Do not let the IRS levy your bank account or wages, you can stop them today!
The IRS levies when the taxpayer fails to respond to IRS Notices and Letters. In defense of most taxpayers, the IRS failed to send them notices of letters to their correct address.
If the IRS has sent you a notice or letter indicating they are about to take levy or lien action within 10 or thirty days, make it a point to call a professional tax firm to handle the IRS or make the call yourself. The IRS will follow up on this threat and take the appropriate enforcement action.
How to stop the IRS Levy.
Simply by making a call to the IRS and giving them a financial statement to work out some type of settlement, the IRS will stop the federal tax levies. They simply want your case closed and off the master file list. The IRS will close your case usually in one of three ways. They will accept a payment agreement, put you in a hardship status or will accept the filing of an offer in compromise.
As a former IRS Agent I should warn you about speaking to the IRS. If you want the best result, it is recommended that you hire a professional tax firm.
The second option to delay the levy is to file a C.D.P. Collections Appeal.
Collection Due Process (CDP) is available if you receive one of the following notices:
1. Notice of Federal Tax Lien Filing and Your Right to a Hearing under IRC 6320.
2. Final Notice – Notice of Intent to Levy and Notice of Your Right to a Hearing.
3. Notice of Jeopardy Levy and Right of Appeal.
4. Notice of Levy on Your State Tax Refund – Notice of Your Right to a Hearing.
Collection Appeals Program (CAP) is available for the following actions:
1. Before or after the IRS ?les a Notice of Federal Tax Lien.
2. Before or after the IRS levies or seizes your property.
3. Termination of an installment agreement.
4. Rejection of an installment agreement.
Remember, act fast. The IRS is faithful about sending out federal tax levies.
If levies are sent out, the IRS will obtain levy information from your last 1040 or information they have obtained about you from sources that have reported income. The most common forms of levy sources come from past employers or banks you have received interest income from. Those are the first line of levies that the IRS sends out.
If you work in an occupation where tips are part of your total compensation, you need to be aware of several facts relating to your federal income taxes. Here are four things the IRS wants you to know about tip income:
Tips are taxable.
Tips are subject to federal income, Social Security and Medicare taxes. The value of non–cash tips, such as tickets, passes or other items of value, is also income and subject to tax.
Include tips on your tax return. You must include in gross income all cash tips you receive directly from customers, tips added to credit cards, and your share of any tips you receive under a tip–splitting arrangement with fellow employees.
Report tips to your employer. If you receive $20 or more in tips in any one month, you should report all of your tips to your employer. Your employer is required to withhold federal income, Social Security and Medicare taxes.
Keep a running daily log of your tip income. You can use IRS Publication 1244, Employee’s Daily Record of Tips and Report to Employer, to record your tip income.
Here is an IRS Tax Guide on which 1040 is right for you.
Choose the Simplest Tax Form for Your Situation
To file your 2010 individual tax return, you’ll have to decide which form to use…unless you e-file. This year, choosing which form to file will be even more important since the IRS will no longer be mailing paper tax packages. The IRS is taking this step because of the continued growth in electronic filing, the availability of free options to taxpayers and to help reduce costs. Taxpayers can still get forms and instructions online at http://www.irs.gov, at local IRS offices or from participating community outlets like many libraries and post offices.
If you file your return using IRS e-file, the system will automatically decide which form you need.
Here are some general rules to consider when deciding which paper tax form to file.
Use the 1040EZ if:
Your taxable income is below $100,000
Your filing status is Single or Married Filing Jointly
You and your spouse – if married — are under age 65 and not blind
You are not claiming any dependents
Your interest income is $1,500 or less
Use the 1040A if:
Your taxable income is below $100,000
You have capital gain distributions
You claim certain tax credits
You claim adjustments to income for IRA contributions and student loan interest
If you cannot use the 1040EZ or the 1040A, you’ll probably need to file using the 1040. Among the reasons you must use the 1040 are:
Your taxable income is $100,000 or more
You claim itemized deductions
You are reporting self-employment income
You are reporting income from sale of property
Owe Back IRS Payroll Taxes 941 / Levy / Lien – New York – Brooklyn – Manhattan – Professional Tax Firm 1-866-700-1040
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Comprised of Board Certified Tax Attorneys, CPAs, Former IRS Agents, Managers and Instructors. Over 205 years of professional tax experience and over 60 years working directly for the IRS.
