Tax Debt + Resolve IRS Problems + Christian Tax Services and Consultants

 

Fresh Start Tax

 

There are different Examinations to resolve Back IRS Problems if you owe back taxes, Since 1982, Former IRS Agents who Know the system.

A Christian Tax Firm <><

 

Proverbs 12:15

The way of a fool is right in his own eyes, but a wise man listens to advice.

Proverbs 11:14

Where there is no guidance, a people falls, but in an abundance of counselors there is safety.

Proverbs 15:22

Without counsel plans fail, but with many advisers they succeed.

There are multiple solutions that you may be eligible for.

 

We will walk through all the programs to see what programs you qualify.

Since 1982, Former IRS.

We are an Affordable professional tax firm that can offer you a free initial tax consultation and walk you through the process if you have a back balance due the Internal Revenue Service.

If you have balance due on back taxes and are looking to set up a payment agreement, file firm offer in compromise to settle your back tax debt or you need to file back tax returns call us today for a free initial tax consultation.

We have over 95 years of direct IRS work experience. FST IRS Experience:

We have worked out of the local, district, and regional tax offices of the Internal Revenue Service. We are true IRS Experts in the area of IRS tax settlement services.

 

How does IRS dispose of Tax Debt Cases????

 

The 5 basic ways or programs for IRS Tax Debt.

 

1. By Payment in full,

2. By smoothly Payments,

3. By the Acceptance of an offer in compromise, (this is how your completely eliminate the tax debt)

4. By statue expiration. (this is how your completely eliminate the tax debt)

5. For those who cannot pay their debt IRS has a non-collectible or hardship program.

Upon your initial free tax consultation we will walk through the various programs and let you know the easiest way to resolve your back tax debt.

The most important aspect of working tax debt cases is completely dependent on the individual or business financial statements.It is the most important factor.

Your current documented financial statement determines all.

IRS uses a very simple formula to determine their settlement process.

It is all about your assets and your income and your current necessary living expenses. There is a very specific formula.

IRS only allows certain expenses that are considered necessary living expenses.

There are charts available on what IRS allows. Anything not on those charts are disallowed and this is what trips out most taxpayers.

A simple review of your current financial statement and we can let you know the different programs you may be eligible for.

You will need to complete form 433F or form 433A for us to make a current determination. IRS will only use their financial statements.

It is critically important to know that you cannot pay less taxes unless you qualify for the offer in compromise program.

IRS has a very specific formula that they use to compute the offer in compromise.

You must know the sy stem to have success.

The only way you can pay less tax is through the offer in compromise program. There is also an IRS pre-qualifier form.

I have over 40 years in this industry and it is critical if you want to settle your tax debt for the lowest possible amount you should go to true tax professionals.
Important information

All your tax returns will have to be filed before IRS will work your offer in compromise.

If you need help with your tax preparation call us and we can have a staff of Experts accountants and tax preparers complete all returns with or without records.

Also beware that many times the Internal Revenue Service want to make sure you are current in your withholding tax or your estimate tax payments are they will not close your work your case until you become fully compliant.

Beware of IRS tax settlement services companies.

We have been in this industry a long time there are many good companies in as many bad tax settlement service companies. For you to evaluate in IRS tax settlement service company you must ask to speak directly to the person who will be working your case.

Generally, when you call a tax services company, you are speaking to what is called a closer. That person is a salesman and will actually bill you and charge you for the services then your case gets passed down the line.

When you call fresh start tax, you will speak directly to the person who works your case and that person can give you a true evaluation on how and if IRS will accept an IRS tax settlement .

All IRS tax settlement service firms and companies are different.

Check out the BBB rating and make sure you have a true tax professional working your case.

I suggest you always hire someone who’s worked at the IRS because they are aware of the methodologies required to get your offer in compromise through the system.

Other ways to Resolve Back IRS Taxes Debt or tax problems:

As a general rule, you may apply for hardships, payment agreements or settle for an offer in compromise to settle your debt for pennies on the dollar.

We will review with you your financial statement and let you know what the lowest possible settlement IRS will accept. 40% of all persons that owe back taxes are issue into a hardship or are currently not collectible status and 6.5 million taxpayers enter into annual payment agreements.

With e programs you will not pay less tax. These programs are designed to keep IRS off your back.

