by Fresh Start Tax | Jul 9, 2014 | Tax Help
We can resolve any IRS problem whatsoever. We are the Affordable Tax Firm.
Our firm has over 206 years of professional tax experience and a combined 60 years of working directly for the Internal Revenue Service.
Not only were we former IRS agents we were supervisors and instructors as well.
As a result of our years of experience at the Internal Revenue Service, we know all the protocols, all the codes and all the closing techniques to get you immediate and permanent tax results for any IRS tax help problem that you have.
We’re A+ rated and have been in private practice since 1982.
Filing back tax returns
It is very important taxpayers file all back tax returns.
IRS has the ability under code section 6672 to prepare back tax returns for taxpayers who do not file.
They will make sure that you pay the highest amount possible. If you do not follow up by contacting IRS, IRS will enforce the tax laws by possibly sending out a federal tax lien and as general rule a bank or wage garnishment levy.
Owe Back Taxes
If you will back taxes to the Internal Revenue Service will review your current financial statement and go over all the very best tax resolution strategies to completely resolve your IRS case.
Please keep in mind that the Internal Revenue Service will require a documented and verified financial statement.
Settle Taxes
Settling your case with the Internal Revenue Service is the process of filing an offer in compromise.
The offer in compromise is a very specific process.
You should never give your money to anybody who can promise a tax settlement.
When you call us we will walk you through the IRS pre-qualifier tool for the offer in compromise to make sure you are eligible for tax debt settlement.
If you are eligible, we can assure that you will pay the lowest amount of tax allowed by law.
Call us today for a free initial tax consultation you can speak directly to a true tax expert.
IRS Problem Help – File Back Tax Returns, Owe Taxes, Settle Taxes, Former IRS *Affordable* Birmingham, Gadsden, Anniston, Huntsville
by Fresh Start Tax | Jun 30, 2014 | Tax Help
More than 150,000 Individuals Pay Their Taxes with IRS Direct Pay
The Internal Revenue Service announced the successful start of its new web-based system — IRS Direct Pay — on IRS.gov, which lets taxpayers pay their tax bills or make estimated tax payments directly from checking or savings accounts without any fees or pre-registration.
To date, more than 150,000 taxpayers have paid more than $340 million in taxes through the new IRS Direct Pay system.
With IRS Direct Pay, taxpayers receive instant confirmation that the payment has been submitted, and the system is available 24 hours a day, 7 days a week.
Bank account information is not retained in IRS systems after payments are made.
From the “Pay Your Tax Bill” icon at the top of the IRS home page, taxpayers can access IRS Direct Pay, which walks the taxpayer through five simple steps.
The steps include:
- providing your tax information,
- verifying your identity,
- entering your payment information,
- reviewing and electronically signing and recording your online confirmation.
IRS Direct Pay offers 30-day advance payment scheduling, payment rescheduling or cancellations, and a payment status search.
Future plans include an option for e-mailed payment confirmation, a Spanish version and one-time registration with a login and password to allow quick access on return visits.
by Fresh Start Tax | Jun 26, 2014 | Tax Help
We are a full service tax firm that specializes in audit proofing your tax return.
Feel free to call us for free initial tax consultation.
Farming and Fishing Income
If you have income from your farming or fishing business, you may be able to avoid making any estimated tax payments by filing your return and paying your entire tax due on or before March 1 of the year your return is due.
This rule generally applies if at least ⅔ of your total gross income was made from farming or fishing in either the current or the preceding year.
If March 1 falls on a weekend or legal holiday, you have until the next business day to file your return and pay the tax.
If you choose not to file by March 1, you can make a single estimated tax payment by January 15 or the next business day if January 15 falls on a weekend or legal holiday, to avoid an estimated tax penalty.
If these special rules do not apply, you may have to make quarterly estimated tax payments.
Income and expenses from farming are reported on Form 1040, Schedule F (PDF).
Additionally, self-employment tax may be required if net earnings from farming are $400 or more.
Self-employment tax is figured on Form 1040, Schedule SE (PDF).
For additional information, refer to Topic 554.
For more information on farming, refer to Publication 225, Farmer’s Tax Guide.
Income and expenses from fishing are reported on Form 1040, Schedule C (PDF) or Form 1040, Schedule C-EZ (PDF).
Also, Fishermen may also be required to file Form 1040, Schedule SE (PDF) to figure self-employment tax if their net earnings from fishing are $400 or more.
Farming and Fishing Income, Estimated Payments – What You Need To Know, Former IRS – Tax Consultations
by Fresh Start Tax | Jun 20, 2014 | Tax Help
We are at professional tax firm that specializes in Ponzi schemes, theft tax loss help.
We understand all the issues that are involved in the theft tax loss and the applicable IRS treatments on your tax return.
