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Gary Bode, CPA is a Master's Degreed, nation wide accountant offering tax and business services. Member of AICPA and NCACPA. Our virtual office provides excellent service to long distance and international clients. Call (910) 399-2705 for a free phone consult.

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Client Testimonials

I used Gary’s services to file my 2012 income tax return. This was my first year having an accountant do my return, as I have always done it myself using TurboTax. However, this year I had cancelled debt from my old primary residence which I was forced to convert to a rental property after relocating out of state.

While it didn’t cost me anything to do the short sale, the income tax consequence from the cancelled debt, roughly $50,000 in my case, was enough to move me from the 15% tax bracket to the 25% tax bracket.  Needless to say, I was concerned about that.

Finances were already tight and my husband and I are expecting our first child this fall. So the possibility of owing income tax was stressing me out. However, Gary was great at relieving my fears.

He is extremely knowledgeable, answered all my questions and was very thorough. I knew I was in good hands. He kept in constant contact with me throughout the process, keeping me updated on the progress of my return and letting me know what paperwork he needed to complete my filing.

In my mind, best case scenario would have been to not owe any taxes. Second best would be to only owe a little. Well, you can imagine my surprise and delight when Gary told me I was actually due a refund of a little over $2,700.00!

To top it all off, I found Gary’s fee for service to be fair, competitive and affordable; especially given the complexity of this type of return. I am so glad I did not try and go it alone this year. I am extremely pleased with Gary’s service and would recommend him highly to anyone, in fact I already have. If you have cancelled debt from a short sale or foreclosure, don’t freak out. Take a deep breath and call or email Gary. I am grateful I did.

Angie Falke of Holiday, FL

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Even though Gary enjoys helping colleagues, we no longer provide free consults to other tax preparers. He's happy to consult on an hourly billing basis if our schedule allows.

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Notice CP504, Notice of Intent to Levy, Form 9465, Installment Agreement Request | Federal Tax Lien CPA gives tips on the IRS collections and levy process

IRS Notice CP504 CPA tax form 9465 CPA Installment Agreement Request

Notice CP504 begins Round 10 of  the IRS collections and levy process. But you still a few punches left. Do you need a free consult with a federal tax lien CPA accountant? Call the number below. Our virtual office means we can help you with CP504 regardless of where you live. (910) 399-2705.

Federal tax lien CPA accountants sometimes see new clients intimidated by IRS threats to levy their assets. A tax lien means the IRS has first dibs on your assets. The federal tax lien goes on your credit report. Ouch. Levy means seize. Notice CP504, Notice of Intent to Levy, arrives after a string of  escalating IRS notices like CP2000, CP501 etc.  Usually CP504 Notice means the IRS has placed a federal tax lien on your assets, say a bank account, and will levy or squeeze that bank account dry. While this post offers strategies for IRS tax Form 9465, Installment Agreement Request, I’ll offer some advice as an IRS tax lien CPA on the federal tax lien process and how to deal with it.

Have your CPA verify the amount demanded on Notice CP504

I review the underlying tax return(s) to check for accuracy on the Client’s side. On the IRS side I look for substitute tax returns, prepared by the IRS when the client doesn’t file a tax return. Generally I’ll pull the IRS records. Don’t accept the IRS tax demand without checking it first. But the IRS assumes it is correct and you must prove otherwise. Sometimes just providing a correct back tax return takes care of the issue.

File back tax returns

Notice CP504 might be based on tax returns prepared by the IRS. Their substitute tax returns result in a higher dollar demand because they don’t factor in legitimate deductions and tax credit. So that’s how an accurate back tax return can generate a refund.

“Filing back returns covered by Notice CP504 can sometimes turn the IRS demand into a refund. Strange but true, I’ve seen it many times.”
– Gary Bode, Notice CP504 CPA

If you do owe the IRS

So, not every CP504 tax case gets a refund. I always check to see if the client qualifies for an Offer in Compromise, the infamous technique seen on late night TV. The IRS has a tool on their website to pre-qualify if you’re a candidate for an offer in compromise and how much they might accept as full payment. The IRS also has an Installment Agreement. See the Form 9465 instructions. Up to $10,000 is a gimme, that have to accept it. Above that and you have to fill out a financial disclosure form. They’ll go up to 72 months. Sometimes an Installment Agreement is just a move to get more time to work the CP504 back tax case

Don’t Procrastinate on IRS Notices

The IRS stays on the case. There’s a definite timeline. Clients sometimes waste months of valuable defense time before dealing with IRS tax problems.

‘You have three years to claim a refund. I’ve seen a $16,000 potential refund vanish because the client waited three years and two days to file an amended return after being threatened by CP504.”
– Gary Bode, Notice CP504 CPA

So avoiding a federal tax lien is just part of any CP504 solution.

IRS Notice CP504, Notice of Intent to Levy, is limited and doesn’t mention a federal tax lien

Note they’re only threatening to seize you State income tax refund, if any. The timing issues usually prevent this seizure. IRS Notice CP504 is still just a tax bill, albeit with a potential sting and limited timeline.

Federal Tax Lien CPA – use Form 12277

While there’s little sting in IRS Notice CP504 itself, a federal tax lien appears shortly afterwards. The IRS federal tax lien is a public record. It reduces your credit score dramatically. It cuts off multiple avenues previously available to deal with the IRS. It stays on your record for seven years even when you’ve paid your IRS tax bill. Talk to your CPA about getting the IRS to withdraw the lien using tax Form 12277. Sometimes the IRS will withdraw the federal tax lien if the taxpayer still has an IRS tax bill. That’s a cool trick. The usual scenario here is a valid installment agreement, via tax Form 9465, with a good track record of compliance.

Form 9465, Installment Agreement Request 

When clients do have an IRS tax bill, and we can’t lower the amount through an Offer in Compromise, or suspend IRS collection attempts, the answer is an IRS Installment Agreement. The Form 9465 are good. Of course my clients come into our CPA firm owing more tax than the automatic approval levels. But for amounts less than $10,000 it’s an easy fix, except for the actual payments. Tips on Form 9465, Installment Agreement Request:

  • Make the monthly payment as low as possible.
  • Request the longest possible Installment Agreement. The IRS says the term is 60 months or less but 72 months is possible.
  • Make the lowest possible down payment.
  • Save money on the side to payoff the Installment Agreement in full.
  • Paying more down payment or perhaps sending in extra money later doesn’t buy any IRS goodwill. If you miss a payment, you’ve missed a payment. Wait until you can payoff the tax bill completely.

Delaying Tactics with Form 9465, Installment Agreement Request

With self-employed folks like Single Member LLCs and Partnerships, you have to make  your current estimated tax payments for the IRS to accept your Installment Agreement Request. Sometimes we avoid that requirement if we can delay the IRS levy into the beginning of 2015. Don’t try this at home. Get a federal tax lien CPA involved.

If you don’t have a CPA, you probably need one if you’ve received IRS Notice CP504.

Consider calling us at (910) 399-2705. Our virtual office means we can offer world-class service anywhere you live.

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