The other way to pay less tax is for the ten-year statute of limitation to run out and your debt will be written off by the Internal Revenue Service.

If you want to file an offer in compromise I thought you’d like to know what the statistics are.

Last year over 78,000 offers in compromise/IRS tax debt settlement were filed by taxpayers and over 38% of those were accepted for average of $6500 per case. Approximately 40,000 taxpayers last year paid less tax.

At the current time there are 7500 cases in the offer queue. The average wait time is nine months. There are not enough IRS employees to work the current inventory.

Keep in mind this is a national average in your case is completely dependent on your individual financial statement.

We will not file for an offer in compromise unless you are a true candidate for the program.

There is a pre qualifier tool to find out if you are a settlement candidate for income or business tax debt.

Upon your initial tax consultation we’ll let you know if you are eligible to have an accepted offer in compromise by the Internal Revenue Service.

Due to the new fresh start tax initiative Internal Revenue Service had made it easier to file for the program. However this program is not for everybody.

Everyone wants to settle with IRS but there is a very specific format and methodology that must be followed.

There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.

There are many firms that take your money and then let you know after the fact you are not qualified. you need to know before hand whether you have a fighting chance.

Being a former IRS agent employee gives you a huge advantage of having the review your offer in compromise to settle your tax debt. At our firm we will take no clients money until we are no they are a true candidate for the settlement program.

There are many myths about the offer in compromise so IRS in their great wisdom provides a pre-qualifier tool to find out if taxpayers are eligible for the offer in compromise program so taxpayers do not give their hard-earned money to unsuspecting tax firms promising tax settlement s.

The Offer in Compromise + The New Fresh Start Tax Initiative

If you have any questions or issues about the offer in compromise program to settle or negotiate your debt for pennies on the dollar, call us today and we will review your case to let you know if you are a qualified and suitable candidate.

The IRS spends a lot of due diligence before they accept an offer in compromise.

It is possible for the IRS to spend over 20-40 hours working an accepted offer in compromise.

IRS uses the Accuriant search engine, Google in a variety of other searches to check on assets and histories of taxpayers and businesses.

You want to make sure you are accurate and truthful on your financial statement.

The higher the dollar case the greater the due diligence. Many people ask why is this process not that simple. The answer is this, all accepted offers in compromise are a matter of public record for one year in the regional office where the offer was accepted.

The Internal Revenue Service does all that it can to make sure there is a matter of consistency within the offer in compromise program if not still be a tremendous public outcry.

One base rule for the offer in compromise program. IRS is only concerned about your income and assets. this includes your equity in your home, pension plans are IRA’s.

One nice thing about the IRS accepting your offer in compromise is that once you meet the terms of the settlement they will release your federal tax lien.

Below you will find out what you need to know about the offer in compromise program.

The IRS will return any newly filed Offer in Compromise application where the taxpayer has not filed all required tax returns. The internal revenue service will immediately reject your offer in compromise. Any fees included with the OIC will also be returned.

This new policy does not apply to current year tax returns if there is a valid extension on file.

When IRS determines that they will settle with you, IRS will consider your unique set of facts and circumstances:

• Ability to pay;

• Income;

• Expenses; and

• Asset equity.

IRS will generally approve an offer in compromise when the amount offered represents the most they can expect to collect within a reasonable period of time.

Right now that is appox. 9 months

Make sure you are eligible for the offer in compromise to settle your back IRS tax debt.

Before IRS can consider your offer, you must be current with all filing and payment requirements.

You are not eligible if you are in an open bankruptcy proceeding.

Use the Offer in Compromise Pre-Qualifier to confirm your eligibility and prepare a preliminary proposal.

Submit your offer in compromise to settle your tax debt on back IRS taxes.

You’ll find step-by-step instructors and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF). Your completed offer package will include:

• Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;

• Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;

• $186 application fee (non-refundable); and

• Initial payment (non-refundable) for each Form 656.

Select a payment option on an IRS offer settlement
Your initial payment will vary based on your offer and the payment option you choose:

• Lump Sum Cash:

Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.

• Periodic Payment:

Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.

If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer.
Understand the process to settle your tax debt on an IRS settlement offer to pay less tax

While your offer to pay less taxes is being evaluated:

• Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);

• A Notice of Federal Tax Lien may be filed;

• Other collection activities are suspended;

• The legal assessment and collection period is extended;

• Make all required payments associated with your offer;

• You are not required to make payments on an existing installment agreement; and

• Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.

