by admin | Mar 27, 2012 | Representation, Tax News
Need professional tax help to prepare your tax return. You should be using former IRS Agents who know all the possible rules and regs to get you the most favorable tax position.
There are certain Tax Rules can affect Your child’s investment income. Check with us to make sure your tax return is not flagged for a IRS tax audit.
Many parents may not realize that there are tax rules that may affect their child’s investment income.
Four Major Rules that may apply:
1. Investment Income.
Children with investment income may have part or all of this income taxed at their parents’ tax rate rather than at the child’s rate. Investment income includes interest, dividends, capital gains and other unearned income. Call us to check for other types of unearned income.
2. Age requirements.
The child’s tax must be figured using the parents’ rates if the child has investment income of more than $1,900 and meets one of three age requirements for 2011:
1. Was under age 18 at the end of the year,
2. Was age 18 at the end of the year and did not have earned income that was more than half of his or her support, or
3. Was a full-time student over age 18 and under age 24 at the end of the year and did not have earned income that was more than half of his or her support.
3. Form 8615 To figure the child’s tax using the parents’ rate for the child’s return, fill out Form 8615, Tax for Certain Children Who Have Investment Income of More Than $1,900, and attach it to the child’s federal income tax return.
4. Form 8814.
When certain conditions are met, a parent may be able to avoid having to file a tax return for the child by including the child’s income on the parent’s tax return. In this situation, the parent would file Form 8814, Parents’ Election To Report Child’s Interest and Dividends.
If you need any tax help help for any tax matter or IRS situation call us today.
Fresh Start Tax 1-866-700-1040
by steve | Sep 8, 2011 | Tax Settlements
I am a Former IRS Agent who worked and taught the Offer in Compromise Program in the Regional Training Center. The Offer in Compromise is a much talked about and advertised as “pennies on a dollar”.
FACTS: Approximately 52,000 are filed each year and that number will be rising at a record pace. 12,000 Offers are accepted each year. The program has an acceptance rate of about 22%.
Offers in Compromise are worked by specialist who only work Offers. Field offices have specialized Revenue Officers that their entire inventory are only these Debt Settlement cases. New York and Tennessee also has Offer groups that are worked out of the Service Center. All are trained to scrutinized the Offers. I bite my tongue in saying this however it is my firm belief that the Agents working these cases look first to reject rather than to accept, why, simple because it is far less work. It is much easier to send a rejection letter than fully document the case for acceptance. Therefore the Agents look for anything they can to reject the Offers. Rejections close out of their inventory quickly making the Agent look very efficient in managing their case load.
The Keys to having your Offer accepted.
1.Fully document the case. Get every piece of paper you can and verify every number put on the 433A, the IRS financial statement.
2. Keep up with the Offer. As soon as the case is assigned call the Agent every two weeks to ask for an update. This lets the Agent know you really want this pushed through and that you can send more documents in if necessary. Most Agents will not even contact the Taxpayer or the representative, they will usually just send out a rejection letter. It is the easy way out.
3. Make sure the case makes sense. If you believe the Agent will have questions, send in a additional statement the clarify questions you think will arise.
4. Know that IRS will look at the history of the taxpayer and income levels for the last 5 years. If there have been swings, document the reason for the income swings.
5. Believe of not, many offers are rejected because payments were not turned in with the Offer and Offers were unsigned. Get a 3rd party to look at the Offer for full review.
I have been in this business a number of years and truly believe you would be a fool not to have professional representation. Find a professional tax firm specializing in Offers in Compromise, that is your very best chance of acceptance. Make sure such a company have filed at least 100 plus offers.
Former IRS Agents who have worked the Program are best suited for this job, after all, they know the tax policies.
by steve | Aug 2, 2011 | IRS Tax Advice, Tax News
Have Former Affordable IRS Agents Resolve your problems!
Fresh Start Tax L.L.C. Since 1982 IRS Tax Experts A Professional Tax Firm “A” Plus Rated by the Better Business Bureau
Are you looking to Settle your back taxes?
We can file back tax returns, handle and close your IRS case and you will never speak to the IRS.
We are true IRS Tax Experts.
We know all the techniques and formulas to get the job done right. Since 1982 and “A” Rated.
We taught the IRS Tax Debt Settlement Program at the IRS called the Offer in Compromise Program.
We worked out of the local, district and regional office of the IRS for over 60 years.
Our firm is comprised of Board Certified Tax Attorneys, Lawyers and CPA’s as well as other tax professionals.
Our Company Resume: ( Since 1982 )
- Our staff has over 205 years of professional IRS tax representation experience collectively
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- Former IRS Managers, Instructors and Trainers
- Highest Rating by the Better Business Bureau “A”
- Fast, affordable, and economical
- Licensed to practice in all 50 States
- Certified by the Internal Revenue Service
- Nationally Recognized Veteran Former IRS Agent
- Nationally Recognized Published Tax Expert
- As heard on 90.3 FM Monthly Radio Show-Business Weekly
Settle Back Taxes, the different programs How we settle and negotiate your case with the Internal Revenue Service:
1. We immediately send a power of attorney to the IRS letting them know we are now your representative. You will never have to speak to them.
2. We will make sure all your tax returns are filed and current. If your tax returns are not up to date, the IRS will refuse to work your case. This is leverage that they use to get you compliant. We can pull tax transcripts, file and prepare your tax returns within days, even if you have lost your tax records.
