Information About Your IRS Installment Agreement

M&M Financial provides free tax guides on its website. Here is the information contained in the IRS Installment Agreement guide. Click here to request the following free tax guides.

• IRS Tax Liens
• Penalty Abatement
• Offer in Compromise
• IRS Levy and Garnishment
• IRS Installment Agreement

IRS Monthly Installment Agreements

The IRS Installment Agreement (IA) is a very popular option available to businesses and individuals to satisfy a back tax debt over time. IA’s come in many different shapes and sizes to accommodate most taxpayer’s needs.

Internal Revenue Manual (IRM) Section 5.14.1, Securing Installment Agreements contains a lot of useful information that may help you determine whether or not the IRS Installment Agreement is the resolution option that is right for you. It is easy to find online.

Types of IRS Installment Agreements and Payment Plans

The IRS has several different Installment Agreement options available to delinquent taxpayers. Continue reading

Common Sole Proprietorship Tax Problems

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Learn More About M&M’s Tax Resolution System

M&M Financial has helped many sole proprietors resolve their personal and business tax debts. Here are a few of the problems we frequently come across with self employed individuals.

1040 Estimated Tax Payments

A lot of self employed individuals aren’t clear on the pre-pay rules of the IRS. You may be required to pay 1040 estimated tax payments throughout the year. Part of securing an affordable resolution to your IRS tax debt is current tax compliance. Part of your current tax compliance may be pre-paying your yearly income taxes.

The general rule is that you must pay estimated tax in 2014 if:

• You expect to owe at least $1,000 in tax for the current year, after subtracting any withholding and refundable credits you may have, and
• You expect your withholding and refundable credits to be less than 90% of the tax debt that will be on your 2014 tax return or 100% of the tax reported on your 2013 (assuming your 2013 tax return covered all twelve months of the year).

Receipts and Record Keeping for Bookkeeping and Tax Compliance

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Former JK Harris, Tax Masters, American Tax Relief and Roni Deutch Tax Center Clients

M&M Financial Helps Former JK Harris, Tax Masters, American Tax Relief and Roni Deutch Tax Center Clients.

If you are a former client of any of the defunct tax resolution businesses listed below and you still have an unresolved tax problem, we can help. Over the years M&M Financial Consulting, Inc. has helped many clients that initially started working with a different tax resolution firm but were not able to get the results they paid for. As unfortunate as this is, not all tax resolution firms are the same.

If you have ever had a bad experience with tax professional or competing tax resolution firm, we encourage you to call M&M today to discuss your options with one of our tax experts. We are so confident that you will be impressed with what you hear that we guarantee it in writing. Continue reading

M&M Helps San Fernando CA Client Release Bank Levy and Secure CNC status

Back Tax Debt Help San Fernando, CAA sports bar & grill owner in San Fernando California came to M&M with his personal bank account cleared out by an IRS levy. Working quickly with our new client’s cooperation, M&M was successful in getting the IRS to release the funds back into his bank account and place the IRS collection case into Currently Not Collectible (CNC) status. This all happened within about two weeks of hire.

This case timeframe is not typical. Most tax resolution cases like this take M&M 30-60 to complete its work and protect its client; from there we wait on the IRS to review our proposal for resolution. However, sometimes we are able to gain an IRS Revenue Officer’s cooperation to resolve cases quickly and efficiently. In this case, very quickly. Needless to say, our client was happy to get the good news.

If you’ve been hit with an IRS call us today! If you haven’t been hit with an IRS levy, it’s an even better time to call M&M to get started resolving your tax debt. 866-487-5624.

4180 Trust Fund Recover Penalty Investigation

Does your business owe back 941 employment taxes to the IRS? If you do, the IRS will be looking at you personally as a collection source. The Service will look at anyone they believe may be a Responsible Person of the delinquent business. That means they will be conducting an investigation into the business to determine who performs the duties and functions that determine financial policy, authorizes payroll and other payments of bills, authorizes Federal Tax Deposits and other critical decisions for the business.

The IRS will summons bank statements, copies of cancelled checks and bank signature cards from the business’ bank. They may contact other third parties. And a big part of the IRS Trust Fund Recovery Penalty (TFRP) investigation is Form 4180.

Form 4180, Report of Interview with Individual Relative to Trust Fund Recovery Penalty or Personal Liability for Excise Taxes Continue reading

M&M Helps Plainfield IL Client Secure PPIA and release A/R levy

Back Tax Debt Help Plainfield, IL

M&M Helps Plainfield, IL Client Resolve IRS Back Taxes

M&M successfully secured a Partial Payment Installment Agreement (PPIA) of $958/month on an $850,000+ IRS employment tax debt on behalf of an Illinois business client. The PPIA includes the LLC and the business owner personally. Since the IRS Collection Statute is 10 years, this PPIA has the potential to save our client more than $740,000.