Call us today for a free tax consultation, 1-866-700-1040. Speak to a true CHRISTIAN IRS tax expert, Since 1982.

TAX DEBT PROBLEMS + Get Rid of IRS Tax Debt + Former IRS

 

Fresh Start Tax

 

There are different Examinations to resolve Back IRS Problems if you owe back taxes, Since 1982, Former IRS Agents who Know the system

There are multiple solutions that you may be eligible for.

We will walk through all the programs to see what programs you qualify.

Since 1982, Former IRS.

We are an Affordable professional tax firm that can offer you a free initial tax consultation and walk you through the process if you have a back balance due the Internal Revenue Service.

If you have balance due on back taxes and are looking to set up a payment agreement, file firm offer in compromise to settle your back tax debt or you need to file back tax returns call us today for a free initial tax consultation.

We have over 95 years of direct IRS work experience. FST IRS Experience:

We have worked out of the local, district, and regional tax offices of the Internal Revenue Service. We are true IRS Experts in the area of IRS tax settlement services.

 

How does IRS dispose of Tax Debt Cases????

 

The 5 basic ways or programs for IRS Tax Debt.

 

1. By Payment in full,

2. By smoothly Payments,

3. By the Acceptance of an offer in compromise, (this is how your completely eliminate the tax debt)

4. By statue expiration. (this is how your completely eliminate the tax debt)

5. For those who cannot pay their debt IRS has a non-collectible or hardship program.

Upon your initial free tax consultation we will walk through the various programs and let you know the easiest way to resolve your back tax debt.

The most important aspect of working tax debt cases is completely dependent on the individual or business financial statements.It is the most important factor.

Your current documented financial statement determines all.

IRS uses a very simple formula to determine their settlement process.

It is all about your assets and your income and your current necessary living expenses. There is a very specific formula.

IRS only allows certain expenses that are considered necessary living expenses.

There are charts available on what IRS allows. Anything not on those charts are disallowed and this is what trips out most taxpayers.

A simple review of your current financial statement and we can let you know the different programs you may be eligible for.

You will need to complete form 433F or form 433A for us to make a current determination. IRS will only use their financial statements.

It is critically important to know that you cannot pay less taxes unless you qualify for the offer in compromise program.

IRS has a very specific formula that they use to compute the offer in compromise.

You must know the sy stem to have success.

The only way you can pay less tax is through the offer in compromise program. There is also an IRS pre-qualifier form.

I have over 40 years in this industry and it is critical if you want to settle your tax debt for the lowest possible amount you should go to true tax professionals.
Important information

All your tax returns will have to be filed before IRS will work your offer in compromise.

If you need help with your tax preparation call us and we can have a staff of Experts accountants and tax preparers complete all returns with or without records.

Also beware that many times the Internal Revenue Service want to make sure you are current in your withholding tax or your estimate tax payments are they will not close your work your case until you become fully compliant.

Beware of IRS tax settlement services companies.

We have been in this industry a long time there are many good companies in as many bad tax settlement service companies. For you to evaluate in IRS tax settlement service company you must ask to speak directly to the person who will be working your case.

Generally, when you call a tax services company, you are speaking to what is called a closer. That person is a salesman and will actually bill you and charge you for the services then your case gets passed down the line.

When you call fresh start tax, you will speak directly to the person who works your case and that person can give you a true evaluation on how and if IRS will accept an IRS tax settlement .

All IRS tax settlement service firms and companies are different.

Check out the BBB rating and make sure you have a true tax professional working your case.

I suggest you always hire someone who’s worked at the IRS because they are aware of the methodologies required to get your offer in compromise through the system.

 

Other ways to Resolve Back IRS Taxes Debt or tax problems:

As a general rule, you may apply for hardships, payment agreements or settle for an offer in compromise to settle your debt for pennies on the dollar.

We will review with you your financial statement and let you know what the lowest possible settlement IRS will accept. 40% of all persons that owe back taxes are issue into a hardship or are currently not collectible status and 6.5 million taxpayers enter into annual payment agreements.

With e programs you will not pay less tax. These programs are designed to keep IRS off your back.

The other way to pay less tax is for the ten-year statute of limitation to run out and your debt will be written off by the Internal Revenue Service.