If you are experiencing a theft due to a Ponzi scheme, contact us today and speak directly with tax attorney, certified public accountant, or former IRS agent.
Ponzi Scenarios for Clawback Treatment -Most Common Questions Answered
Question: How does a taxpayer treat the repayment of a clawback?
Answer: Claw back repayments of amounts previously reported as income from a Ponzi scheme are not additional theft loss deductions.
Instead, they are repayments of claim-of-right income that result in either a deduction as a non-theft investment loss, or a credit calculated under IRC § 1341, whichever results in lower tax.
A theft loss deduction from a Ponzi scheme is not a deemed repayment of Ponzi income that is eligible for IRC § 1341 treatment, see Rev. Rul. 2009-09, and a taxpayer that attempts to claim § 1341 treatment for all or part of a theft loss deduction cannot use the safe harbor in Rev. Proc. 2009-20.
However, an actual clawback repayment is not a theft loss deduction and § 1341 treatment is not barred by Rev. Proc. 2009-20.
If, as will generally be the case, a clawback exceeds $3,000, § 1341 applies and the taxpayer would compute the tax for the year of the clawback payment (the clawback year) under two methods.
Method 1:
Figure the tax for the clawback year claiming a non-theft investment loss deduction for the clawback payment.
It is not a capital loss and it is not subject to the 2% floor on miscellaneous itemized deductions.
Method 2:
Figure the tax for the clawback year with a credit computed as follows:
Figure the tax for the clawback year without deducting the repaid amount.
Refigure the tax for the year the clawed-back income was originally reported (the income year) without including in income the amount of the clawback payment.
Subtract the hypothetical tax for the income year in (2) from the actual tax shown on the return for the income year. This is the § 1341 credit.
Subtract the answer in (3) from the tax for the clawback year figured without the deduction (step 1).
The taxpayer is entitled to the benefit of either the deduction under Method 1 or the credit under Method 2, whichever results in less tax (or a greater refund) for the clawback year. Note that the § 1341 credit is a refundable credit.
Therefore, the credit may result in a refund payment for the clawback year even if, in that year, the taxpayer had no taxable income and made no tax payments.
However, although the § 1341 credit is based on the amount of tax the taxpayer would have saved in the income year if the taxpayer had not reported the clawed-back income, it is not an actual credit or refund for the income year, and does not bear overpayment interest from the income year.
For information on where an individual reports the IRC § 1341 credit on the Form 1040, please see Pub. 525 and the instructions to Form 1040.
Question: What does the taxpayer need to establish as to whether the repayment of a clawback is allowable as a deduction (or a § 1341 credit)?
Answer: The taxpayer would have to establish that the clawback amount was required to be repaid to the trustee. The taxpayer would also have to substantiate that payment was made. The substantiation could include a letter from the trustee.
by Fresh Start Tax | Jun 18, 2014 | Tax Help
Fast, Affordable Levy Releases!
We are former IRS agents and managers who know the system can get your IRS tax Levy released and get your money back in your pocket quickly.
We have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
As a result of our years of experience at the IRS, we know the systems, the protocols, and the fastest and most affordable way to get IRS tax levies released.
Taxpayers who do not call IRS to resolve their IRS problem can expect a series of three or four bills requiring the taxpayer to call IRS to avoid enforcement action.
If a call is not received by the IRS, the IRS will issue a bank or wage garnishment levy.
IRS Bank Levy
IRS bank levy is held by the bank for 21 days.Your funds are frozen.
This gives the taxpayer enough time to call the IRS and work out a resolution to get the bank levy released.
Wage Garnishment Levy
An IRS wage garnishment levy is different.
It has an immediate impact. The employees next check is sent to the Internal Revenue Service. IRS does allow a few dollars taken out for personal needs.
To get an IRS bank or wage levy released, you will need to give IRS a current 433F financial statement along with complete documentation including bank statements, a copy it, copy of monthly expenses, and a copy of your last pay stub.
The Internal Revenue Service will compare that with the national, local and geographical standards.
Upon the review of your financial statement IRS will close your case either putting you into a currently not collectible status, or having you make monthly installments.
IRS will conduct a full compliance check making sure that all your tax returns are filed, current and up to date within their system.
If you have not filed your tax returns we can file all your back tax returns and get you back into the system within days.
The IRS agent may also recommend that you could be a possible tax settlement candidate.
Call us today for free initial tax consultation we will review your financial statement and show you the best possible remedies to end your IRS problem.
Stop the panic and the worry contact us today and speak to a friendly and affordable IRS tax expert.
We are A+ rated by the Better Business Bureau have been in private practice since 1982.
IRS Tax Levy Help- Remove Bank Levy & Wage Garnishment Levy, Fast, Affordable, Former IRS – Dallas, Ft. Worth, Arlington