Do not let the IRS bully you around. You have tax rights too that allow you to make reasonable payments to the IRS. If you are experiencing back 941/ payroll tax issues call us immediately. We should be able to keep your business open and work out a payment plan to the IRS. We have worked out thousands of payment agreements with the IRS.
On staff are former IRS Agents and Tax Managers.
Fresh Start Tax is one of the premier tax resolution firms in South Florida. We deal with all types of civil cases including individuals, businesses, non-profits, partnerships and corporations. We have staff that specialize in every facet of IRS representation. We know all the IRS tax strategies because of our extensive IRS working backgrounds.
Some of our many specialties include the following:
* Immediate Tax Representation * Offers in Compromise/Settlements * Immediate Release of Bank Garnishments or Wage Levies * IRS Notices/Bill of Intent to Levy or Final Notices * IRS Tax Audits, Large and Small Dollar * Hardships Cases, Payment Plans, Installment Agreements * Innocent Spouse Relief * Abatement of Penalties and Interest * State Sales Tax Cases * Trust Fund Penalty Cases/6672 * Non-filers, never filed, old and past due tax returns
Our Company Resume:
* Our staff has over 135 years of professional tax representation experience collectively * On staff, Board Certified Tax Attorney’s, Certified Public Accountants, Enrolled Agents, * Former IRS Managers, Instructors and Trainers * Highest Rating by the Better Business Bureau “A” * Extremely ethical and moral * Fast, affordable, and economical * Licensed to practice in all 50 States * Premium on client communication * Nationally Recognized Veteran Former IRS Agent * Nationally Recognized Published Tax Expert
We can make this case very manageable for you and your business. Call us for a free consultation.
Owe Back IRS Payroll Taxes 941 / Levy / Lien – New York – Brooklyn – Manhattan – Professional Tax Firm
We are former IRS Agents. We have filed thousands of tax returns. If you need our company to file your tax return, hit us up today. 1-866-700-1040
Why Should I File My Tax Return as Soon as Possible?
There are two advantages to filing as soon as possible:
Generally, if a taxpayer is due a refund for withholding or estimated taxes paid, it must be claimed within 3 years of the return due date or risk losing the right to it. The same rule applies to a right to claim a tax credit such as the Earned Income Credit (EIC).
Self-employed persons who do not file a return will not receive credits toward Social Security retirement or disability benefits. Failure to file results in not reporting any self-employment income to the Social Security Administration.
What If I Owe More Than I Can Pay?
Even if a taxpayer doesn’t have enough money to pay, returns should be filed to avoid further penalties for failure to file. The IRS will assist in finding a solution to the problem.
The IRS has streamlined its policies to offer alternative account resolutions if a taxpayer cannot pay in full with the return:
The IRS will help to set up an installment agreement when the situation warrants. Installment payments allow taxpayers to pay the tax debt over time.
The IRS will consider whether an offer in compromise is an appropriate solution.
What If I Don’t File Voluntarily?
The IRS is taking enforcement steps for those who repeatedly choose not to comply with the law. IRS employees will prepare returns when taxpayers do not file. The returns prepared by the IRS might not give credit for deductions and exemptions a taxpayer may be entitled to receive. Bills will be sent to those taxpayers for the tax due, plus penalties and interest.
People who repeatedly don’t comply with the law are subject to additional enforcement measures.
How Can I Avoid Owing Money on Next Year’s Return?
Many people don’t file tax returns because they don’t have enough money to pay the tax they owe. They find out after completing their return that their withholding or Estimated Tax payments do not equal their tax liability.
To help avoid this situation, the IRS can advise taxpayers how to ask an employer to withhold enough tax from their pay. For any income that is not subject to withholding, the IRS can provide information necessary to make quarterly payments to cover any amount to be owed. To make payments electronically, see Payment Options – Ways To Make a Payment or go to the EFTPS Web site.
Changes in financial circumstances could have an impact on taxes. For example, an increase in income, divorce, or selling an asset, may require adjustments to withholding or estimated payments.
By taking these steps, taxpayers will be better able to meet their tax obligations and avoid tax day surprises.
Will I Go to Jail?
A long-standing practice of the IRS has been not to recommend criminal prosecution of individuals for failure to file tax returns, provided they voluntarily file, or make arrangements to file, before being notified they are under criminal investigation. The taxpayer must make an honest effort to file a correct return and have income from legal sources. A letter from the IRS concerning taxes is not a notice that a taxpayer is under criminal investigation.