If you want to file an offer in compromise I thought you’d like to know what the statistics are.

Last year over 78,000 offers in compromise/IRS tax debt settlement were filed by taxpayers and over 38% of those were accepted for average of $6500 per case. Approximately 40,000 taxpayers last year paid less tax.

At the current time there are 7500 cases in the offer queue. The average wait time is nine months. There are not enough IRS employees to work the current inventory.

Keep in mind this is a national average in your case is completely dependent on your individual financial statement.

We will not file for an offer in compromise unless you are a true candidate for the program.

There is a pre qualifier tool to find out if you are a settlement candidate for income or business tax debt.

Upon your initial tax consultation we’ll let you know if you are eligible to have an accepted offer in compromise by the Internal Revenue Service.

Due to the new fresh start tax initiative Internal Revenue Service had made it easier to file for the program. However this program is not for everybody.

Everyone wants to settle with IRS but there is a very specific format and methodology that must be followed.

There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.

There are many firms that take your money and then let you know after the fact you are not qualified. you need to know before hand whether you have a fighting chance.

Being a former IRS agent employee gives you a huge advantage of having the review your offer in compromise to settle your tax debt. At our firm we will take no clients money until we are no they are a true candidate for the settlement program.

There are many myths about the offer in compromise so IRS in their great wisdom provides a pre-qualifier tool to find out if taxpayers are eligible for the offer in compromise program so taxpayers do not give their hard-earned money to unsuspecting tax firms promising tax settlement s.

 

The Offer in Compromise + The New Fresh Start Tax Initiative

If you have any questions or issues about the offer in compromise program to settle or negotiate your debt for pennies on the dollar, call us today and we will review your case to let you know if you are a qualified and suitable candidate.

The IRS spends a lot of due diligence before they accept an offer in compromise.

It is possible for the IRS to spend over 20-40 hours working an accepted offer in compromise.

IRS uses the Accuriant search engine, Google in a variety of other searches to check on assets and histories of taxpayers and businesses.

You want to make sure you are accurate and truthful on your financial statement.

The higher the dollar case the greater the due diligence. Many people ask why is this process not that simple. The answer is this, all accepted offers in compromise are a matter of public record for one year in the regional office where the offer was accepted.

The Internal Revenue Service does all that it can to make sure there is a matter of consistency within the offer in compromise program if not still be a tremendous public outcry.

One base rule for the offer in compromise program. IRS is only concerned about your income and assets. this includes your equity in your home, pension plans are IRA’s.

One nice thing about the IRS accepting your offer in compromise is that once you meet the terms of the settlement they will release your federal tax lien.

Below you will find out what you need to know about the offer in compromise program.

The IRS will return any newly filed Offer in Compromise application where the taxpayer has not filed all required tax returns. The internal revenue service will immediately reject your offer in compromise. Any fees included with the OIC will also be returned.

This new policy does not apply to current year tax returns if there is a valid extension on file.

 

When IRS determines that they will settle with you, IRS will consider your unique set of facts and circumstances:

• Ability to pay;

• Income;

• Expenses; and

• Asset equity.

IRS will generally approve an offer in compromise when the amount offered represents the most they can expect to collect within a reasonable period of time.

Right now that is appox. 9 months

Make sure you are eligible for the offer in compromise to settle your back IRS tax debt.

Before IRS can consider your offer, you must be current with all filing and payment requirements.

You are not eligible if you are in an open bankruptcy proceeding.

 

Use the Offer in Compromise Pre-Qualifier to confirm your eligibility and prepare a preliminary proposal.

Submit your offer in compromise to settle your tax debt on back IRS taxes.

You’ll find step-by-step instructors and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF). Your completed offer package will include:

• Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;

• Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;

• $186 application fee (non-refundable); and

• Initial payment (non-refundable) for each Form 656.

Select a payment option on an IRS offer settlement
Your initial payment will vary based on your offer and the payment option you choose:

• Lump Sum Cash:

Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.

• Periodic Payment:

Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.

If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer.
Understand the process to settle your tax debt on an IRS settlement offer to pay less tax

 

While your offer to pay less taxes is being evaluated:

• Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);

• A Notice of Federal Tax Lien may be filed;

• Other collection activities are suspended;

• The legal assessment and collection period is extended;

• Make all required payments associated with your offer;

• You are not required to make payments on an existing installment agreement; and

• Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.

