https://activerain.com/blogs/jalabi en-us https://activerain.com/blogsview/5651213/video--how-to-set-up-a-payment-plan-with-the-irs- I have just uploaded a 5min video on how to set up a payment with the IRS?There are 4 types of payment plan that the IRS offers, certain conditions have to be met. Here is the linkhttps://youtu.be/n9OUuAyN72gIf you or someone you know owe back taxes or needs help in setting up a payment plan with the IRS .Please feel free to contact me by phone  612 516 5878 or through email at joe.alabi@fishcontax.comJoe Alabi EA MAcct(Taxation)FishCoin Tax Solutions4124 Quebec Aven Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Mon, 05 Apr 2021 00:37:22 -0700 https://activerain.com/blogsview/5651213/video--how-to-set-up-a-payment-plan-with-the-irs- https://activerain.com/blogsview/5648044/video--how-to-release-an-irs-bank-levy- Hello, I have just uploaded a 2min video on how to remove an IRS bank Levy?A taxpayer needs to realize is that a bank levy only attaches to what is in the bank account at the moment the levy hits.  Amounts deposited afterward, even the very next day, are not subject to the levy. Here is the linkhttps://youtu.be/p-TcoNYHXSU If you have any questions or concerns about how to release an IRS bank levy in the Twins Cities, MN, I would be happy to help.  Please feel free to contact me anytime at (612) 516 5878  or e-mal at joe.alabi@fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Sun, 28 Mar 2021 23:41:43 -0700 https://activerain.com/blogsview/5648044/video--how-to-release-an-irs-bank-levy- https://activerain.com/blogsview/5644787/video---how-to-remove-an-irs-tax-lien Hello, I have just uploaded a 2min video on youtube on how to remove an IRS tax lien on a property ? Here is the linkhttps://youtu.be/t-iu4PyuZ9w If you or someone you know have years of unfiled taxes, wants to remove an IRS tax lien on their home. Please feel free to call or 612516 5878 or email me at joe.alabi@fishcointax.com Joe Alabi EA MAcct (Taxation)FishCoin Tax SolutionsTel :612 516 58784124 Quebec Ave North, Suite 307New Hope Minnesota 55427www.fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Sun, 21 Mar 2021 23:01:05 -0700 https://activerain.com/blogsview/5644787/video---how-to-remove-an-irs-tax-lien https://activerain.com/blogsview/5640468/minnesota--how-to-remove--irs-tax-lien-on-your-property--subordination I represent taxpayers in Minneapolis, Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS).If a taxpayer owes money to the IRS, there is already a tax lien against them and all their assets, including those assets they acquire in the future.  The IRS often files a public notice to let all other creditors know that money will be paid to the IRS first, and that other unsecured creditors will be behind the IRS in priority. This filing is referred to as a Notice of Federal Tax Lien (NFTL), which is a public document filed to alert third parties that the taxpayer owes the IRS money.There are few options to get a lien remove so that a taxpayer you can their sell your home or refinance even though you owe back tax debt to the IRS. One of the options is IRS Subordination.IRS Subordination: A third party lender may be willing to lend money to the taxpayer but there is a lien on the home. The IRS may allow the third party to move ahead of them if the IRS’ ability to collect the taxpayer’s debt is improved, then the IRS will agree to subordinate its lien to that of the third-party lender.The IRS will allow the subordination if the deal will enhance the IRS collection potential of the back IRS debts. For example,The lender will refinance the property allowing the taxpayer to obtain cash and pay down their IRS tax debt, andThe refinance will pay for improvements to the property, which will increase the value and therefore allow the IRS to potentially collect more later. In general, a request for lien subordination with the necessary information  is filed with the IRS Lien Unit, and once the particulars are negotiated the IRS will give the taxpayer a letter stating that they will subordinate their lien upon the receipt of whatever closing statements and/or cash it expects from the closing.  After the IRS receives what it needs it will send the subordination to the taxpayer to file in the land recordsIf you or someone you know someone that needs help with resolving IRS or Minnesota tax lien issues. I can be contacted by phone at (612) 516 5878 or you can email me directly at joe.alabi@fishcointax.com.Joe Alabi EA MAcct (Taxation)FishCoin Tax Solutions4124 Quebec Avenue North Suite 307New Hope,MN 55427Phone : 612 516 5878Fax: 651 409 2021Email : info@fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Mon, 15 Mar 2021 00:04:42 -0700 https://activerain.com/blogsview/5640468/minnesota--how-to-remove--irs-tax-lien-on-your-property--subordination https://activerain.com/blogsview/5634518/video-how-much-should-i-offer-in-compromise-to-the-irs Hello Everyone, I just uploaded a video to youtube on how much you should offer the IRS or State to settle your back taxes. Here is the link.https://youtu.be/ExZKrQwMiz0 Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Mon, 01 Mar 2021 23:39:51 -0800 https://activerain.com/blogsview/5634518/video-how-much-should-i-offer-in-compromise-to-the-irs https://activerain.com/blogsview/5633500/how-to-file-back-taxes- Hello, I have just uploaded a video on youtube on how to file back taxes? Here is the linkhttps://youtu.be/qZ5zq4qQZPg If  you or someone you know have years of unfiled taxes, Please feel free to call or  612516 5878 or email me at joe.alabi@fishcointax.com Joe Alabi EA MAcct (Taxation)FishCoin Tax SolutionsTel :612 516 58784124 Quebec Ave North ,Suite 307New Hope Minnesota  55427www.fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Fri, 26 Feb 2021 15:22:37 -0800 https://activerain.com/blogsview/5633500/how-to-file-back-taxes- https://activerain.com/blogsview/5631150/minnesota--what-you-need-to-know-about-irs-levy- I represent taxpayers in Twin Cities, Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS).   