We were also able to get a lingering A/R levy released after the Installment Agreement was secured. Time and again clients come to us experiencing difficulties with customers that have received a levy notice from the IRS with instructions to pay the Service instead of our client. The instructions included in the levy notice documents aren’t clear to most first time readers. Many of them process the levy notices incorrectly causing financial harm to the business in IRS collections. Some common questions of Accounts Receivable managers of small businesses are:

• Will we get in trouble if I don’t respond correctly?
• Where do we send the funds?
• When do we send the funds?
• What if no funds are due?
• What if we don’t send the funds?
• Does the levy stay in effect until we pay the total amount shown on the notice?
• Do we need to end our business relationship with this company?

Often in these situations we have to work with our client, their A/R and the IRS to appropriately resolve the situation. Typically some education of the levy process is involved. In this case we were able to sort out the issue and negotiate a release of the levy from the IRS. Our client was able to conduct business as usual.

If you have a looming tax debt, call 866-487-5624 to speak with an M&M Tax Expert today. You’ll be glad you did!

M&M Helps Larchmont NY Client Remove 68% of Penalties Associated with Payroll Tax Debt

IRS Penalty Abatement Larchmont, NYA New York client hired M&M in January 2014 to request the removal of penalties associated with a payroll tax debt. Due to financial difficulties suffered by the business, M&M was able to convince the IRS to remove $8,411.12 of a total $12,300.67 in penalties. But, it wasn’t easy.

After our initial request for penalty abatement was denied, M&M went to IRS Appeals to plead our client’s case. Finally after negotiating with IRS Appeals, in October 2014 the Service sent us the abatement acceptance letter we were looking for.

IRS Penalty Removal

$8,411 in IRS penalties removed – $1,341 M&M’s fee = $7,070 Savings for our Client.

Call 866-487-5624 to speak to an M&M Tax Expert about resolving your business payroll tax debt.

M&M Helps Hazlet NJ Client Reduce a $24,000 Civil Penalty

IRS Penalty Abatement Hazlet, NJ_Abatement

IRS Penalty Removal

M&M’s Hazlet New Jersey client had a total IRS tax debt of more than $50,000. A large chunk of the tax debt was a Civil Penalty due to failure to file W2’s with the Social Security Administration. M&M was hired to request the removal of the penalty and secure a resolution to the remaining balance in the form of a monthly Installment Agreement.

IRS Penalty Removal

We were successful in reducing the Civil Penalty from $24,576 to just $300!

Penalty Abatement $24,276 – M&M fee $2,950 = Client savings of $21,326.

And, our fee covers the resolution of our client’s remaining balance due to the IRS.

Call us at 866-487-5624 to find out how M&M’s Tax Resolution System can help you.

M&M Helps Germantown WI Client Secure CNC status with IRS

Germantown, WI_CNC_11.3.2014In early September 2014 a Germantown Wisconsin couple hired M&M to resolve a personal income tax liability of approximately $35,000.

Most of M&M’s prospective clients are advised that a monthly Installment Agreement is the most common resolution outcome for most of our clients. However, if after a thorough review of financial documentation we determine that a different resolution such as Currently Not Collectible (CNC) status, an Offer in Compromise or other resolution fits better, we’ll present it as the best option.

IRS Currently Not Collectible Often Called Hardship Status or Uncollectible Status

In this case, CNC status fit our client’s needs great and we were able to successfully negotiate the resolution. Our Wisconsin client will not have to make payments toward their back tax debt for the foreseeable future as long as current tax obligations are met. The IRS may review their ability to pay if their financial condition changes. But for now, they can rest easy knowing that the IRS will not levy their bank accounts or garnish their wages while in CNC status.

Find out which resolution option is best to resolve your back taxes. Call 866-487-5624 to speak with an M&M Tax Expert today!

M&M Financial Customer Review Flint Michigan

M&M Financial Small Business Tax Relief Review

“My husband and I had our business property slapped with a lien by the IRS. He was very sick at the time and couldn’t assist me. I had been unable to deal with all of the notices from the IRS, and had just let it go. We had quite a few returns to file and not much money to pay someone to prepare them.

We were inundated with calls and mail offering services to take care of this lien. Most promised that they could get us a payment of 10% of the lien amount. They made promises of almost magical things they would do for us. I am 68 and stopped believing these things years ago.

M&M called me. Normally I would just refuse these calls. However, this call was different. Steve [Precht] discussed with me the actions the IRS could take if I did nothing, what I needed to do to file the returns that were needed, what M&M could do to help me get the returns filed, and that they would be Power of Attorney to deal with the IRS collection agent. Continue reading