Call us today for a free tax consultation, 1-866-700-1040. Speak to a true IRS tax expert, Since 1982.

TAX DEBT PROBLEMS + Get Rid of IRS Tax Debt + Former Agents Know All systems + Ft. Lauderdale, Miami, Boca Raton, Palm Beaches

 

Fresh Start Tax

There are different Examinations to resolve Back IRS Problems if you owe back taxes, Since 1982, Former IRS Agents who Know the system.  954-492-0088

 

We have worked in the local South Florida IRS tax offices.

Our local tax firm firm will review with you the various examinations to help, get rid of, relieve or eliminate you of your current IRS tax debt in obligation.

There are multiple solutions.

We will walk through all the programs to see what programs you qualify. Since 1982, Former IRS.

 

We are an Affordable professional tax firm that can offer you a free initial tax consultation and walk you through the process if you have a back balance due the Internal Revenue Service.

If you have balance due on back taxes and are looking to set up a payment agreement, file firm offer in compromise to settle your back tax debt or you need to file back tax returns call us today for a free initial tax consultation.

We have over 95 years of direct IRS work experience. FST IRS Experience:

We have worked out of the local, district, and regional tax offices of the Internal Revenue Service. We are true IRS Experts in the area of IRS tax settlement services.

How does IRS dispose of Tax Debt Cases????

 

The 5 basic ways or programs for IRS Tax Debt.

 

1. By Payment in full,

2. By smoothly Payments,

3. By the Acceptance of an offer in compromise, (this is how your completely eliminate the tax debt)

4. By statue expiration. (this is how your completely eliminate the tax debt)

5. For those who cannot pay their debt IRS has a non-collectible or hardship program.

 

Upon your initial free tax consultation we will walk through the various programs and let you know the easiest way to resolve your back tax debt.

 

The most important aspect of working tax debt cases is completely dependent on the individual or business financial statements.It is the most important factor.

Your current documented financial statement determines all.

IRS uses a very simple formula to determine their settlement process.

It is all about your assets and your income and your current necessary living expenses. There is a very specific formula.

IRS only allows certain expenses that are considered necessary living expenses.

There are charts available on what IRS allows. Anything not on those charts are disallowed and this is what trips out most taxpayers.

A simple review of your current financial statement and we can let you know the different programs you may be eligible for.

You will need to complete form 433F or form 433A for us to make a current determination. IRS will only use their financial statements.

It is critically important to know that you cannot pay less taxes unless you qualify for the offer in compromise program.

 

IRS has a very specific formula that they use to compute the offer in compromise.

You must know the sy stem to have success..

 

The only way you can pay less tax is through the offer in compromise program. There is also an IRS pre-qualifier form.

I have over 40 years in this industry and it is critical if you want to settle your tax debt for the lowest possible amount you should go to true tax professionals.
Important information

All your tax returns will have to be filed before IRS will work your offer in compromise.

If you need help with your tax preparation call us and we can have a staff of Experts accountants and tax preparers complete all returns with or without records.

Also beware that many times the Internal Revenue Service want to make sure you are current in your withholding tax or your estimate tax payments are they will not close your work your case until you become fully compliant.

 

Beware of IRS tax settlement services companies.

We have been in this industry a long time there are many good companies in as many bad tax settlement service companies. For you to evaluate in IRS tax settlement service company you must ask to speak directly to the person who will be working your case.

Generally, when you call a tax services company, you are speaking to what is called a closer. That person is a salesman and will actually bill you and charge you for the services then your case gets passed down the line.

When you call fresh start tax, you will speak directly to the person who works your case and that person can give you a true evaluation on how and if IRS will accept an IRS tax settlement .

All IRS tax settlement service firms and companies are different.

Check out the BBB rating and make sure you have a true tax professional working your case.

I suggest you always hire someone who’s worked at the IRS because they are aware of the methodologies required to get your offer in compromise through the system.
Other ways to Resolve Back IRS Taxes Debt or tax problems:

As a general rule, you may apply for hardships, payment agreements or settle for an offer in compromise to settle your debt for pennies on the dollar.

We will review with you your financial statement and let you know what the lowest possible settlement IRS will accept. 40% of all persons that owe back taxes are issue into a hardship or are currently not collectible status and 6.5 million taxpayers enter into annual payment agreements.

With e programs you will not pay less tax. These programs are designed to keep IRS off your back.