One of the questions that are asked by taxpayers who have received a CP90 Notice(Intent to Levy) or have a case is in the collection division of the IRS is “What can the IRS can seize?”There are two types of federal tax levies issued by the IRS: a “regular” levy and a “continuing” levy. A continuing levy is a levy issued by the IRS on wages or routinely paid commissions, so it will remain in place until it is released.A “regular” levy issued by the IRS reaches the assets owned by the taxpayer now the levy is received.  For example: Assume Taxpayer owes the IRS $20,000.  Taxpayer has $400 in his bank account on Tuesday. On Tuesday at 3:00 pm the bank receives a Notice of Levy from the IRS for the $20,000 that the federal government is owed.  The taxpayer then deposits $20,000 in his account on Wednesday at 10:00 am.  How much does the bank have to send to the IRS on account of the federal tax levy? The bank will send the IRS the $400, which is the money it had at the moment the levy was received.  The $20,000 deposited on Wednesday would not be touched by the federal tax levy.  These also applies to contractors or account receivables.  The party that receives the tax levy only pays over to the IRS that amount which it owes the Taxpayer at that moment.  To illustrate this: If a general contractor receives a notice of tax levy from the IRS for one of its subcontractors, it can only pay that money which was owed to the subcontractor.  If the general contractor did not owe the subcontractor anything (because the job was not complete, and nothing was owed under the contract) than the tax levy would not get anything.If you or your clients have any issues with tax levies issued by the IRS or other federal tax problems please feel free by email joe.alabi@fishcointax.com.  Joe Alabi EA MAcct(Taxation)FishCoin Tax Solutions4124 Quebec Ave North Suite 307 New Hope MN 55427Ph. (612) 516 – 5878Fax (651) 419 -2021www.fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Sun, 21 Feb 2021 22:00:13 -0800 https://activerain.com/blogsview/5631150/minnesota--what-you-need-to-know-about-irs-levy- https://activerain.com/blogsview/5614564/minnesota--should-i-file-all-back-tax-returns--yes-and-no New Hope Minnesota :Should I File All Back Tax Returns?Answer : It depends!I represent taxpayers in Twins Cities, Minnesota and all the 50 states in the United State before all adminstrative levels - examination, collection, and appeals - of the Internal Revenue Service(IRS).You may have some reasons to file additional years although most people are only required to go back the last 6 years for the IRS .The most common reason to file back tax returns beyond that required is to reduce outstanding liabilities related to back taxes.  In some cases, when a person fails to voluntarily file a tax return the IRS and Minnesota Department of Revenue will create a return on behalf of person called a Substitute for Return(SFR).Substitute for Return filings often result in a higher balance than what would have been owed if a person filed the return on their own.Going back beyond the 6 years to file a return on a year for which a Substitute for Return has been filed can lower or even eliminate back taxes owed granting immediate tax debt relief.  Another common reason for filing federal tax returns beyond the 6 year requirement is to obtain more favorable credits for Social Security purposes.Lastly, when a business as  Net Operating Loss ( NOL) beyond the 6 year requirement  that can used in  reducing the tax liabilities in the 6 years tax return it might be worthwhile going back to file those years so that the NOL could be carried forward.If you or someone you know has unfiled tax returns or some other federal or state tax issue such as Payroll, Sales tax, please feel free to contact me at either (612)516 5878 or by email at joe.alabi@fishcointax.com. Joe Alabi EA MAcct(Taxation)FishCoin Tax Solutions4124 Quebec Ave North Suite 307 New Hope MN 55427Ph. (612) 516 – 5878Fax (651) 419 -2021www.fishcointax.comEmail : info@fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Sun, 17 Jan 2021 19:47:52 -0800 https://activerain.com/blogsview/5614564/minnesota--should-i-file-all-back-tax-returns--yes-and-no https://activerain.com/blogsview/5607903/minnesota--don-t-waste-your-time-on-offer-in-compromise--oic--if-you-- Offer in Compromise (OIC) is a program administered by the Internal Revenue Service which allows taxpayers to settle their tax debt for less than the full amount they owe— essentially allowing them a fresh start with the IRS.In the past years, more than 50% of OIC applications received by the IRS are rejected. Here is a quick guideline to determine if you a good candidate for an Offer in Compromise.1. Taxpayers not in compliance i.e If the taxpayer is not current with the current tax obligations like estimated tax payments, payroll  taxes, have unfiled tax returns.The taxpayer is not a good candidate for  OIC. Furthermore, the taxpayer have to be in tax compliance and main compliance for next 5 years after the offer have been accepted. 2. The taxpayer have the ability to fully pay the tax debt. The IRS will not consider an OIC if the taxpayer shows the ability to full pay the liability within the time remaining on the statute.i.e  the taxpayer have enough income or asset to pay the tax debt.3.The taxpayers have a dissipated asset. A dissipated asset is an asset that was sold or transferred by the taxpayer which should have/could have been used to pay the IRS.For example,you owe the IRS $75,0000, you offer $35,000 to settle the debt. Last year you sold stocks for a gain of $20,000 which you use to pay a personal loan to friend. The IRS will reject your OIC because they believe you have a dissipated asset.A qualified tax proffesional can help you navigate the obstacles and pitfalls to make sure you OIC application is properly filed and have a better chance of acceptance.If you or someone you know has unfiled tax returns or some other federal or state tax issue such as Payroll, Sales tax, please feel free to contact me at either (612) 216 3565 or by email at joe.alabi@fishcointax.com. Joe Alabi EA MAcct(Taxation)FishCoin Tax SolutionsPh. (612) 516 – 5878Fax (651) 419 -2021www.fishcointax.comEmail : info@fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Sun, 03 Jan 2021 22:37:16 -0800 https://activerain.com/blogsview/5607903/minnesota--don-t-waste-your-time-on-offer-in-compromise--oic--if-you-- https://activerain.com/blogsview/5604128/minnesota--defaulting-on-an-irs-payment-plan- I represent taxpayers in Twin Cities,  Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS).You have set up a payment plan with the IRS and you are making regular payments, thing happen you forgot or you are in a situation where you did not make the monthly payment. A taxpayer will default on his or her installment agreement by doing any of the following:• Incurring a new tax debt by filing a tax return with a balance due• Failing to file a tax return timely and incurring a late filing penalty• Failing to make their installment payments as agreedOnce a taxpayer defaults on his or her installment agreement the IRS will send them aletter (CP 523) Intent to Terminate your Installment Agreement. The taxpayer must either pay the balance due in full, request an Appeal under the Collection Appeal Process , or contact collections to begin renegotiating for a new installment agreement.The failure of the taxpayer to maintain his or her tax compliance will void any deal we reach with the IRS for the taxpayer. To avoid  defaulting on a payment plan contact the IRS or your tax professional to look at other options available to you.If you or anyone you know have unfiled returns and have back tax issues with the IRS or State . Please feel free to contact me by phone or email.Joe Alabi EA MAcct (Taxation)FishCoin Tax Solutions4124 Quebec Avenue North Suite 307New Hope,MN 55427Phone : 612 516 5878Fax: 651 409 2021Email : info@fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Mon, 21 Dec 2020 14:01:21 -0800 https://activerain.com/blogsview/5604128/minnesota--defaulting-on-an-irs-payment-plan- https://activerain.com/blogsview/5604117/minnesota-types-of-payment-plan-you-can-set-up-with-the-irs I represent taxpayers in Twin Cities,Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS).If you owe back taxes to the IRS. The IRS may allow you to set up a payment plan   (Installment Agreement) to pay the debt if you meet certain conditions.An installment agreement is simply a payment plan or agreement between the IRS and a taxpayer to allow the taxpayer to pay their back-tax debt in monthly payments.There are various forms of installment agreement, each of which has special rules. The four types of installement agreements are : Automatic (if you owe less than $10,000) Streamlined(If you owe less than $50,000) Regular Partial - Pay Automatic Installment Agreement.Also called Guarantee Installment Agreement  is where a taxpayer owes less than $10,000 in tax and during the past 5 years has not owed any tax or had an installment agreement i.e In complianance - Your previous five years’ returns may not have been filed or paid late. You have not  used an installment agreement plan option within the previous five years. You can pay the entire amount within three years or less. This installment program is simple enough to apply for yourself online, and you are likely to qualify for this agreement as long as you meet the criteria for your past taxes. Also, you don't need to provide a full financial statement to the Internal Revenue Service.Streamlined Installment AgreementA streamlined installment agreement is very similar to the automatic installmentagreement. If a taxpayer meets the following criteria, they can simply make a phonecall to the IRS and arrange an installment agreement:• The taxpayer owes less than $50,000• The taxpayer has not had a back-tax debt or an installment agreement in the last5 years• The taxpayer agrees to full pay the liability within 72 months or before theCollection Statute Expiration Date (“CSED”), whichever occurs first.Just like an automatic agreement, with a streamlined agreement the taxpayer does nothave to provide any financial information. The taxpayer can create an agreement withjust a phone call (or going to the IRS website).Regular Installment AgreementWhen a taxpayer cannot meet the requirements of a streamline installment agreement because He/She owe more than $50,000 or because of IRS collection statutes limitation is about to expire(the IRS does not have enough time to collect on the debt).The taxpayer will be required to complete a collection information statement (IRS Fom 433). The IRS thoroughly reviews your financial situation so you can pay the debt off as early as possible. And this time, you will need to furnish a financial statement.At this point you should get a tax professional to help you. A tax professional can make sure you get the IRS all the required financial information and fill out a Collection Information Statement (Form 433-F or Form -433A or Form 433-B if you own a business). Partial Payment Installment AgreementThe IRS may allow you to pay part of your debt if you show you can't afford the minimum payment for a guaranteed or streamlined installment payment plan. A partial payment agreement allows you to take longer to repay, and the IRS will evaluate your financial position every 18 months  to see if you are better off. They will include your equity in assets in their calculations.If you or anyone you know have unfiled returns and have back tax issues with the IRS or State . Please feel free to contact me by phone or email.Joe Alabi EA MAcct (Taxation)FishCoin Tax Solutions4124 Quebec Avenue North Suite 307New Hope,MN 55427Phone : 612 516 5878Fax: 651 409 2021Email : info@fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Mon, 21 Dec 2020 13:36:07 -0800 https://activerain.com/blogsview/5604117/minnesota-types-of-payment-plan-you-can-set-up-with-the-irs https://activerain.com/blogsview/5600965/minnesota--how-to-remove-an-irs-tax-lien-from-a-home---withdrawal I represent taxpayers in Minneapolis, Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS).You can definitely sell a house with an IRS Tax Lien. The only thing the IRS requires is that the seller who owes money to the government not walk away with money that the IRS should have