by Fresh Start Tax | Feb 20, 2013 | Tax Settlements
Miami, Ft.Lauderdale – IRS Settlements – Former Local IRS Agents 954-492-0088
We are a local South Florida professional tax firm that specializes in IRS tax debt settlements.
We are comprised of tax attorneys, certified public accountants and former IRS agents.
We have over 60 years of working directly for the Internal Revenue Service in the local South Florida offices and we also have worked in both the district and regional IRS offices well.
We not only worked the IRS tax debt settlement program called the offer in compromise but we also were instructors for the program as well.
With that said we know all the tax policies, tax formulas, and tax settlement procedures to go ahead and settle your IRS tax debt if you qualify.
It should be known that not every person qualifies for IRS settlement. IRS has strict guidelines for the acceptance of an IRS settlement called an offer in compromise. You should not pay any firm unless your case been fully reviewed and they have indicated to you that you are a candidate for the offer in compromise program.
There are many companies out there that will tell you that we can save you” pennies on the dollar” but after working for IRS for several years and working thousands of cases I urge caution before submitting any offer in compromise.
You can call us today for a free consultation regarding submission of an offer in compromise.
The new IRS settlement program called the fresh start initiative
An new IRS offer in compromise allows you to settle your tax debt for less than the full amount you owe.
It may and could be a legitimate tax option if you can’t pay your full tax liability, or doing so creates a financial hardship.
The Internal Revenue Service considers your unique set of facts and circumstances before accepting a IRS Settlement. they will consider,
a. Ability to pay,
b. Income;
c. Expenses and
d. Asset and equity.
Approvals of offers and compromise
We generally approve an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time.
IRS will explore all other payment options before accepting an offer in compromise. The Offer in Compromise program is not for everyone.
If you hire a tax professional to help you file an offer, be sure to check his or her qualifications.
Make sure you are eligible by having a tax professional qualify your case before submission to the IRS.
Qualifications for offer and compromise
1. Before we can consider your offer, you must be current with all filing and payment requirements.
2. You are not eligible if you are in an open bankruptcy proceeding.
Submission your IRS Settlement – Necessary Forms
1. Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
2. Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
Application Fee.
$150 application fee (non-refundable); and
Initial payment (non-refundable) for each Form 656.
Payment options
Your initial payment will vary based on your offer and the payment option you choose:
1. Lump Sum Cash: Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
2. Periodic Payment: Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.
If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer.
Understand the process IRS Settlement Process
While your offer is being evaluated you will need to now:
1. Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);
2. A Notice of Federal Tax Lien may be filed;
3. Other collection activities are suspended;
4. The legal assessment and collection period is extended;
5. Make all required payments associated with your offer;
6. You are not required to make payments on an existing installment agreement; and
7. Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
Miami, Ft.Lauderdale – IRS Settlements – Former Local IRS Agents – South Florida
by Fresh Start Tax | Feb 14, 2013 | Tax Help
How to STOP IRS Tax Levy – Bank, Wages – Former IRS – Ft.Lauderdale, Miami 954-492-0088
We are former IRS agents, managers and instructors who worked out of the local South Florida IRS offices for over 60 years. We can STOP the IRS TAX LEVY!!!
We know the system, compliance rules and closing systems used by the IRS to get immediate and permanent results for your IRS tax Levy
We can provide immediate relief to stop your IRS Tax Levy to close your case off of the IRS enforcement computer system.
Call us for free tax consultation. We are A+ rated by the BBB and have been practicing right here in South Florida since 1982.
With over 60 years at the Internal Revenue Service our team of former IRS agents, managers and tax instructors can not only get your IRS tax Levy released we can also settle your case.
The process of how to stop an IRS tax Levy
IRS has a very specific procedures on how to Stop an IRS tax Levy.
IRS will want a current financial statement. Depending on where your cases in the IRS system IRS will require either a 433-F or a 433-a. Those two forms are the only financial statements that IRS will accept in the processing of stopping in IRS tax Levy.
