by steve | Aug 14, 2010 | IRS Tax Advice, Tax News
Get IRS Help * Stop the IRS Today * 1-866-700-1040
Get this nightmare over with. Let former IRS Agents get you relief today!!! 5 programs available to you
In the very near future, you will have to deal with this problem. Everything is probably closing in and there seems to be no solution to the mess you are now experiencing.
IRS has several programs available to the taxpayer to deal with their current financial condition.
There are about 5 programs available to the taxpayer and each of these programs should be explored to see which program is best for you.
The available programs that we can set you up in with the IRS
* payment agreements
* streamline payment agreement
* hardship case, cannot currently pay
* offer in compromise, settlement with the IRS
* Chapter 7/13 Bankruptcy
* Abate penalties and interest
We are former IRS Agents. We have over 100 years experience in the tax resolution business and we can stop your IRS problem today.
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* Honest and reliable. We have the highest Better Business Bureau Rating available
* Former IRS Managers and Instructors
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Our firm is compromised of Tax attorney’s, CPA’S, former IRS instructors and managers. If you wanted to be treated fairly and get the best possible results, call us today. Our industry rating speaks for itself. We have a A plus rating. We will not disappoint you.
See us on the web www.freshstarttax 1-866-700-1040 Video conferencing available. See and talk to us in person,
by steve | Jul 26, 2010 | IRS Tax Advice
STOPPING THE IRS LEVY TODAY CALL FRESH START TAX 1.866.700.1040 STRAIGHT TALK
Yes, it is possible to stop an IRS levy within a 24 hour period of time. It is important to understand what the requirements are before a company can guarantee that it will stop the levy. There are many fraudulent claims of companies making a 100% guarantee but do not understand the requirements.
Firstly, all tax returns must be filed. The IRS will not cooperate with anyone unless that is done. There are no exceptions.
Secondly, if you do not have your records, we have special sources to order your transcripts from that are unavailable to the taxpayer. We get them through the practitioner’s hot-line. We can get your tax file usually within a 24 hour period of time. We can get your returns to the IRS usually with one or two days.
Thirdly, we complete a form 433-F, a financial statement, and talk with you about a possible solution to get you right with the IRS.
What Are The Possible Solutions To Your Case?
1. Offer in compromise
2. To be placed in a current non-collectible status, hardship status
3. File a Chapter 7 or 13 bankruptcy
4. Streamline payment agreement
5. Part payment agreement
Fourthly, after we reach a decision about your case and the proper disposition, we contact the IRS and get the case file closed.
Fresh Start Tax has a team of professionals that clearly and honestly talk with you about your case. We will resolve the back tax issues in your best interest. Let our years of experience and tax professionals give you the honest answers you need. Call us today.
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by steve | Jun 2, 2010 | IRS Tax Advice
Seizures by the Internal Revenue Service Last Year the IRS seized over 600 Homes, businesses and vehicles
Yes the Internal Revenue Service can seize your Home, Cars , Business and Bank Accounts This is always the last choice of last resort and is not usually not done unless there is a fairly serious problem that has gone unresolved for quite some time. If you owe on a continual basis your odds go up that a seizure may be coming forth. For the most part, the IRS can take any asset it chose too.IRS enforcement actions have increased in the last several years. The IRS has hired more Revenue Officers so expect enforcement action to set up even more in the upcoming season.See the Fresh Start Tax news release on this matter and subject.Go on our site into the press release tab.
Before the IRS conducts a seizure, they will normally perform an investigation to determine the equity in the item to be seized. In almost all cases, the IRS will not seize the asset unless there is sufficient equity in property that would warrant the seizure and be in the best interest of the federal government.
IRS must have sent you a final notice, with appeal rights that warrant a hearing officer for a seizure to take place.
Over the past years, Congress has made it much more difficult for the Internal Revenue Service to seize personal residences. Except in very special cases, it is unlikely that the IRS Collection Division will consider seizing your home. Rental properties or vacation homes, RV or boats are a different story and if there is sufficient equity can be seized without great difficulty.All these cases can usually be resolved with a solid representative working along with you the taxpayer. Most all of these situations can be avoided.
Businesses may be seized as well, but again, it is the exception, not the rule. The IRS must get a writ from a Federal judge. The IRS also must investigate to determine if there are any lien holders,mortgages or UCC’s against property in the business. Then, if the IRS has to go to sale, it must conduct an auction of every item in the business. I have personally seized over 300 businesses or homes as a former Revenue Officer. It is not something I wanted to do but in most cases the taxpayer gave you no choice. In today?s economic environment, it is very rare to see a home or business seized. The IRS may try to force the business owner to shut down by continually levying receivables or seizing bank accounts or making legal threats but a seizure today is pretty unlikely. The Service looks for other solutions first. the key is to stay current so you at least are making a solid effort. If you cannot be current, you should ask yourself, is it time to close the doors.
Cutting to the chase. When you receive certified mail of a Notice of Intent to Levy, you had better react fast by contacting IRS or hiring a LICENSED tax professional like the staff at Fresh Start Tax to represent you or your company and your best interest. Do not wait to the IRS to act first, be pro-active. If you owe delinquent taxes, the IRS is going after your bank accounts, your wages and your assets. They are the worlds most powerful collection agency located in your backyard. . By contacting Fresh Start Tax today we can work out a deal or settlement to fits your needs and your budget needs. If you wait, IRS wins. Make a call to us today so you never have to speak with the IRS ever again. We are former IRS agents that know our way around the block. As a side note, IRS can seize your whole pension plan and IRA as well.
We can set you up with a settlement, business installment agreements, Offer in Compromise, installment agreements, abatement of penalties and interest, or place you in a hardship if you qualify for the programs. We simply are the best.
by steve | Jun 2, 2010 | IRS Tax Advice
IRS Liens Can and Will Demolish Your Good Credit and Borrowing Capacity!
