by Fresh Start Tax | Jul 16, 2014 | Tax Help
is so funny
If you owe back taxes call us today and we will go over the various solutions to remedy your IRS tax problem.
We are a team tax attorneys, CPAs and former IRS agents who know the IRS system.
We have been in private practice since 1982 and are A+ rated by the Better Business Bureau.
Call us today for a free initial tax consultation and speak to an true IRS tax expert.
Owing Back IRS Taxes
There is a very specific format that the Internal Revenue Service uses the taxpayer owes back taxes.
IRS will require a current and verifiable financial statement and then make a determination on how they will resolve your back tax debt.
You should know that the Internal Revenue Service will first conduct a full compliance check to make sure all your tax returns are filed and then ask you to fill out a form 433-F.That is their version of the financial statement.
The Internal Revenue Service will expect that financial statement to be accurate and completely documented and verified. That documentation will need to include current bank statements, current pay stubs, and current monthly expenses.
The Internal Revenue Service has a national, geographical, and local standard tests that compare your expenses with that against the averages.
After IRS weighs all the factors, IRS generally will set up an exit strategy on your back tax debt.
The Internal Revenue Service will either ask for a payment plan, place your case into currently uncollectible file, or may possibly recommend you file an offer in compromise letting you know you’re a possible tax debt settlement candidate.
When you contact our office will review your financial statement and let you know the best choice for your current financial condition and set up some long-term planning so you can completely close this file off the IRS computer.
Contact us today for a free initial tax consultation and we will walk you to the different remedies and solutions to painlessly take care of this problem once and for all.
All work is done in-house by true IRS tax experts.
Owe Back IRS Taxes, Payment Plans, Settle IRS Tax Debt – Auburn, Phenix City, Montgomery, Selma
by Fresh Start Tax | Dec 10, 2012 | Back Taxes, IRS Payment Plans, IRS Tax Debt, Tax Settlements
IRS Back Tax Payment Plan – Payment Plans, IRS Tax Settlements – Former IRS Agents Firm
If you need a Back Tax Payment Plan or if you think you are eligible for a IRS Tax Settlement contact us today for a no cost professional tax consult. 1-866-700-1040.
Hear the truth about your case from a tax firm that has over 205 years of professional tax experience and over 60 years of direct IRS work experience.
We were former IRS Agents, Managers and Instructors. We worked out of the local, district and regional offices of the IRS.
We know all the tax policy systems and settlement procedures.
With the New Fresh Start Program started by the IRS this year IRS is finally in the business of accepting back tax settlements which are called offers in compromise. Each and every taxpayer that owes back taxes should find out whether or not they are eligible for a IRS Tax settlement. It takes no more than 5 minutes to find out if your are a tax settlement candidate.
An offer in compromise allows you to settle your IRS tax debt for less than the full amount you owe. It may be a legitimate option if you cannot pay your full tax liability or doing so creates a financial hardship.
IRS will consider your unique set of facts and circumstances. There are no two cases the same. Each offer is evaluate on its own set of fact patterns.Offers are general based on the following four criteria:
a. Ability to pay back IRS,
b. Current income,
c. Current expenses and,
d. Distrait Equity in Assets.
Simply fill out a 433A and send it to our offices and we will determine if a IRS tax settlement called an offer in compromise is right for you.
IRS Payment Plans on Back Taxes
You can make monthly payments through an installment agreement or part pay agreement if you are not financially able to pay your tax debt immediately.
You will reduce or eliminate the amount of penalties and interest you pay and avoid the fee associated with setting up an installment agreement if you pay your tax bill in full.
Before you apply for a back payment plan you need to :
a. File all required tax returns;
b. Consider other sources (loan or credit card) to pay your tax debt in full to save money;
c. Determine the largest monthly payment you can make ($25 minimum); and
d. Know that your future refunds will be applied to your tax debt until it is paid in full.
Fees or Costs for setting up an installment agreement or payment plans:
a. $52 for a direct debit agreement;
b. $105 for a standard agreement or payroll deduction agreement; or
c. $43 if your income is below a certain level.
Understand your back tax payment plan agreement should you avoid default
You must:
a. Pay at least your minimum monthly payment when it’s due (direct debit or payroll deductions make this easy),
b. Include your name, address, social security number, daytime phone number, tax year and return type on your payment,
c. File all required tax returns on time,
d. Pay all taxes you owe in full and on time. Contact the IRS to change your existing agreement if you cannot,
e. Continue to make all scheduled payments even if we apply your refund to your account balance and,
f. Ensure your statement is sent to the correct address, contact us if you move or complete and mail Form 8822, Change of Address.
If you do not receive your statement, send your payment to the address listed in your IRS agreement.
There may be a reinstatement fee if your agreement goes into default.
Penalties and interest continue to accrue until your balance is paid in full. If you are in danger of defaulting on your payment agreement for any reason, contact the IRS immediately.
The IRS will generally not take enforced collection actions:
1. When an installment agreement is being considered;
2. While an agreement is in effect;
3. For 30 days after a request is rejected.
IRS enforcement action.
If you fail to met the terms of a back tax payment plan the IRS can or will:
1. File a Notice of Federal Tax Lien,
2. File a Notice of Tax Levy on your bank account or wages,
3. File a Notice of Garnishment on your Wages.
IRS Back Tax Payment Plan – Payment Plans, IRS Tax Settlements – Former IRS Agents Firm 1-866-700-1040
by Fresh Start Tax | Jun 18, 2012 | Back Taxes, Income Tax Preparation, Installment Agreements, IRS Tax Problem, Offer in Compromise, Representation, Tax Help, Tax Lawyer, Tax Returns
If you are a Ex Pat and you need to file your late, back, past due or unfiled tax returns call us today for a free tax consult and get rid of the worry you are dealing with.