IRS will then want complete verification of the financial statement including the bank statements for the last three months and pay stubs. Once the IRS has your financial statements and documents in hand, IRS will then make a determination and put you in one of three categories.
How your case will be resolved by the Internal Revenue Service
Category one. You qualify for an IRS tax hardship because your current expenses exceed your income.
Category two. IRS will enter you into an installment repayment arrangement based on your income and expense ratios.
Category three . IRS will entertain the filing of an offer to compromise or tax debt settlement.
What is in IRS tax Levy
A IRS Tax levy is a legal seizure of your property to satisfy a tax debt.
Levies are different from federal tax liens.
A Federal Tax Lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt.
If you do not pay your taxes the IRS may seize and sell any type of real or personal property that you own or have an interest in.
IRS can if it wishes:
a. IRS could seize and sell property that you hold (such as your car, boat, or house), or
b. IRS could levy property that is yours but is held by someone else, such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions. certain requirements are met
IRS will only levy after certain requirements are met
IRS usually levy only after these three requirements are met:
1. The IRS assessed the tax and sent you a Notice and Demand for Payment;
2. The taxpayer neglected or refused to pay the tax; and
3. The IRS sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy.
Place and method of delivery
IRS may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested.
Special note:
if the IRS levies your state tax refund, you may receive a Notice of Levy on Your State Tax Refund, Notice of Your Right to Hearing after the levy.
Hardship provisions for IRS tax levies
If a levy on your wages, bank account or other property is causing a hardship you should:
Contact a tax professional or the IRS IRS at the telephone number on the levy or correspondence immediately and explain your financial situation.
If we determine the levy is creating an immediate economic hardship, the levy may be released.
A levy release does not mean you are exempt from paying the balance.
The IRS will work with you to establish payment plans or take other steps to help you pay off the balance. To help ensure quick action, please have the fax number available for the bank or employer office that is processing the levy.
You can ask for a manager to review your case to stop the IRS tax Levy
You may ask an IRS manager to review your case, or you may request a Collection Due Process hearing with the Office of Appeals by filing a request for a Collection Due Process hearing with the IRS office listed on your notice.
Please Note: You must file your request within 30 days of the date on your notice.
Some of the issues you may discuss include:
a. You paid all you owed before we sent the levy notice,
b. The IRS assessed the tax and sent the levy notice when you were in bankruptcy, and subject to the automatic stay during bankruptcy,
c. The IRS made a procedural error in an assessment,
d. The time to collect the tax (called the statute of limitations) expired before we sent the levy notice,
e. You did not have an opportunity to dispute the assessed liability,
f. You wish to discuss the collection options, or
g. You wish to make a spousal defense.
The IRS office of appeals
At the conclusion of your hearing, the Office of Appeals will issue a determination. You will have 30 days after the determination date to bring a suit to contest the determination. Refer to Publication 1660 (PDF), for more information. If your property is levied or seized, contact the employee who took the action.
You also may ask the manager to review your case. If the matter is still unresolved, the manager can explain your rights to appeal to the Office of Appeals
Levying Your Wages, Federal Payments, State Refunds, or Your Bank Account
If we levy your wages, salary, federal payments or state refunds, the levy will end when:
1. The levy is released,
2. You pay your tax debt, or
3. The time expires for legally collecting the tax.
Bank Account IRS tax levies
If we levy your bank account, your bank must hold funds you have on deposit, up to the amount you owe, for 21 days. This holding period allows time to resolve any issues about account ownership.
After 21 days, the bank must send the money plus interest, if it applies, to the IRS. To discuss your case, call the IRS employee whose name is shown on the Notice of Levy.
Call us today to get an IRS tax levy stopped. We can get releases or removals of IRS levies on bank accounts and also on wages.
Being former IRS agents, managers and instructors we know the exact process how this works. Call us today for free tax consultation. We are A+ rated by the Better Business Bureau.
How to STOP IRS Tax Levy – Bank, Wages – Former IRS – Ft.Lauderdale, Miami
