently going through an IRS tax audit or been any a second opinion speak to a former IRS audit manager who knows the system.
If you owe back taxes on an individual, business or payroll tax problem you can speak directly to former IRS collection revenue officer to help resolve the issue as fast as possible.
On staff are former IRS agents that have logged over 60 years of direct work experience in the local, district, and regional tax offices of the Internal Revenue Service.
We have worked in almost all positions as agents, managers, supervisors, teaching instructors and almost all facets of Internal Revenue Service.
You can call us today for a free initial tax consultation.
If you are currently being represented you can call us for a second opinion.
So, what is an IRS audit?
An IRS audit is a review/examination of an organization’s or individual’s accounts and financial information to ensure information is being reported correctly, according to the tax laws, to verify the amount of tax reported is accurate.
IRS Publication 556, Examination of Returns, Appeal Rights and Claims for Refund explains the audit process in more detail.
When IRS selects a tax return for audit does not always suggest that an error has been made.
Returns are selected using a variety of methods, including:
- Random selection and computer screening – sometimes returns are selected based solely on a statistical formula.
- Document matching – when payor records, such as Forms W-2 or Form 1099, don’t match the information reported.
- Related examinations – returns may be selected for audit when they involve issues or transactions with other taxpayers, such as business partners or investors, whose returns were selected for audit.
IRS Tax Audit Methods
An audit may be conducted by mail or through an in-person interview and review of the taxpayer’s records.
The interview may be at an IRS office (office audit) or at the taxpayer’s home, place of business, or accountant’s office (field audit).
The IRS will tell you what records are needed. Audits can result in no changes or changes. Any proposed changes to your return will be explained.
IRS Tax Audit Notification
Should your account be selected for audit, you will be notified in two ways:
In the case of a telephone contact, the IRS will still send a letter confirming the audit. Please note, E-mail notification is not used by the IRS.
Your Rights During an IRS Tax Audit
Publication 1, Your Rights as a Taxpayer, explains your rights as a taxpayer as well as the examination, appeal, collection, and refund processes.
These rights include:
• A right to professional and courteous treatment by IRS employees.
• A right to privacy and confidentiality about tax matters.
• A right to know why the IRS is asking for information, how the IRS will use it and what will happen if the requested information is not provided.
• A right to representation, by oneself or an authorized representative.
• A right to appeal disagreements, both within the IRS and before the courts.
If you owe back taxes to the IRS
If you owe back taxes to the Internal Revenue Service we will need to take a current financial statement and negotiate your current finances with the Internal Revenue Service.
As a general rule the Internal Revenue Service will either place you with tax hardship, a monthly payment agreement, or consider you for offer in compromise.
Call us today for free initial tax consultation and speak directly to a former IRS audit manager who can explain and review the IRS tax audit process.
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