by steve | Jun 2, 2010 | IRS Tax Advice, Tax News
The IRS can and will seize, levy or garnish your Social Security Retirement benefit.
If your monthly benefit is more than $750, the Internal Revenue Service may garnish 15% of your monthly benefit for taxes that are at least six months in arrears. (This doesn’t apply to certain Social Security Disability benefits and perhaps other types of Social security benefits, but it does apply to Social Security Retirement.
You should contact IRS as soon as you receive a letter or notice to stop this event from taking place. If you have an IRS Problem or cannot afford to pay call us today. Do so before IRS sends out notices or federal tax liens or tax levies.to your bank accounts. IRS may send out multiple levy notices if they wish.
The IRS is must and is required to notify you before it begins to garnish your Social Security. They do so by a telephone call, by letter or by certified mail.
In many cases, you can settle, make IRS an Offer in Compromise, make a part pay agreement, or in many cases be put in a hardship or noncollectable file. Call us today to see what program is right for you.
Fresh Start Tax is one of the premier tax resolutions firms in the country. We deal with all types of civil cases including individuals, businesses, corporate and defunct corporations. We have staff that specializes in every facet of the Internal Revenue Service. We know all the IRS strategies.
Some of our many specialties include the following:
- Immediate Tax Representation
- Offers in Compromise/Settlements
- Back Tax Relief
- Bank Garnishments or Tax Levies
- Wages Garnishments or Levies
- IRS Notices of Intent to Levy or Final Notices
- IRS Tax Audits
- Hardships Cases, Payment Plans
- Innocent Spouse
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Trust Fund Penalty Cases/ 6672
Our Company Resume:
- Our staff has over 110 years of professional tax representation experience
- On staff, Board Certified Tax Attorney’s, Certified Public Accountants, Enrolled Agents, Former IRS Manager, Instructor and Trainers
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by steve | Jun 2, 2010 | IRS Tax Advice, Tax News
Asset Protection Strategies from Creditors and the IRS
Our tax professionals will make sure that your asset protection plan is correctly designed and documented correctly and legally.
Asset protection is not about trying to hide from legitimate creditors. It is about managing justifiable debts and protecting your assets by taking the appropriate steps now by planning for the future so you have money and funds to pay necessary bills and obligations. Whether it is the formation of a trust,a corporation, limited liability company ( LLC), a limited partnership, or some other type of structure is going to be right for you, Fresh Start Tax will give you options an asset protection strategy that is appropriate for your assets, and for your unique personal and business situation. It also will allow you to set up a payment plan or settle with the Internal Revenue Service or other creditors. It will also help against IRS tax levies and IRS tax liens.
Fresh Start Tax believes that even though our clients may owe up to millions of dollars in past due taxes, our clients still have rights. thus the taxpayer Bill of Rights. It is within these laws that we fight for our clients because our experience has demonstrated that there is always a fair and equitable solution for collecting past due taxes. There are legal remedies for almost all situations. each case is different so every case is looked at from its own point of view. There are no two cases the same. we have dealt with thousands and thousands of cases in the past 60 years.
We also know how frustrating, depressing, sleepless nights it can be for an individual or for a business to address a liability with the long term goal of paying it off, when you or your business continues to have its bank accounts levied or seized . Our goal is to keep you operating and paying off your necessary bills and still deal with the IRS. We will deal with IRS so you never have to speak with them.
If you or your business has experienced a federal tax levy or a federal tax lien it is imperative to take the necessary steps to protect your assets in advance of this taking place, by contacting a tax professional from Fresh Start Tax who is equipped at protecting you in your time of distress.We can help you today.
You are right to be concerned about keeping what you have earned, and the law provides ways for you to protect your assets from IRS and current and future creditors. Our company will help you keep federal, state, and local tax authorities from seizing your business or your personal assets.We can work out settlement agreements if need be. Let us solve your IRS problem today
Our process is to give you a financial statement so we can start the process today. We send all information out to you electronically and you can get started today. We wait to have you as a new client.
by steve | May 17, 2010 | Tax News
WASHINGTON ? The Internal Revenue Service today issued new guidance to make it easier for small businesses to determine whether they are eligible for the new health care tax credit under the Affordable Care Act and how large a credit they will receive. The guidance makes clear that small businesses receiving state health care tax credits may still qualify for the full federal tax credit. Additionally, the guidance allows small businesses to receive the credit not only for regular health insurance but also for add-on dental and vision coverage.
Notice 2010-44 provides detailed guidelines, illustrated by more than a dozen examples, to help small employers determine whether they qualify for the credit and estimate the amount of the credit. The notice also requests public comment on issues that should be addressed in future guidance.
Included in the Affordable Care Act approved by Congress in March and signed into law by the President, the small business health care tax credit, which is in effect this year, is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have.
In general, the credit is available to small employers that pay at least half the cost of single coverage for their employees in 2010. The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate- and lower-income workers.
For tax years 2010 to 2013, the maximum credit is 35 percent of premiums paid by eligible small business employers and 25 percent of premiums paid by eligible employers that are tax-exempt organizations. The maximum credit goes to smaller employers ?? those with 10 or fewer full-time equivalent (FTE) employees ?? paying annual average wages of $25,000 or less. The credit is completely phased out for employers that have 25 FTEs or more or that pay average wages of $50,000 per year or more. Because the eligibility rules are based in part on the number of FTEs, not the number of employees, businesses that use part-time help may qualify even if they employ more than 25 individuals.
Eligible small businesses can claim the credit as part of the general business credit starting with the 2010 income tax return they file in 2011. For tax-exempt organizations, the IRS will provide further information on how to claim the credit.