received.There are three main options to deal with IRS Tax liens. They are Lien Discharge;Lien Subordination; and Lien Withdrawal.In this blog will be focusing how to remove a tax lien on a house using the Lien Withdrawal Option.A "withdrawal" removes the public Notice of Federal Tax Lien and assures that the IRS is not competing with other creditors for your property; however, you are still liable for the amount due. As Per the IRS to remove a tax lien the following requirements has to be met.1.The tax Debt has to be less than $25,000(you may  pay down the debt to $25K before the withdrawal request).2. The taxpayers set up a Direct Debit Installment Agreement with the IRS.3. The Installment Agreement will be completed with 60 months.4. You have made 3 consecutive direct debit payments.5. You can’t have defaulted on your current, or any previous, Direct Debit Installment agreement.6. You are in full compliance with other filing and payment requirements.To request a withdrawal IRS Form 12277, Application for the Withdrawal must be filed. Please plan according it might a few weeks for the lien to be removed.If you or someone you know  someone that needs help with resolving IRS or Minnesota tax lien issues. I can be contacted by phone at (612) 516 5878 or you can email me directly at joe.alabi@fishcointax.com.Joe Alabi EA MAcct (Taxation)FishCoin Tax Solutions4124 Quebec Avenue North Suite 307New Hope,MN 55427Phone : 612 516 5878Fax: 651 409 2021Email : info@fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Sun, 13 Dec 2020 20:29:18 -0800 https://activerain.com/blogsview/5600965/minnesota--how-to-remove-an-irs-tax-lien-from-a-home---withdrawal https://activerain.com/blogsview/5600924/minnesota--how-to-sell-or-refinance-home-with-a-tax-lien- I represent taxpayers in Minneapolis, Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS).Contrary to popular belief that the IRS will not allow you to sell a house that has a tax lien, you can definitely sell a house with an IRS Tax Lien. The only thing the IRS requires is that the seller who owes money to the government not walk away with money that the IRS should have received.There are three main options to deal with IRS Tax liens. They are  Lien Discharge; Lien Subordination;Lien Withdrawal.In this article will be focusing how to sell a house using the  Lien Subordination Option."Subordination" does not remove the lien, but allows other creditors to move ahead of the IRS, which may make it easier to get a loan or mortgage.The IRS willing be to take a lower priority position if it partially pays the tax debt or/and improve collections. Example 1, A taxpayer wants to sell his home but owes the IRS or State  $100,000. The taxpayer can not fully pay the tax debt but wants to set up a payment plan with the IRS for $50,000 and borrow the remaining  $50,000 from his dad (secured interest loan). The taxpayer can go to the IRS and request that the IRS take a second position and allow his Dad to get his $50,000 from selling the house.Done right, the IRS will issue a letter stating that the IRS subordinates to his dad in the amount of $50,000 before  any other creditors .Example 2, Refinancing -Improving CollectionsA taxpayers wants to refinance because he is paying 14% and his bank is willing to refinance for 9%(No cash paid out) . The refinancing will free up money to pay an higher monthly payment plan to the IRS.The IRS will allow this type IRS Subordination because it will improve collections bringing the bank to first position.You will notice a collection plan has to be in place before the IRS agrees to any proposal. Please feel free to contact me if you or someone you know needs help with resolving IRS or Minnesota tax lien issues. I can be contacted by phone at (612) 516 5878 or you can email me directly at joe.alabi@fishcointax.com.Joe Alabi EA MAcct (Taxation)FishCoin Tax Solutions4124 Quebec Avenue North Suite 307New Hope,MN 55427Phone : 612 516 5878Fax: 651 409 2021Email : info@fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Sun, 13 Dec 2020 19:31:07 -0800 https://activerain.com/blogsview/5600924/minnesota--how-to-sell-or-refinance-home-with-a-tax-lien- https://activerain.com/blogsview/5594062/minnesota---type-of-irs-penalty-relief- I represent taxpayers in Minneapolis, Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS). If you owe back tax debts you may qualify for some type of penalty relief from the IRS. The IRS will not inform you about the type of relief available to you. It is your responsibilty to request a penalty abatement or penalty release on the back taxes from the IRS. The following types of penalty relief are offered by the IRS. First Time Abatement (FTA) This is the easiest and the most common penalty abatement.You can ask for the FTA over the phone or through a written request . You may qualify for administrative relief FTA from penalties for failing to file a tax return, pay on time, and/or to deposit taxes. Certain conditions must be met. The conditons are: You didn’t previously have to file a return or you have no penalties for the 3 tax years prior to the tax year in which you received a penalty. You filed all currently required returns or filed an extension of time to file. You have paid, or arranged to pay, any tax due. Reasonable Cause This is the toughest penalty relief to get from the IRS. It is very subjective because it is based on all the facts and circumstances of the situation. Some of the situations that the IRS will consider according to the IRS Manual includes Fire, casualty, natural disaster or other disturbances Inability to obtain records Death, serious illness, incapacitation or unavoidable absence of the taxpayer or a member of the taxpayer’s immediate family Other reason which establishes that you used all ordinary business care and prudence to meet your Federal tax obligations but were nevertheless unable to do so Other Administrative Relief This is the type of relief  is due to incorrect oral advice from the IRS.You may qualify for administrative relief from penalties for failing to file a tax return, pay on time, and/or to deposit taxes. If you or anyone you know have