The IRS helps to get people back into the system as part of its long-term plan to improve voluntary tax compliance. The IRS wants to get people back into the system, not prosecute ordinary people who made a mistake. However, flagrant cases involving criminal violations of tax laws will continue to be investigated.
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Audit Prof your tax return with Former IRS Agents.
President to Sign Tax Bill Today
On a resounding 277-148 vote, the House today (shortly after midnight) sent to the President the tax bill that will reduce taxes on virtually all working Americans and continue for two years the tax reductions enacted during the Bush Administration. This is the same bill the Senate approved earlier this week, so the bill now goes to the President, who will sign it into law.
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Our staff has over 135 years of professional tax representation experience collectively
On staff, Board Certified Tax Attorney’s, Certified Public Accountants, Enrolled Agents, Former IRS Managers, Instructors and Trainers
Highest Rating by the Better Business Bureau “A”
Extremely ethical and moral
Fast, affordable, and economical
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Premium on client communication
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Nationally Recognized Published Tax Expert
1. Provide a two-year “patch” of the AMT. The description of this provision by the Joint Tax Committee is:
The provision provides that the individual AMT exemption amount for taxable years beginning in 2010 is (1) $72,450, in the case of married individuals filing a joint return and surviving spouses; (2) $47,450 in the case of other unmarried individuals; and (3) $36,225 in the case of married individuals filing separate returns.
The provision provides that the individual AMT exemption amount for taxable years beginning in 2011 is (1) $74,450, in the case of married individuals filing a joint return and surviving spouses; (2) $48,450 in the case of other unmarried individuals; and (3) $37,225 in the case of married individuals filing separate returns.
2. Temporarily extend the Bush tax cuts through 2012. This means that the current 10-percent, 15-percent, 25-percent, 28-percent, 33-percent and 35-percent individual income tax rates are extended for two years (through 2012). This has particular impact on withholding rates for wage earners beginning January 1, since those rates had been scheduled to be increased at that time. The IRS has already provided a Notice containing the 2011 Percentage Method Tables for Income Tax reflecting the changes made by the tax bill. The Notice is available at the following web link: http://www.irs.gov/pub/newsroom/notice_1036.pdf
3. Extend the current moratorium on itemized deduction limitations. Under the provision, the overall limitation on itemized deductions does not apply for two additional years (through 2012). In addition, the personal exemption phase-out does not apply for two additional years (through 2012).
4. Teacher expenses. The provision extends the deduction for eligible educator expenses for two years so that it is available for the 2010 and 2011 tax years.
5. Education incentives. The current exclusion from income and wages for employer-provided educational assistance, the student loan interest deduction, and Coverdell education savings accounts will continue to be available through 2012. In addition, the above-the-line deduction for qualified tuition and related expenses is also extended through 2012.
6. Dividends and capital gains tax rates. The regular and minimum tax rates for qualified dividend income and capital gains in effect before 2011 are extended for two additional years (through 2012). This may have some interest for those doing some end of the year tax planning and who were anticipating higher rates in 2011.
7. Tuition and related education expenses. The provision extends for two years (through 2012) the temporary modifications to the Hope credit for taxable years beginning in 2009 and 2010 that are known as the American Opportunity Tax Credit.
8. Estate Taxes. The bill makes a number of changes to the estate tax. One important point is that the bill provides an ELECTION for the estates of decedents who died during 2010. In general, if such an election is made, the estate would not be subject to estate tax, and the basis of assets acquired from the decedent would be determined under the modified carryover basis rules of section 1022. Executors should be aware of the availability of this election so as to determine whether it is in the best interests of the estate to do so prior to filing the estate’s return.
9. Depreciation. The provision extends and expands the additional first-year depreciation to equal 100 percent of the cost of qualified property placed in service after September 8, 2010 and before January 1, 2012 (before January 1, 2013 for certain longer-lived and transportation property), and provides for a 50 percent first-year additional depreciation deduction for qualified property placed in service after December 31, 2011 and before January 1, 2013 (after December 31, 2012 and before January 1, 2014 for certain longer-lived and transportation property).
10. Employment taxes. The provision reduces the employee OASDI tax rate under the FICA tax by two percentage points to 4.2 percent for one year (2011). Similarly, the provision reduces the OASDI tax rate under the SECA tax by two percentage points to 10.4 percent for taxable years of individuals that begin in 2011. A similar reduction applies to the railroad retirement tax.