The other way to pay less tax is for the ten-year statute of limitation to run out and your debt will be written off by the Internal Revenue Service.

If you want to file an offer in compromise I thought you’d like to know what the statistics are.

 

Last year over 78,000 offers in compromise/IRS tax debt settlement were filed by taxpayers and over 38% of those were accepted for average of $6500 per case. Approximately 40,000 taxpayers last year paid less tax.

 

At the current time there are 7500 cases in the offer queue. The average wait time is nine months. There are not enough IRS employees to work the current inventory.

Keep in mind this is a national average in your case is completely dependent on your individual financial statement.

We will not file for an offer in compromise unless you are a true candidate for the program.

There is a pre qualifier tool to find out if you are a settlement candidate for income or business tax debt.

Upon your initial tax consultation we’ll let you know if you are eligible to have an accepted offer in compromise by the Internal Revenue Service.

Due to the new fresh start tax initiative Internal Revenue Service had made it easier to file for the program. However this program is not for everybody.

Everyone wants to settle with IRS but there is a very specific format and methodology that must be followed.

There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.

There are many firms that take your money and then let you know after the fact you are not qualified. you need to know before hand whether you have a fighting chance.

Being a former IRS agent employee gives you a huge advantage of having the review your offer in compromise to settle your tax debt. At our firm we will take no clients money until we are no they are a true candidate for the settlement program.

There are many myths about the offer in compromise so IRS in their great wisdom provides a pre-qualifier tool to find out if taxpayers are eligible for the offer in compromise program so taxpayers do not give their hard-earned money to unsuspecting tax firms promising tax settlement s.

 

The Offer in Compromise + The New Fresh Start Tax Initiative

 

If you have any questions or issues about the offer in compromise program to settle or negotiate your debt for pennies on the dollar, call us today and we will review your case to let you know if you are a qualified and suitable candidate.

The IRS spends a lot of due diligence before they accept an offer in compromise.

It is possible for the IRS to spend over 20-40 hours working an accepted offer in compromise.

IRS uses the Accuriant search engine, Google in a variety of other searches to check on assets and histories of taxpayers and businesses.

You want to make sure you are accurate and truthful on your financial statement.

The higher the dollar case the greater the due diligence. Many people ask why is this process not that simple. The answer is this, all accepted offers in compromise are a matter of public record for one year in the regional office where the offer was accepted.

The Internal Revenue Service does all that it can to make sure there is a matter of consistency within the offer in compromise program if not still be a tremendous public outcry.

One base rule for the offer in compromise program. IRS is only concerned about your income and assets. this includes your equity in your home, pension plans are IRA’s.

One nice thing about the IRS accepting your offer in compromise is that once you meet the terms of the settlement they will release your federal tax lien.

Below you will find out what you need to know about the offer in compromise program.

The IRS will return any newly filed Offer in Compromise application where the taxpayer has not filed all required tax returns. The internal revenue service will immediately reject your offer in compromise. Any fees included with the OIC will also be returned.

This new policy does not apply to current year tax returns if there is a valid extension on file.

 

When IRS determines that they will settle with you, IRS will consider your unique set of facts and circumstances:

• Ability to pay;

• Income;

• Expenses; and

• Asset equity.

 

IRS will generally approve an offer in compromise when the amount offered represents the most they can expect to collect within a reasonable period of time.

Right now that is appox. 9 months

Make sure you are eligible for the offer in compromise to settle your back IRS tax debt.

Before IRS can consider your offer, you must be current with all filing and payment requirements.

You are not eligible if you are in an open bankruptcy proceeding.

Use the Offer in Compromise Pre-Qualifier to confirm your eligibility and prepare a preliminary proposal.

 

Submit your offer in compromise to settle your tax debt on back IRS taxes.

 

You’ll find step-by-step instructors and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF). Your completed offer package will include:

• Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;

• Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;

• $186 application fee (non-refundable); and

• Initial payment (non-refundable) for each Form 656.

Select a payment option on an IRS offer settlement
Your initial payment will vary based on your offer and the payment option you choose:

 

• Lump Sum Cash:

Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.

 

• Periodic Payment:(most common)

Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.