unfiled returns and have back tax issues with the IRS or State . Please feel free to contact me by phone or email. Joe Alabi EA MAcct (Taxation) FishCoin Tax Solutions 4124 Quebec Avenue North Suite 307New Hope,MN 55427Phone : 612 516 5878Fax: 651 409 2021Email : info@fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Sun, 29 Nov 2020 20:43:15 -0800 https://activerain.com/blogsview/5594062/minnesota---type-of-irs-penalty-relief- https://activerain.com/blogsview/5594061/minnesota---what-are-the-irs-penalties-eligible-for-relief- I recently had a client that called my office in New Hope Minnesota and he wants to pay the tax debt owed but does not want to pay the penalties and interest associated with the tax debt. I had to explain to him that not all penalties qualifies for a relief and that other factors have to be considered. It is difficult to remove penalties and interest but there are certain penalties eligible for a tax relief.  The IRS penalties that are eligible relief include the following  Failure to file a tax return: The failure -to-file penalty is normally 4.5 percent of the unpaid taxes for each month or part of a month that a tax return is late. It will not exceed 25 percent of your unpaid taxes. For example, you forgot to file an extension and filed your tax return on December 20th 2XXX that was due in April 15th 2XXX and you owe $2000 in upaid taxes. The IRS will assess a failure to file penalty of 4.5% on each month you did not file. In this case, May to October you will be assessed the 4.5% penalty until the penalty reaches the 25% on the $2000 owed.  Failure to pay on time The failure to pay penalty is generally 0.5 percent per month of your unpaid taxes. It applies for each month or part of a month your taxes remain unpaid and starts accruing the day after taxes are due (April 15th). It goes up to 25% of the unpaid taxes.  Failure to deposit certain taxes as required. The failure to deposit is mainly for employment taxes (941's and 940's). There are three things that could trigger the penalty1. Untimely Deposits( missing payment date)2. Depositing an Incorrect amount3.Deposting in an incorrect manner(Payment Method)Failure to adhere to any of these will trigger a failure to deposit penalties.  If you or anyone you know have unfiled returns and have back tax issue with the IRS or State . Please feel free to contact me by phone or email .Joe Alabi EA MAcct ( Taxation) FishCoin Tax Solutions 4124 Quebec Avenue North Suite 307,New Hope,MN 55427Phone : 612 516 5878Fax: 651 409 2021Email : info@fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Sun, 29 Nov 2020 19:43:22 -0800 https://activerain.com/blogsview/5594061/minnesota---what-are-the-irs-penalties-eligible-for-relief- https://activerain.com/blogsview/5591751/minnesota--two-main-types-of-irs-offer-in--compromise--oic- I represent taxpayers in Minneapolis, Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS). The Offer in Compromise progam allows a taxpayer to settle their back -tax debt for less than the amount owed under certain circumstances.There are mainly two types of Offers in Compromise.  Doubt as to Collectability offer – This type of offer is the most common type of OIC made to the IRS. In this case, the Taxpayer agrees that they owe the IRS, but are simply not in a financial position, to fully pay off their debt. The taxpayer makes an Offer to the IRS based upon their particular financial circumstances and provides back -up to support their proposal.Taxpayer can offer to pay in a lump Sum (Within 5 months of the date of acceptance) or Short Term Deferred(Periodic Payment)i.e The taxpayer begin making monthly payments while the offer is pending and will pay the balance of the offer in more than 6 months but not more than 24 months. Doubt as to Liability Offer – This is an offer where the taxpayer offers to settle the debt based upon being able to show they do not actually owe all of the underlying tax. In otherwords, When a Doubt as to Liability OIC is filed, the Taxpayer may be able to fully pay the debt but in this case, they do not believe they owe the debt or fully owe the debt. Unlike Doubt as to Collectability, where the Taxpayer must prove they are unable to fully pay, in this case, the Taxpayer must submit proof that they really don’t owe the amount being assessed. Even if the Taxpayer belives that zero is owed, since this is an Offer In Compromise, an Offer must be made, even if for a nominal amount.  There is another type of OIC called Effective Tax Administration – This is not common. In this case, the amount is owed and the Taxpayer has sufficient ability to pay the debt, but it is not in the government’s best interest to require the Taxpayer to fully pay .If you or anyone you know owe back taxes or have unfiled tax returns.Please feel free to contact me by phone or email.Joe Alabi EA MAcct Taxation FishCoin Tax Solutions 4124 Quebec Ave North,Suite 307 New Hope MN 55427Phone : 612 516 5878Fax: 651 419 2021Email:info@fishcointax.comwww.fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Sun, 22 Nov 2020 20:43:08 -0800 https://activerain.com/blogsview/5591751/minnesota--two-main-types-of-irs-offer-in--compromise--oic- https://activerain.com/blogsview/5591716/how-much-should--i-offer--irs-to-settle-my-back-taxes- I represent taxpayers in Minneapolis, Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS).The IRS allows people to settle their back tax debt for less if they meet certain requirements. One key requirement is that a person offers an amount no less than their Reasonable Collection Potential (RCP).Before determining an offer amount, we must calculate the Taxpayer's Reasonable Collection Potential.The RCP consist of two elements: net equity in assets and future income. These two elements added together will calculate the RCP. Examples of net assets include retirement and investment accounts, equity in a home or vehicle, and cash in the bank. Examples of expenses considered include food, clothing, housing, utilities, vehicle ownership and operating costs, life insurance, to name a few.The Reasonable Collection Potential is then calculated by subtracting