Tax Debt Problems in Hamel MN 55340

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Irs Tax Relief Hamel MN

For tax relief, the IRS’ Offer in Compromise is frequently the best solution. In the latest published reports, the IRS claimed the average settlement discount reached in accepted Offers was 88%. That translates to only 12 cents paid by the taxpayer for every dollar owed the IRS, and acceptance rate was 47.6%.

The IRS created the OIC only in 1992 via Section 7122 of Tax Code. Negotiations on OIC are often successfully concluded through one Irs Tax Debt Forgiveness Hamel MN of two reasons: doubtful collectivity, or doubtful liability. The first means the taxpayer cannot pay the full amount due, while the latter means the taxpayer argues against the tax debt. Recently, another reason was apparently added: effective tax administration. This means the IRS believes 12 cents is all it can get and accepts it. However, the taxpayer has the burden of proving he cannot pay the tax, or he has no tax to pay.

The Hamel MN main factor for doubtful collectivity being used is the taxpayer’s profile on assets, expenses and income. Strict guidelines on income, allowable expenses (generally living, housing and transport), and equity in assets are applied, so less than half of the applications are accepted.

Another reason for submitting the OIC is that the IRS cannot collect any tax liability within the time the OIC is under consideration or for a month following rejection or when an appeal Back Taxes Help Hamel MN has been filed. This time span often enables the taxpayer to avoid immediate payment, recoup his finances to pay, and prevents any assets from being seized.

Settling an accepted OIC may be done in either of two methods: in cash, usually 20% down and 80% within 90 days afterwards; or 12 monthly installment payments.

 

Tax Help Hamel MN

 

So you’ve made all your workers independent contractors instead of employees to save payroll taxes you’ve been paying. It sounded like a great idea.

 

  • You saved thousands of dollars on employment taxes
  • You didn’t have to worry about filing payroll (941) tax returns
  • You saved the quarterly payroll processing charges you’ve been paying
  • Maybe even your accountant suggested it to you

 

Well, its a bad Debt Tax Hamel MN idea… and now you know it.

 

  • You’re worried sick that you’re going to get caught
  • You’ve read that the IRS launched a pilot program specifically targeting this issue that’s about to go into full force in the next few months
  • You realized that having your workers sign an agreement isn’t worth the paper its written on
  • And you’re months (if not years) out of Hamel MN compliance

 

What are you going to do?

Your probably asking yourself

 

  • If you start paying payroll taxes now, aren’t you going to raise red flags?
  • What about the back taxes? How are you going to pay these?
  • What if you just start a new Company? Will that work?
  • What about the workers? Are you going to have to pay them more now that you’re withholding payroll Tax Help Hamel MN taxes?
  • What about the 1099 forms you never gave them?

 

Great questions, but you need to know more.

The New Voluntary Classification Settlement Program In late September 2011, the Internal Revenue Service (IRS) launched a new tax relief program that may help you resolve your past worker classification issues and come clean at a relatively low cost to you [Announcement 2011-64]. This is part of Hamel MN a larger “Fresh Start” initiative to help business taxpayers clear up their tax debts from the misclassification of workers known as the new Voluntary Classification Settlement Program (VCSP). Under the program, eligible employers can obtain relief from past federal payroll taxes if they treat workers as employees going forward.

Who is eligible? To be eligible, you must:

 

  • Consistently have treated workers in the past as Hamel MN non-employees
  • Filed all required Forms 1099 for the workers for the past 3 years
  • Not currently be under IRS audit
  • Not currently be under audit by the Department of Labor or state agency concerning the classification of workers

 

What will the tax relief program cost you?

Employers accepted into the New Voluntary Classification Settlement Program program will pay roughly one percent of the wages paid Hamel MN to the reclassified workers for the past year.

What are the benefits of the tax relief program? The benefits are huge. You’ll pay no interest or tax penalties. And you will not be audited on payroll taxes related to these workers for prior years. Payroll tax penalties are huge and can save you thousands.

What else will the tax relief program cost you? For the Hamel MN first 4 years under the program, you will be subject to a special 6 year statute of limitations, rather than the usual 3 years that applies to payroll taxes.

How to get started To get started, contact your taxpayer resolution advisor or CPA. This is not the kind of do-it-yourself program when the risks can be great. If you contact your Hamel MN CPA, make sure they know how to do this, or at the very least have heard about the program and can help you. Otherwise, call us!