3. The IRS requires a current financial statement. We will secure a required 433-A (IRS financial statement), verify the income and expenses and work out a settlement agreement. The IRS will require a closing settlement method for each case.
4. We review with our clients how they want to settle their case. We get them an agreement based on their current financial needs.
Settlement agreements can be in different forms:
a. Hardship Settlements. Cases usually go into a 3 year suspended status because of an inability to pay. This is also called currently noncollectable. Your case will go into a hardship status because you do not have the income coming in to meet your current expenses. The IRS will use the National Standards Program to assess hardship.
b. Payment Agreements. Cases can be closed with agreed upon monthly installment payments to the IRS. We will review the different programs the IRS uses for the lowest possible amount required.
c. Offer in Compromise. There are three types of OICs:
The IRS may accept an Offer in Compromise based on three grounds:
1. Doubt as to Collectibility – Doubt exists that the taxpayer could ever pay the full amount of tax liability owed within the remainder of the statutory period for collection.
2. Doubt as to Liability – A legitimate doubt exists that the assessed tax liability is correct. Possible reasons to submit a doubt as to liability offer include:
(1) the examiner made a mistake interpreting the law,
(2) the examiner failed to consider the taxpayer’s evidence or
(3) the taxpayer has new evidence.
3. Effective Tax Administration / Exceptional Circumstances – There is no doubt that the tax is correct and there is potential to collect the full amount of the tax owed, but an exceptional circumstance exists that would allow the IRS to consider an OIC. To be eligible for compromise on this basis, a taxpayer must demonstrate that the collection of the tax would create an economic hardship or would be unfair and inequitable.
See our home page for more details about Fresh Start Tax L.L.C. Thank You
by steve | Jul 5, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax L.L.C. A Local South Florida Professional Tax Firm Since 1982 “A” Rated by the Better Business Bureau
Hire one of the oldest, most trusted and experienced professional tax firms.
On staff, Board Certified Tax Attorneys, CPAs and former IRS Agents, Managers and Instructors. We have over 205 years of professional tax experience and over 60 years of direct work experience with the IRS in the local, district and regional IRS office.
We also taught Tax Law at the IRS.
We have been giving professional tax advice in South Florida since 1982
Areas of Tax Practice:
- Immediate IRS Tax Representation
- Offers in Compromise/ IRS Tax Debt Settlement
- Immediate Release of Bank Garnishments or Wage Levies
- IRS Bill/Notice of “Intent to Levy” or Final Notices
- IRS Tax Audits Small and Large Dollar
- Hardships Cases / Unable to Pay
- Payment Plans, Installment Agreements
- Innocent Spouse Relief
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Payroll/ Trust Fund Penalty Cases
Our Company Resume: ( Since 1982 )
- Our staff has over 205 years of professional IRS tax representation experience collectively
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- Former IRS Managers, Instructors and Trainers
- Highest Rating by the Better Business Bureau “A”
- Fast, affordable, and economical
- Licensed to practice in all 50 States
- Certified by the Internal Revenue Service
- Nationally Recognized Veteran Former IRS Agent
- Nationally Recognized Published Tax Expert
- As heard on 90.3 FM Monthly Radio Show-Business Weekly
by steve | Jun 23, 2011 | IRS Tax Advice, Tax News
FRESH START TAX L.L.C. A local South Florida Professional Tax Firm Since 1982 “A” Rated by the Better Business Bureau IRS Tax Experts
We are one of the oldest, most trusted and experienced professional tax firms in Miami and Ft.Lauderdale in dealing with IRS issues and problems.
We have over 205 years of IRS Representation for our clients and over 60 years of working in the Miami and Ft.Lauderdale South Florida IRS Offices.
Hire trust, skill and personalized care.
Call us for a no cost professional tax consult and speak to a true tax expert. We get results. You will never speak to the IRS.
Areas of Tax Practice:
- Immediate IRS Tax Representation
- Offers in Compromise/ IRS Tax Debt Settlement
- Immediate Release of Bank Garnishments or Wage Levies
- IRS Bill/Notice of “Intent to Levy” or Final Notices
- IRS Tax Audits Small and Large Dollar
- Hardships Cases / Unable to Pay
- Payment Plans, Installment Agreements
- Innocent Spouse Relief
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Payroll/ Trust Fund Penalty Cases
Our Company Resume: ( Since 1982 )
- Our staff has over 205 years of professional IRS tax representation experience collectively
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- Former IRS Managers, Instructors and Trainers
- Highest Rating by the Better Business Bureau “A”
- Fast, affordable, and economical
- Licensed to practice in all 50 States
- Certified by the Internal Revenue Service
- Nationally Recognized Veteran Former IRS Agent
- Nationally Recognized Published Tax Expert
- As heard on 90.3 FM Monthly Radio Show-Business Weekly
How we handle your IRS case to get you immediate tax relief/help and permanently end your IRS Tax Problem
- We obtain all the information from our clients and get an accurate description of the problem.
- We immediately send a power of attorney to the IRS so you never have to speak to them.
- We immediately have the IRS stop all of their enforcement action with that first call.
- We make sure the tax liability is correct by pulling tax transcripts and documents from the IRS’ computer.
- We file any returns that the IRS needs to get you current. All tax returns must be filed before the IRS will consider any agreements.
- We make sure your case is settled for the lowest possible amount allowed by law by going over all the different options that are available to you.
