Miami + Affordable IRS Tax Debt Relief Lawyer + IRS Tax Debt Specialty

by Fresh Start Tax | Oct 24, 2018 | Tax Help

Since 1982 we are the go-to tax professionals in South Florida. Since 1982, the affordable choice. Free tax consultation by true experts.

We are staffed with the team of true experts in the area of IRS tax debt relief. On staff are CPA- tax attorney, CPAs, and former IRS agents, managers and teaching instructors.

We know all the systems and all the methodologies to settle and help eliminate the problems that come with dealing with the Internal Revenue Service.

Success comes by knowing the system and understanding what it takes to close an IRS case. Since 1982 we have known the system.

One of the first tasks of IRS is to make sure all back tax returns are filed and current in the system.

IRS will not close out any open taxpayer inventory case unless all back tax returns are filed and the taxpayer is current on estimated tax payments or their withholding is up-to-date.

IRS is a stickler on this because they don’t want the problem of the back tax debt recurring.

So, how will IRS work your case?

The Internal Revenue Service will ask the taxpayer to fill out an IRS form 433A.

You can find that on our site or on the government site. IRS will expect that form to be fully completed fully documented along with copies of the last six months bank statements, copies of all monthly expenditures, bills and a copy of pay stubs.

IRS will conduct a thorough review on that financial statement.

After this review of the financial statement the Internal Revenue Service generally has various buckets of closing programs that the taxpayer can be put into as a result of their current financial statement.

The importance of filling out your financial statement and giving it to IRS is the key to success and failure.

I could never tell you how important the financial statement as it will determine the outcome with Internal Revenue Service.

Below you will find the different categories or as I call them buckets that IRS determine how will close your case

Bucket One.

Currently uncollectible or hardship cases

If the Internal Revenue Service looks at your current financial statement and determines that your expenses exceed your income and you fall within the necessary means test, IRS can place your case in this non-collectible status.

There is good news and bad news within the status.

The good news is IRS will probably suspend your case between one and three years and kick it out for review a couple of years later, the bad news is the penalties and interest still run and the debt gets larger.

Bucket Two.

Installment agreements or monthly payments

If after the Internal Revenue Service looks at your current financial statement and they determine that you have more income than the necessary standards of meeting tests, IRS will ask for a monthly payment based on that financial statement. Hiring a tax professional can assure that IRS does not grab more money than necessary on or review of your financial statement.

There are different monthly installment agreements and we will review with you your options upon your free consultation.

Bucket Three.

Offer in compromise

This is called the pennies on a dollar program that you see advertised on TV however the offer in compromise is not for everyone.

I am a former IRS agent and teacher of the offer in compromise.

Approximately 32,000 taxpayers a year can settle their debt for pennies on the dollar, the average settlement is $9500 a year and I caution and warn taxpayers who submit offers in compromise to go through the IRS pre-qualifier tool to find out if they can truly settle their tax debt.

As a former IRS agent I carefully will walk through your financial statement and if you have any chance of being accepted for the offer I will walk you through the program and submit the offer in compromise.

Bucket Four.

Statute of limitations

IRS has 10 years to collect on their back tax debt, the period starts from the date of the assessment. The date of the assessment is the time that IRS had to put your case on the computer at the start the billing process.

Various factors will extend the statute such as bankruptcy, the filing of the CDP, or the filing of offer but as a general rule after the 10 year date of assessment date your case goes away by federal statute,

Bucket Five

Bankruptcy.

Yes, Bankruptcy, many taxpayers are unaware that you could file a bankruptcy, a chapter 7 the discharge debt. As a general rule the taxes have to be three years or older, assessed for more than 240 days and the tax returns have to be filed for at least two years.

There are also different chapters in bankruptcy such as an 11 and 13 that a taxpayer can be qualified by speaking to a true bankruptcy expert.

When you call our office we will walk you through the various programs after review of your current financial statement.

Please keep in mind that you owe over $50,000 the IRS spends a little more time in research in looking at your case. As a former IRS agent these cases require twice the time because of the different due diligence that was conducted on these cases.

Many agents will Google your company business or individual self, they will pull up search engine reports to find out about assets or financial histories, check out insurance policies, courthouse records, and credit reports, before they make a determination.

The credit card companies are an excellent source to run down assets, loans and find out monthly payments that you were making.

Call us for a free initial tax consultation and we will walk you through the process of dealing with the Internal Revenue Service. Find out the truth to a firm that has true tax experience for all federal and state tax matters.

Miami + Affordable IRS Tax Debt Relief Lawyer + IRS Tax Debt Specialty