By Internal Revenue Service filing federal tax liens ( FTL ), the IRS can make your life absolutely miserable.
Federal Tax Liens are filed in the public records in the courthouse nearest your residence. The federal tax lien will indicate you owe the IRS various federal business or individual taxes . They are filed with the County Clerk in the county from which you or your business operates or your principle residence
Because they are public records they will show up on all your credit report. This often makes it difficult or impossible for a taxpayer or the business to obtain any financing, even for an automobile, home, or other lending opportunities.
In addition, Federal Tax Liens can tie up your personal property and real estate. It is like IRS has a mortgage on the property. Once a Federal Tax Lien is filed against your property, you cannot sell or transfer the property without having the lien removed so that you can transfer a clear title. The federal tax lien will have to be released for any sale to take place.
Taxpayers find themselves in a no win situation where they have property against which they would like to borrow but, because of the Federal Tax Lien, they cannot use it as collateral to back up a loan.
Generally the only ways federal tax liens can be released are by full pay, accepted and paid Offer in compromise or the statue of limitation has expired on the tax years. Contact us so we can help you through this problem. As a side note, your beacon score on your credit report will drop about 100 points. The federal tax lien has a devastating effect.
by steve | Jun 1, 2010 | IRS Tax Advice
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.
Example: A taxpayer owes $20,000 for unpaid tax liabilities and agrees that the tax she owes is correct. The taxpayers monthly income does not meet her necessary living expenses. She does not own any real property and does not have the ability to fully pay the liability now or through monthly installment payments.
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 taxpayers evidence or (3) the taxpayer has new evidence.
Example: The taxpayer was vice president of a corporation from 2004-2005. In 2006, the corporation accrued unpaid payroll taxes and the taxpayer was assessed a trust fund recovery penalty as a responsible party of the corporation. The taxpayer was no longer a corporate officer and had resigned from the corporation on 12/31/2005. Since the taxpayer had resigned prior to the payroll taxes accruing and was not contacted prior to the assessment, there is legitimate doubt that the assessed tax liability is correct.
3. Effective Tax Administration – 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.
Example: Mr. & Mrs. Taxpayer have assets sufficient to satisfy the tax liability and provide full time care and assistance to a dependent child, who has a serious long-term illness. It is expected that Mr. and Mrs. Taxpayer will need to use the equity in assets to provide for adequate basic living expenses and medical care for the child. There is no doubt that the tax is correct.
OIC Payment Options
In general, a taxpayer must submit a $150 application fee and initial payment along with the Form 656, Offer in Compromise. Taxpayers may choose to pay their offer in compromise in one of three payment options:
1. Lump Sum Cash Offer – Payable in non-refundable installments, the offer amount must be paid in five or fewer installments upon written notice of acceptance. A non-refundable payment of 20 percent of the offer amount along with the $150 application fee is due upon filing the Form 656.
If the offer will be paid in 5 or fewer installments in 5 months or less, the offer amount must include the realizable value of assets plus the amount that could be collected over 48 months of payments or the time remaining on the statute, whichever is less.
If the offer will be paid in 5 or fewer installments in more than 5 months and within 24 months, the offer amount must include the realizable value of assets plus the amount that could be collected over 60 months of payments, or the time remaining on the statute, whichever is less.
If the offer will be paid in 5 or fewer installments in more than 24 months, the offer amount must include the realizable value of assets plus the amount that could be collected over the time remaining on the statute.
2. Short Term Periodic Payment Offer – Payable in non-refundable installments; the offer amount must be paid within 24 months of the date the IRS received the offer. The first payment and the $150 application fee are due upon filing the Form 656. Regular payments must be made during the offer investigation.
The offer amount must include the realizable value of assets plus the total amount the IRS could collect over 60 months of payments or the remainder of the statutory period for collection, whichever is less.
3. Deferred Periodic Payment Offer – Payable in non-refundable installments; the offer amount must be paid over the remaining statutory period for collecting the tax. The first payment and the $150 application fee are due upon filing the Form 656. Regular payments must be made during the investigation.
The offer amount must include the realizable value of assets plus the total amount the IRS could collect through monthly payments during the remaining life of the statutory period for collection.
The IRS is not bound by either the offer amount or the terms proposed by the taxpayer. The OIC investigator may negotiate a different offer amount and terms, when appropriate. The investigator may determine that the proposed offer amount is too low or the payment terms are too protracted to recommend acceptance. In this situation, the OIC investigator may advise the taxpayer as to what larger amount or different terms would likely be recommended for acceptance.
Payments and Application Fees
When filing an offer in compromise, two separate remittance documents should be sent, one for the application fee and the other for the required offer payment. All payments should be made by check or money order made payable to the United States Treasury. Practitioners who file multiple OICs at the same time should not combine application fees for multiple clients.
The Form 656-PPV, Offer in Compromise Payment Voucher, included in the Form 656, should be completed and attached to any periodic payment(s) that becomes due. Failure to submit any required periodic payments, after the initial payment has been submitted, will result in the offer being declared withdrawn. For offers originally sent to Holtsville, NY, send payments to: P.O. Box 9011, Holtsville, NY 11742. For offers originally sent to Memphis, TN, send payments to: AMC Stop 880, P.O. Box 30834, Memphis, TN 38130-0634.
The OIC application fee reduces the assessed tax or other amounts due. The application fee will be returned if the OIC is deemed not to be processable. Unless the offer in compromise has been submitted under doubt as to liability or a completed Form 656-A is included with the Form 656, the $150 application fee must be included with the offer or the IRS will return the offer.
Let Fresh Start Tax help you through this process today