monthly expenses from monthly income and then multiplying the result by 12 or 24 (see below). This number is then added to the net assets referenced above. Note that the IRS has certain limits on amounts which can be claimed for certain expenses per their allowable standard guidelines.By understanding the requirements and rules, we can evaluate your Offer-in-Compromise against the IRS or State RCP formulas and also ensure that the proper documentation is submitted and communicated.Knowing the process and how the IRS will apply RCP can have tremendous results. Be sure to sit down with a tax professional who specializes in IRS Representation and in particular has experience in presenting Offers-in-Compromise to the IRS.If you or anyone you know owe back taxes or have unfiled tax returns.Please feel free to contact me by phone or email. Joe Alabi EA MAcct Taxation FishCoin Tax Solutions4124 Quebec Ave North,Suite 307 New Hope MN 55427Phone : 612 516 5878   Fax: 651 419 2021Email :info@fishcointax.comwww.fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Sun, 22 Nov 2020 19:13:53 -0800 https://activerain.com/blogsview/5591716/how-much-should--i-offer--irs-to-settle-my-back-taxes- https://activerain.com/blogsview/5588534/minnesota--types-of-irs-tax-transcripts I represent taxpayers in Maple Grove, Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS).An IRS tax transcript is a printout of the summary of the major data on your tax return.There are four main transcripts you can request from the IRS. They are1.Return Transcript - This is a transcript of your actual return. Its shows most of the line item from your tax return.It is only available for the current tax year and prior 3 years.  2. Account Transcript : This contains more information about the taxpayer's account . It includes information about penalties, interest, actions taken by the IRS and much more. It is available back to the 1980's through the current year. 3. Wage & Income Trancript : This transcript list documents received by the IRS from third parties .This includes W2, 1099's and 1098-Tuition from School , HealthCare 1095 and much more. This is very useful if  you have missing documents.It is available for last 10 years. 4.Record of  Account Transcript : This is a combination of  Return transcript and Account Transcript . It is available the current year and prior three years.Other transcript you can request from the IRS includes Seperate Assessments,Civil Penalties, TXMOD. If you or you know someone that have tax issues with the IRS or Minnesota Revenue please email or call me.Joe Alabi EA MAcct TaxationFishCoin Tax SolutionsPhone : 612 516 5878Fax: 651 419 2021Email : info@fishcointax.comwww.fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Mon, 16 Nov 2020 23:25:47 -0800 https://activerain.com/blogsview/5588534/minnesota--types-of-irs-tax-transcripts https://activerain.com/blogsview/5588530/minnesota-myths-about-tax-resolution-services-tax-professionals I represent taxpayers in Maple Grove, Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS). ► MYTH #1 : Tax Resolution Services listed on the internet are carefully screened for qualifications.  THE TRUTH: Most internet listings are nothing more than another advertising media. Sometimes, the only qualification required in order to be listed is the ability to pay big bucks for an “exclusive listing.”  ► MYTH #2 : All attorneys,IRS enrolled agents and accountants have experience with the IRS.  THE TRUTH: Only a small percentage of lawyers and accountants have any experience in dealing with the IRS. Some attorneys simply prepare documents and many enrolled agents/accountants deal only with accounting matters and filing tax returns.  ► MYTH #3 : All tax professionals have basically the same training.  THE TRUTH: Not all tax professionals have the same training. Members of American Society of Tax Problems Solvers(ASTPS) and Tax Rep Network(TRN) participate in continuing education on how to help taxpayers resolve their IRS tax problems.  ► MYTH #4 : Large national tax resolution Services have an advantage over small office Tax Resolution Professionals.  THE TRUTH: National firms have no advantage over local Tax Resolution Professionals and often are at a disadvantage. A local Tax Resolution Professional is in a position of understanding not only the unique issues that affects his/her clients, but he is also able to give them individualized, personal attention to resolve their tax problems  ► MYTH #5 : Former IRS employees have special connections that give them an inside edge that other tax professionals do not have. THE TRUTH: All IRS problems are resolved based on the facts of the case, the applicable law, and the skill of the Tax Resolution Professional. Personal connections simply do not come into play.  ► MYTH #6 : A tax professional who can guarantee results must be better than those who do not guarantee results.  THE TRUTH: No legitimate Tax Resolution Professional can guarantee results. It is the IRS who ultimately decides the outcome of your case. It is only by choosing a skilled and experienced Tax Resolution Professional that you can enhance your chances for a positive result.   If you or someone you know have tax issues with IRS or Minnesota Revenue . Please feel free to contact me . Joe Alabi EA MAcct (Taxation)FishCoin Tax SolutionsPhone 612 516 5878Fax 651 419 2021info@fishcointax.comwww.fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Mon, 16 Nov 2020 22:38:47 -0800 https://activerain.com/blogsview/5588530/minnesota-myths-about-tax-resolution-services-tax-professionals https://activerain.com/blogsview/5584585/maple-grove--mn--i-owe-back-taxes--i-can-t-pay---do-this- I represent taxpayers in Maple Grove, Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS).The IRS have options available for taxpayer who owe taxes and can not fully pay the amount owed.The best thing you can do is to confront the problem, pick up the phone and speak with the IRS agent. I understand the wait times are long but the peace of mind/deals you can get over the phone may be worthwhile.Depending on your tax situation, you should request the following.1. Request