We handle all contact with the IRS and you will never speak to them. We fully prepare all back income tax returns and work out a tax settlement if necessary.
Being comprised of Board Certified Tax Attorneys, CPA’s and Former IRS agents we have over 205 years of professional tax experience and over 60 years of working directly for the IRS in the local, district and regional offices of the IRS.
We can not only file all of your back returns we can settle all back tax debt should you owe money to the IRS.
What to do if you have not filed an Income Tax Return:
Among the various new requirements contained in IRC 877 and 877A, individuals that renounced their US citizenship or terminated their long-term resident status for tax purposes after June 3, 2004 are required to certify to the IRS that they have satisfied all federal tax requirements for the 5 years prior to expatriation.
If all federal tax requirements have not been satisfied for the 5 years prior to expatriation, even if the individual does not meet the monetary thresholds in IRC 877 or 877A, the individual will be subject to the IRC 877 and 877A expatriation tax provisions.
Individuals that have expatriated should file all tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan.
All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved.
We handle and settle all FBAR cases with true experienced tax professional.
Call today and speak directly to a Tax Attorney. 1-866-700-1040
by steve | Feb 28, 2012 | Installment Agreements, IRS Payment Plans, Tax Help
Does the IRS want a 433F from you? Do not fall into that trap! Use caution.
Use caution before giving that 433F financial statement to the Internal Revenue Service.
Most taxpayers have no clue what they are doing when sending a 433F to the IRS.
I should know. I am a former IRS agent and collections officer with the IRS. I also was a teaching instructor with the IRS.
I felt sorry for taxpayers who walked in or called the IRS on there own. It was almost stealing candy from a baby. You are walking into a trap.
Why?
IRS is a collection agency. They are not here to help the taxpayer. The taxpayer has no idea what IRS is looking for and more importantly they have no standard to judge whether the IRS Agent in the office or on the telephone is acting in the best interest of the taxpayer.
The fact of the matter is very simple, the IRS Agent is only acting in the governments best interest.
What is the 433F going to tell the IRS?
Everything!
You are giving the IRS a road map of your financial life and possible levy and seizure sources. IRS has very strict requirements on how it will work and close cases. Everything the IRS does as far as the collection division is tied into assets and the national standard expenses.
Many taxpayers believe they are in a financial hardship or a payment candidate however when the national standards are applied, the taxpayer has a wake up call. They find themselves behind the 8 ball and making a large payment to the IRS because of the 433F.
Remember, the only thing the IRS is looking at is assets and income, your liabilities are of no concern to the IRS. Your 433F Financial Statement is their road map to your pocket book. Let a tax professional give the IRS your 433F.
The National Standards and the 433F.
IRS Collection Financial Standards are intended for use in calculating repayment of delinquent taxes. These Standards are effective on March 1, 2011 for purposes of federal tax administration only. Expense information for use in bankruptcy calculations can be found on the website for the U.S. TRUSTEE program
National Standards have been established for necessary expenses: food, housekeeping supplies, apparel and services, personal care products and services, miscellaneous, housing and utilities, medical, transportation and a handful of other items. Each taxpayer must fit into the IRS national standards. If you go over the IRS standard that is your loss. IRS does have certain exceptions to this rule and a good tax representative can help you through this problem.
IRS Collection Financial Standards are intended for use in calculating repayment of delinquent taxes. These Standards are effective on March 1, 2011 for purposes of federal tax administration only. Expense information for use in bankruptcy calculations can be found on the website for the U.S. Trustee Program.
If you owe the IRS money, talk to a tax professional first. The last thing you want to do is to turn over that 433F on your own.
Also as a footnote, any IRS 433F must be fully documented and IRS will require proof of any expense recorded on the form.
Call us today and get results.
by steve | Sep 27, 2011 | Tax Levy and Wage Garnishments
Do you need to get a IRS Payment Agreement? Call us today and we can end your worries. 1-866-700-1040 Affordable
Streamlined Installment Agreements
Streamlined installment agreements may be approved for taxpayers under the following circumstances:
1. The aggregate unpaid balance of assessments is $25,000 or less.
2. The unpaid balance of assessments includes tax, assessed penalty and interest, and all other assessments on the tax modules. It does not include accrued penalty and interest.
3. If pre-assessed taxes are included, the pre-assessed liability plus unpaid balance of assessments must be $25,000 or less.
The unpaid balance of assessments will be fully paid in 60 months, or the agreement will be fully paid prior to the CSED, whichever comes first.
Accounts in any status qualify, including:
Notice status accounts;
Balance due status accounts; and
Pre-assessed accounts.
The following types of taxpayers qualify for streamlined agreements:
Individual Accounts
Business Accounts (income tax only); and
Out of business BMF (any type tax).
A lien determination is not required for a streamlined installment agreement but may be made at the discretion of the revenue officer and liens may be filed.
Note:
Per IRM 5.12.2.4 a lien determination is required by a specific date. If the case cannot be closed as a streamlined IA on or before the lien determination date, a lien determination must be made based on the facts of the case. The revenue officer has the latitude to make a timely lien determination as a non-filing or deferral of the lien filing, then finish the negotiation and close the case to a streamlined IA.
No managerial approval is required.
These agreements may be secured in person, by telephone or by correspondence.
As with all agreements, the taxpayer must have filed all tax returns that are due prior to entering into the agreement.