More information about the credit, including a step-by-step guide and answers to frequently asked questions, is available on the Affordable Care Act page.
by steve | May 17, 2010 | Tax News
The Internal Revenue Service today released the spring 2010 issue of the Statistics of Income Bulletin, which features data on high-income individual income tax returns filed for tax year 2007, gift tax returns filed in 2008 and trust income from the 2002 through 2006 period.
For example, taxpayers filed over 4.5 million returns with adjusted gross income of $200,000 or more for 2007, up from over 4 million returns in the prior year. These high-income returns represent over 3 percent of all returns filed for 2007.
This issue of the quarterly Bulletin also contains articles about the following:
Individual taxpayers who itemized reported $59 billion in deductions for non-cash charitable contributions in 2007. Of these nearly 24 million taxpayers, almost 7 million reported close to $53 billion in deductions on Form 8283, Non-cash Charitable Contributions. The number of Form 8283 filers increased 12 percent from 6 million in 2006, and the amount claimed in donations increased to nearly 13 percent from $47 billion.
About 257,000 gift tax returns were filed in 2008, 96 percent were nontaxable. The reported total amount of gifts was $45 billion. Cash was the predominant type of asset gifted, representing 46 percent of the total, while corporate stock accounted for 24 percent and real estate 17 percent. The majority of gift tax returns, almost 52 percent, were filed by female donors.
Of the more than 400,000 simple trusts analyzed in a panel study, total income was $15 billion in 2002 and reached $26 billion in 2006. Total deductions grew from $12 billion to $15 billion over the same period for simple trusts. For the more than 700,000 complex trusts analyzed in the panel study, reported total income increased from $28 billion in tax year 2002 to $60 billion in tax year 2006. Total deductions increased from $15 billion in 2002 to $20 billion in tax year 2006 for complex trusts.
Issued quarterly, the SOI Bulletin provides a series of articles containing in-depth statistical data based on tax returns filed by individuals, corporations, tax exempt organizations, partnerships and other entities.
The Statistics of Income Bulletin is available from the Superintendent of Documents, U.S. Government Printing Office, P.O. Box 371954, Pittsburgh, PA 15250-7954. The annual subscription rate is $53 ($74.20 foreign), single issues cost $39 ($48.75 foreign).
For more information about these data, write to the Director, Statistics of Income (SOI) Division, RAS:S, Internal Revenue Service, P.O. Box 2608, Washington, DC 20013-2608; call Statistical Information Services at (202) 874-0410; or send a fax to (202) 874-0964. These are not toll-free numbers.
by steve | May 4, 2010 | Tax News
Number: IR-2010-055
Inside This Issue
Open House on Saturday May 15 to Help Small Businesses, Individuals Solve Tax Problems
WASHINGTON ? The Internal Revenue Service will host a special nationwide Open House on Saturday May 15 to help small businesses and individuals solve tax problems.
Approximately 200 IRS offices, at least one in every state, will be open May 15 from 9 a.m. to 2 p.m. local time. IRS staff will be available on site or by telephone to help taxpayers work through their problems and walk out with solutions.
?Our goal is to resolve issues on the spot so small businesses and individuals can put any issues they have with the IRS behind them,? IRS Commissioner Doug Shulman said. ?If you have a problem filing or paying your taxes or resolving a tough tax issue, we encourage you to come in and work with us.?
IRS locations will be equipped to handle issues involving notices and payments, return preparation, audits and a variety of other issues. At a previous IRS Open House on March 27, approximately two-thirds of taxpayers requested and received assistance with payments and notices.
So, for example, a taxpayer who cannot pay a tax balance due can discuss with an IRS professional whether an installment agreement is appropriate and, if so, fill out the paperwork then and there. Assistance with offers-in-compromise will also be available. Likewise, a taxpayer struggling to complete a certain IRS form or schedule can work directly with IRS staff to get the job done.
At the March 27 Open House, 88 percent of the taxpayers who came in for help had their issues resolved the same day.
by steve | Apr 19, 2010 | Tax News
The Internal Revenue Service this week began mailing postcards to more than four million small businesses and tax-exempt organizations to make them aware of the benefits of the recently enacted small business health care tax credit.
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Included in the Patient Protection and Affordable Care Act approved by Congress last month and signed into law by President Obama, the credit is one of the first health care reform provisions to go into effect. The credit, which takes effect this year, is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have.
We want to make sure small employers across the nation realize that ?? effective this tax year ?? they may be eligible for a valuable new tax credit. Our postcard mailing ?? which is targeted at small employers ?? is intended to get the attention of small employers and encourage them to find out more,” IRS Commissioner Doug Shulman said. We urge every small employer to take advantage of this credit if they qualify.?
In general, the credit is available to small employers that pay at least half the cost of single coverage for their employees in 2010. The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ low- and moderate-income workers.
For tax years 2010 to 2013, the maximum credit is 35 percent of premiums paid by eligible small business employers and 25 percent of premiums paid by eligible employers that are tax-exempt organizations. The maximum credit goes to smaller employers ?? those with 10 or fewer full-time equivalent (FTE) employees ?? paying annual average wages of $25,000 or less. Because the eligibility rules are based in part on the number of FTEs, not the number of employees, businesses that use part-time help may qualify even if they employ more than 25 individuals. The credit is completely phased out for employers that have 25 FTEs or more or that pay average wages of $50,000 per year or more.
Eligible small businesses can claim the credit as part of the general business credit starting with the 2010 income tax return they file in 2011. For tax-exempt organizations, the IRS will provide further information on how to claim the credit.
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