You will need to complete Form 8952, Application for Voluntary Classification Settlement Program at least 60 days before you want to begin treating your workers as employees.

As this is a voluntary compliance program, your taxpayer rights will be Hamel MN protected once you qualify. Paying a 1% charge is nothing compared to the penalties you can be charged.

 

Tax Debt Hamel MN

 

IRS debt relief becomes extremely important when a taxpayer finds that he is unable to clear his tax debt in a lump sum. Living under the burden of a tax debt is a very stressful experience for the taxpayer as well as his family. All normal activities typically must be curtailed and meeting the expenses for basic needs sometimes becomes a problem. The IRS debt relief program has Tax Forgiveness Hamel MN been available to taxpayers for many years. Its purpose is to allow taxpayers to settle their tax debts at a lower amount than what was actually owed. To a great extent the taxpayer’s financial condition influences the specific debt relief strategy to be adopted. In fact, after a negotiation with the IRS has been completed, the taxpayer might be given an option of a monthly or a quarterly Hamel MN installment payment plan.

However, the installment option is more expensive than the lump sum payment method as interest is charged with the former resolution. But when clearing a large amount of outstanding tax debt all at once is not possible, the installment payment plan is the only viable option. It is extremely difficult for most of the taxpayers in the U.S. to navigate the guidelines of IRS debt settlement. Tax Lawyer Hamel MN The average taxpayer is not conversant with the intricacies of the tax laws; hence, seeking the assistance of a qualified tax expert is the way to move forward. Underestimating tax legalities is a dangerous thing to do and could land the taxpayer in greater peril.

If taxpayers in default have received IRS notices, they should take advantage of IRS debt relief programs as soon as possible. In many situations Hamel MN tax relief is only offered within a brief span of time – usually 2 to 4 months. The exact time required to arrive at the appropriate tax relief vehicle largely depends on the complexity of the specific tax problem. An IRS levy is a very tough thing to deal with; hence, it is better to avoid it at any cost. If it’s too late, a property seizure, a Hamel MN bank levy or a tax levy can all be reversed, but the assistance of a highly competent tax attorney is required.

With the prevailing downturn in the U.S and global economies, more and more Americans are defaulting on their IRS taxes. Therefore, people are advised to seek IRS debt relief as soon as possible, rather than unnecessarily wasting time or procrastinating. There is a specific IRS tax debt relief Hamel MN program known as OIC (Offer in Compromise). According to Federal laws, the IRS is empowered to arrive at a negotiated settlement with the burdened taxpayer so that the debt may be cleared at a lower amount that what was actually owed.

 

Back Taxes Hamel MN

 

Many tax relief companies brag about their staff chock full of former IRS agents.  At first glance, the concept seems good. Let’s examine the reasons people assume former IRS agents would be helpful and then determine if they carry any real value for a person with tax debt problems.

Former IRS agents have an “inside connection”

The implication of “knowing someone inside” is a hoax. The IRS has over 150,000 employees, no one has an “inside Optimum Tax Relief Hamel MN connection” with 150,000 people. If you call the IRS 10 times, you’ll get 10 different people in 10 different States. If someone did have an “inside connection” the IRS has a built in checking system to stop all special deals.

Former IRS Agents have a “special knowledge” or “know the system”

Everyday our lawyers tell IRS agents how their own system works. Everyday we make them look in their own books to follow the laws Congress Hamel MN has laid before them. Everyday IRS agents make up the rules as they go, until we catch them and force them to follow the real rules. This happens everyday. Retiring from the IRS doesn’t suddenly wake up agents up to the law. Recently, an agent told us she does not accept faxes. Well we’ve been sending faxes for ten years, much to her dismay. Finally, we got her boss to help her “find” the Optimum Tax Relief Hamel MN fax machine. She had only been working there for 17 years, how could she be expected to know where the fax was or to walk the 12 steps to it. The scary news; three years from now she can promote herself as the taxpayers good buddy.

Former IRS Agents are sensitive to your problem

I can assure you that after working for the IRS they have become insensitive to you not only as a client but Hamel MN also as a human being. The IRS taught them to refer to you as “the taxpayer” or a “taxpaying entity”. IRS employees hold delinquent taxpayers in contempt for 20 years, that doesn’t change when the early retirement starts and the Enrolled Agent sign goes up. When was the last time you spoke to a bureaucrat who cared? Do you think a sensitive person could seize your paycheck and bank account and then auction your Hamel MN home after leaving you penniless?