that some/all the penalties and Interest be removed. Mention - FTA 2. Request for more time to pay the back taxes.3. Request the wage garnishment to be stopped.4. Request that the Tax lien or Tax levy to be removed.5. Request that your account to be put on hold. i.e Stop collection actions6. Set up a payment plan that works for you.7. Request for a Collection due process hearing/Equivalent Hearing .if you want someone to look at your case.8. Request to speak with the Higher ups.9. Ask - What is the minimum monthly payment the IRS is willing to accept.10.Unusual- You can ask the IRS to take the debt from your IRA account. If you or someone you know have federal or state tax issue such as Income, Payroll, Sales tax, please feel free to contact me by email at joe.alabi@fishcointax.com. Joe Alabi EA MAcct(Taxation) FishCoin Tax Solutions Ph. (612) 516 – 5878Fax (651) 419 -2021www.fishcointax.comEmail : info@fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Sun, 08 Nov 2020 21:12:03 -0800 https://activerain.com/blogsview/5584585/maple-grove--mn--i-owe-back-taxes--i-can-t-pay---do-this- https://activerain.com/blogsview/5584570/maple-grove--mn--how-to-stop-irs-wage-garnishment- I represent taxpayers in Maple Grove, Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS).One of the tools the IRS uses to get a taxpayer's attention or get a tax debt paid is to start garnishing their wages using a continuing levy. A continuing wage levy is designed to make it economically painful so that it forces taxpayers to contact the IRS and deal with the back tax issue.Before the issuance of the wage levy, five or six months have passed without the taxpayer dealing with the back tax issue. The IRS have sent out at least four letters to the taxpayer and the taxpayer have choose to ignored the letters.The good news is that there are options available to the taxpayer to remove or stop the wage garnishment if certain requirements are met.The wage garnishment will generally be released once an option is agreed upon.However, before such options can be pursued a taxpayer must get into compliance by filing any back taxes or unfiled tax returns, be in complaince with current taxes among other requirements.The three common options are:1. Installment Agreement (Payment Plan): This is a form of payment plan. We have the regular payment plan, partial payment plan, Streamlined payment plan.2. Offer in Compromise (OIC): This is when you offer to settle your tax debt for less based upon an inability to full- pay.3. Currrently Non Collectible Status(CNC) - Simply cannot pay right now.The IRS will put your account on hold and will not take any collection actions against your assets. If you or someone you know have federal or state tax issue such as Income, Payroll, Sales tax, please feel free to contact me by email at joe.alabi@fishcointax.com.Joe Alabi EA MAcct(Taxation) FishCoin Tax Solutions Ph. (612) 516 – 5878 Fax (651) 419 -2021www.fishcointax.comEmail : info@fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Sun, 08 Nov 2020 20:03:11 -0800 https://activerain.com/blogsview/5584570/maple-grove--mn--how-to-stop-irs-wage-garnishment- https://activerain.com/blogsview/5583131/maple-grove-mn--irs-statutes-of-limitation-for-a-refund-is-3-years- I represent taxpayers in Maple Grove, Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS). A statute of limitation is a time period established by law to review, analyze and resolve taxpayer and/or IRS tax related issues. There are three main statutes of Limitations. They are Assessment Statute Expiration Date (ASED), Collection Statutes Expiration Date (CSED) and Refund Statute Expiration Date(RSED). Today, we are going to focus on Refund Statute Expiration Date (RSED).The RSED is how long the taxpayer has to file a claim for refund for a specific period.The RSED has two components and is the later of the 2 dates3 year Look Back – 3 years since the received date of the original return.2 year Look Back – Any payment made within the past 2 years. For example, if you have not yet filed you 2017 Income Tax Return, you will have to file before the April 15th, 2021 to be able to claim a refund. The 2017 tax return is due on April 15, 2018 adding 3 years equals April 15th, 2021. On the other hand, if you file or make an amended to your 2016 tax return and you are entitled to a refund. The IRS will not issue a refund because the RSED has expired unless you made a payment for your 2016 tax return in the last two years(2 year look back).If you have any tax related questions, please feel free to contact me at by phone or email at joe.alabi@fishcointax.com.   Joe Alabi EA MAcct(Taxation)FishCoin Tax SolutionsPh. (612) 516 – 5878Fax (651) 419 -2021www.fishcointax.comEmail : info@fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Wed, 04 Nov 2020 07:44:19 -0800 https://activerain.com/blogsview/5583131/maple-grove-mn--irs-statutes-of-limitation-for-a-refund-is-3-years- https://activerain.com/blogsview/5582660/maple-grove--mn--do-u-know-that-irs-has-10yrs-to-collect-on-tax-debt- I represent taxpayers in Maple Grove, Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS).By law, the IRS have 10 years to collect on a tax debt, after 10 years the tax debts expire. For example, a taxpayer owes $25,000 on his/her 2010 return, filed the return in April 2011 and the IRS assessed the taxpayer in May 2011. The IRS has 10 years until May 2021 to collect on the tax debts if the taxpayer did not do anything to extend the date. However, there are certain events that could toll(move) the date forward. The Collection Statute Expiration Date (CSED) refers to how long the IRS has to collect tax for a specific assessment. The CSED is calculated as 10years after the assessment date.The CSED can be extended by tolling events. Each assessment carries its own CSED. Here is a list of events that could suspend the CSED. Pending Installment AgreementTerminated Installment AgreementOffer in Compromise PendingBankruptcyCollection Due Process HearingInnocent SpouseMilitary Deferment. You can check on how many years is left on a debt by requesting a tax transcript. Please note it