joe alabi ea: Minnesota: What you need to know about IRS levy? - 02/21/21 10:00 PM
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 … (0 comments)

joe alabi ea: Minnesota: Don't waste your time on Offer in Compromise "OIC" if you.? - 01/03/21 10:37 PM
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 … (0 comments)

joe alabi ea: Minnesota: Defaulting on an IRS Payment Plan. - 12/21/20 02:01 PM
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 … (0 comments)

joe alabi ea: Minnesota:Types of Payment Plan you can set up with the IRS - 12/21/20 01:36 PM
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 … (0 comments)

joe alabi ea: Minnesota: How to Sell or Refinance Home with a Tax Lien? - 12/13/20 07:31 PM
 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 … (0 comments)

joe alabi ea: Minnesota : Type of IRS Penalty Relief. - 11/29/20 08:43 PM
 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 … (1 comments)

joe alabi ea: Minnesota : What are the IRS Penalties eligible for relief? - 11/29/20 07:43 PM
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 … (0 comments)

joe alabi ea: Minnesota: Two main types of IRS Offer in Compromise (OIC) - 11/22/20 08:43 PM
 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 … (0 comments)

joe alabi ea: How Much Should I offer IRS to Settle my Back taxes? - 11/22/20 07:13 PM
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 … (0 comments)

joe alabi ea: Minnesota :Types of IRS Tax Transcripts - 11/16/20 11:25 PM
  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 are
1.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 … (0 comments)

joe alabi ea: Maple Grove, MN: I owe back taxes. I can't pay!( Do this) - 11/08/20 09:12 PM
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 … (0 comments)

joe alabi ea: Maple Grove MN :IRS Statutes of Limitation for a refund is 3 years. - 11/04/20 07:44 AM
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 … (0 comments)

joe alabi ea: Maple Grove, MN: Do u know that IRS has 10yrs to collect on tax debt? - 11/03/20 01:23 PM
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 … (0 comments)

joe alabi ea: Maple Grove, MN: Other IRS Notices you might receive – Back Taxes - 10/25/20 09:47 PM
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 … (0 comments)

joe alabi ea: Maple Grove, MN: IRS Notices U might come across if U owe back taxes - 10/25/20 09:05 PM
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 … (0 comments)

joe alabi ea: Maple Grove MN: Understanding IRS Notices Part 2 - 10/18/20 10:29 PM
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 issues out several notices. My goal is to cover common notices that a taxpayer or business might have received. It is important to open the mail and understand what the IRS is trying to communicate to the taxpayer.  Here are other common notices:
CP162 Notice 
The IRS charged the S Corporation or partnership a penalty for failure to file the 1120S or 1065 tax return. This penalty is $195 for each person who … (0 comments)

joe alabi ea: Maple Grove, MN : Guide to Understanding IRS Notices/Letters - 10/18/20 08:32 PM
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 primary way the IRS talk to taxpayers is through mail correspondence. It is important to open the mail and understand what the IRS is trying to communicate to the taxpayer.  Here are some common notices:
CP2000 Notice 
The IRS computer system matched the information reported on the taxpayer’s return with information reported by employers(W2), banks (1099-Int, 1099B) businesses and others. A discrepancy was found causing the notice to be generated and mailed to the taxpayers(s). … (1 comments)

joe alabi ea: Maple Grove, MN : Understanding IRS Collection Notices/Letters. - 10/11/20 10:15 PM
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). For you to stop IRS Collections you must understand the collection process.
Today we are going to talk about understanding the typical IRS Collection notices/letters .
 
CP501 Notice - There is a balance due on the taxpayers account.
This is a friendly reminder from the IRS that you still have an unpaid tax bill.  The CP501 notice includes a recap of the amount you owe plus any penalties and interest that have accrued.  If the taxpayer doesn't pay … (0 comments)

joe alabi ea: Video : What is Tax Compliance? - 10/10/20 11:22 PM
I recently uploaded a video on YouTube about the blog “What is Tax Compliance? You can check out through this link.
If you or someone you know has unfiled tax returns or some other federal or state tax issue. 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 Solutions
Ph. (612) 516 – 5878
Fax (651) 419 -2021
www.fishcointax.com
Email : info@fishcointax.com
(1 comments)

joe alabi ea: Video:: Maple Grove, MN : How to Stop IRS Collections? - 10/07/20 09:15 PM
I recently uploaded a video on YouTube about the blog “How to Stop IRS Collections?”. You can check out through this link.
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 Solutions
Ph. (612) 516 – 5878
Fax (651) 419 -2021
www.fishcointax.com
Email : info@fishcointax.com
 
(0 comments)

 
Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems (FishCoin Tax Solutions)

Joe Alabi EA

Tax Resolution Specialist - Help with IRS Problems

Maple Grove, MN

More about me…

FishCoin Tax Solutions

Address: 105 Hamel Rd Suite 150, Hamel, MN, 55340

Office: (612) 516-5878

Fax: (651) 419-2021

Email Me



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