The Story of One Former IRS Agent Company:

The JK Harris website states that they are the “Nation’s largest tax representation firm, comprised of veteran ex-IRS agents.” The following excerpts from a June 2008 article by the Boston Globe are quite enlightening:

“A Charleston firm that claimed to offer people help settling their tax debt has agreed to pay $1.5 million in restitution under a settlement with attorneys general in 18 states, Hamel MN officials announced Thursday. Attorney General Martha Coakley of Massachusetts and 17 other state attorneys general entered into a consent judgment with JK Harris.

Attorney General Coakley stated:

“This company took advantage of people who paid for tax assistance and, in some instances, profited by taking their money and not giving them any help at all,”

“Taking their money and not giving them any help at all” – that sounds like a typical government job to me and Hamel MN if you worked as an IRS employee, that sounds like another day at the office.

 

Debt Tax Hamel MN

 

Taxpayers with outstanding IRS debt often underestimate the consequences that occur when taxes are not paid. The Internal Revenue Service assesses late fees, penalties and interest which can double or triple the amount owed. People who fail to submit annual returns or pay outstanding taxes can be charged with tax evasion. If you owe the government money, now is the time to take action.

Solutions are available to help clear IRS Tax Debt Problems Hamel MN debt. Contrary to popular belief, the Internal Revenue Service is willing to help taxpayers establish a payment plan. In some cases, they will write-off a percentage of back taxes. Taxpayers who ignore IRS debt collection letters are setting their self up for financial fallout.

In order to resolve tax problems, taxpayers must contact the Internal Revenue Service taxpayer assistance call center. Business hours are 7 a.m. to 10 p.m., Monday through Hamel MN Friday. Individuals can obtain help by calling 1.800.829.1040. Business owners and self-employed taxpayers can call 1.800.829.4933.

Individuals owing less than $25,000 can establish an IRS debt repayment plan online. The first step involves submitting a Form 9465 taxpayer installment agreement request. Once approved, taxpayers can choose to pay in full, pay monthly installments, or obtain a short term extension which allows them to pay their tax debt in full within two Tax Levy Hamel MN to three months. Presently, the IRS charges taxpayers a user fee of $105 to establish a payment plan. This amount can be reduced to $52 by establishing a direct deposit account.

It is important to note the IRS will not grant payment plan approval unless all past due tax returns are filed. The IRS assesses a failure-to-file penalty of 5-percent each month the return is delinquent, with a maximum penalty of Hamel MN 25-percent.

Taxpayers who have filed returns but not paid back taxes incur a monthly failure-to-pay penalty of 1/2-percent until taxes are fully paid. Unpaid tax penalties are calculated from the original filing date.

Taxpayers carrying IRS debt of $10,000 or more might qualify for a partial payment installment agreement. This plan usually requires assistance from a tax attorney. All past due returns must be filed before the IRS will enter into an Hamel MN installment plan. Taxpayers are required to submit monthly payments until the agreement is fulfilled and the remaining tax debt is forgiven.

Taxpayers able to pay a reasonable amount of back taxes might qualify for an Offer in Compromise agreement. Using this tax relief option, the IRS agrees to accept less than the full amount of outstanding taxes owed.

Offer in compromise is typically used as a last resort. The IRS only accepts Hamel MN this arrangement if they feel there is little chance of collecting the full amount owed. When offer in compromise is used taxpayers allow the IRS to retain future tax refunds which will be credited to the taxpayer’s account. Individuals must submit monthly installment payments until the contractual agreement is fulfilled.

Homeowners who lost their home to foreclosure may qualify for tax relief under the Mortgage Forgiveness Debt Relief Act. Debt forgiven Hamel MN through foreclosure or debt reduced through mortgage refinance of a principal residence may qualify.

Taxpayers who file for personal or business bankruptcy must adhere to 908 bankruptcy tax codes. Cancelled debt through bankruptcy is a complicated issue which is best handled by a certified public accountant or tax attorney.

While IRS debt can be overwhelming, solutions exist to resolve the problem. Tax debt payment options and answers to frequently asked tax questions Hamel MN can be found at IRS.gov.

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