sometimes takes up to 90 days for the IRS to update the transcript if the debt has expired.If you or someone you know believe that a tax debt should have expired, please feel free to contact me at by phone or email at joe.alabi@fishcointax.com. Joe Alabi EA MAcct(Taxation)FishCoin Tax SolutionsPh. (612) 516 – 5878Fax (651) 419 -2021www.fishcointax.comEmail : info@fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Tue, 03 Nov 2020 13:23:43 -0800 https://activerain.com/blogsview/5582660/maple-grove--mn--do-u-know-that-irs-has-10yrs-to-collect-on-tax-debt- https://activerain.com/blogsview/5579095/maple-grove--mn---other-irs-notices-you-might-receive---back-taxes I represent taxpayers in Maple Grove, Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS). The IRS sends out several notices to taxpayers. In this blog, I want to talk about notices you might get if you owe back taxes or have issues with your tax return to the IRS. Here are some of the notices:  IRS504B Notice There is an unpaid amount due on the taxpayers account. If they do not pay the amount due immediately, the IRS will seize (levy) their state income tax refund and apply it to pay the amount owed. This is usually the final notice before the IRS acts. If the taxpayer doesn't pay the amount due or make payment arrangements, the IRS can file a Notice of Federal Tax Lien on the taxpayers’ property at any time, if they haven't already done so. In addition, if the taxpayer doesn't pay the amount owed by the due date on the notice, interest will increase, and additional penalties may apply.  CP2531 Notice The IRS has received information not reported on the tax return. If they do not receive a response by the due date of the letter, the IRS will issue a notice of proposed changes. The solution is to review the notice carefully and compare the notice to the actual tax return filed. CP2030 Notice The IRS computer system matched the information reported on the taxpayer's return with information reported by third parties. A discrepancy was found causing the notice to be generated and mailed to the taxpayer(s). The charge may cause an increase or decrease in the tax or may not change it at all.  CP297C Notice The IRS has issued a notice of levy to collect unpaid federal tax. They issued this levy because they still haven’t received a full payment despite sending several notices about the overdue taxes. This letter is also notification of the taxpayers' right to request an Appeals hearing (under Internal Revenue Code (IRC)Section 6330(f)). Because the taxpayer is a federal contractor, they were not given the right to a pre-levy hearing (Internal Revenue Code section 6330). However, they can appeal the levy of their assets by requesting a Collection Due Process hearing within 30 days from the date of the notice. CP92 Notice  Seizure of State tax refund The IRS has sent this notice to inform the taxpayer that they intend to levy on certain assets. The recipient has a balance due on their account that the IRS has previously sent notices about. That balance due was still unpaid, and the IRS levied the taxpayers state tax refund. However, the taxpayer can appeal the levy of their assets by requesting a Collection Due Process hearing within 30 days from the date of the notice. If you or someone you know have received any of the above notices, please feel free to contact me at by email at joe.alabi@fishcointax.com. Joe Alabi EA MAcct(Taxation)FishCoin Tax SolutionsPh. (612) 516 – 5878Fax (651) 419 -2021www.fishcointax.comEmail : info@fishcointax.com Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Sun, 25 Oct 2020 21:47:24 -0700 https://activerain.com/blogsview/5579095/maple-grove--mn---other-irs-notices-you-might-receive---back-taxes https://activerain.com/blogsview/5579092/maple-grove--mn---irs-notices-u-might-come-across-if--u-owe-back-taxes I represent taxpayers in Maple Grove, Minnesota and all the 50 States in the United State before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service (IRS).The IRS sends out several notices to taxpayers. In this blog, I want to talk about notices you might get if you owe back taxes or have issues with your tax return. This is a brief explanation of the notices.  IRS2006 Notice The IRS has received the information you sent to them. They are still researching the issue. They typically advise that it will be another 60 days to let you know what action they are taking. Please review the notice carefully and note the year and form. You do not need to respond to this notice.   CP90 Notice The IRS has sent this notice to inform the taxpayer that they intend to levy on certain assets.The taxpayer has a balance due on their account that the IRS has previously sent a notice about. That balance due is still unpaid, and the IRS intends to levy on certain assets. However, the taxpayer can appeal the levy of their assets by requesting a Collection Due Process hearing within 30 days from the date of the notice. You have 30 days to request a Collection Due Process hearing. CP91 Notice  Final Notice Before Levy on Social Security BenefitsThe taxpayer has a balance due on their account and the IRS previously sent a notice about it. That balance due is still unpaid. The IRS sent a CP91 to inform the Taxpayer that the amount is still due, and the IRS intends to take up to 15% of their Social Security Benefits to pay it.  You have 30 days to file an appeal under the (CAP) Collection Appeal Program.  CP2005 Notice The information you provided to the IRS resolved the tax issue in question and the inquiry is now closed.  If other notices are received regarding this issue they can be disregarded, however please read the notices carefully as they may relate to another tax owed. Review the notice carefully and note the year and form. If you or someone you know have received any of the above notices, please feel free to contact me at by email at joe.alabi@fishcointax.com. Joe Alabi EA MAcct(Taxation) Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions) Sun, 25 Oct 2020 21:05:26 -0700 https://activerain.com/blogsview/5579092/maple-grove--mn---irs-notices-u-might-come-across-if--u-owe-back-taxes