If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer.
Understand the process to settle your tax debt on an IRS settlement offer to pay less tax

While your offer to pay less taxes is being evaluated:

• Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);

• A Notice of Federal Tax Lien may be filed;

• Other collection activities are suspended;

• The legal assessment and collection period is extended;

• Make all required payments associated with your offer;

• You are not required to make payments on an existing installment agreement; and

• Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.

Call us today for a free tax consultation, 1-866-700-1040

 

Back Tax Help Through New Government Programs, Former IRS, Since 1982

Fresh Start Tax

 

Need help on any IRS Back Tax Issues, 1-866-700-1040

 

Speak to true IRS tax Experts, Former IRS agents and managers who know the system, since 1982.

 

The New IRS Fresh Start program makes it easier for taxpayers to pay back taxes and avoid tax liens.

Even small business taxpayers may benefit from Fresh Start.

• Federal Tax Liens.

The Fresh Start program increased the amount that taxpayers can owe before the IRS generally will file a Notice of Federal Tax Lien. That amount is now $10,000. However, in some cases, the IRS may still file a lien notice on amounts less that $10,000.

When a taxpayer meets certain requirements and pays off their tax debt, the IRS may now withdraw a filed Notice of Federal Tax Lien. Taxpayers must request this in writing using Form 12277, Application for Withdrawal.

Some taxpayers may qualify to have their lien notice withdrawn if they are paying their tax debt through a Direct Debit installment agreement.

Taxpayers also need to request this in writing by using Form 12277.

If a taxpayer defaults on the Direct Debit installment Agreement, the IRS may file a new Notice of Federal Tax Lien and resume collection activities .

 

• installment Agreements/Payment plans

The Fresh Start program expanded access to streamlined installment agreements. Now, individual taxpayers who owe up to $50,000 can pay through monthly direct debit payments for up to 72 months (six years).

While the IRS generally will not need a financial statement, they may need some financial information from the taxpayer.

.

Taxpayers in need of installment agreements for tax debts more that $50,000 or longer that six years still need to provide the IRS with a financial statement.

In e cases, the IRS may ask for one of two forms: either Collection Information Statement, Form 433-A or Form 433-F.

 

• IRS OFfers in Compromise.

An Offer in Compromise is an agreement that allows taxpayers to settle their tax debt for less that the full amount. Fresh Start expanded and streamlined the OIC program. The IRS now has more flexibility when analyzing a taxpayer’s ability to pay.

This makes the offer program available to a larger group of taxpayers.



Generally, the IRS will accept an offer if it represents the most the agency can expect to collect within a reasonable period of time.Call us for more details for the OIC program.

The IRS will not accept an offer if it believes that the taxpayer can pay the amount owed in full as a lump sum or through a payment agreement.

The IRS looks at several instructors, including the taxpayer’s income and assets, to make a decision regarding the taxpayer’s ability to pay. Use the Offer in Compromise Pre-Qualifier tool on IRS.gov to see if you may be eligible for an OIC.

Call us today and speak to a true tax professional.

Cancellation of Debt + What You Need To Know

 

Fresh Start Tax

 

Your 1099-C may not be taxable!    1-866-700-1040

From the Taxpayer Advocates Office. If you owe a debt to someone who cancels or forgives all or some of the debt, you’re treated as having received income for income tax purposes, and you may have to pay tax on this income.

A debt includes debt you’re fully liable for like credit card debt and debt that you’re liable for only up to the value of property securing the debt such as a mortgage debt secured by a home in some states.

A debt secured by property may be considered cancelled because of a foreclosure, a repossession, you voluntarily returned the property to the lender, you abandoned the property, or because of a loan modification.

The amount of cancelled debt is included in your income unless an exception or exclusion applies.

This concept is explained in detail in What should I do? section below.

In general, if you’re liable for tax because a debt was cancelled, forgiven, or discharged, you’ll receive an IRS Form 1099-C, Cancellation of Debt, from the lender or the person who forgave the debt.

• You may receive an IRS Form 1099-C while the creditor is still trying to collect the debt. If so, the creditor may not have cancelled it. Contact the creditor and verify your situation.

• You must report the cancelled debt (one that doesn’t qualify for an exception or exclusion from gross income) on your income tax return whether you receive an IRS Form 1099-C.
Cancellation of Debt is a complex topic.

You may consider will with a tax professional if you have additional questions. Low Income Taxpayer Clinics, which do not prepare tax returns unless you have a controversy with the IRS, may be able to help qualifying taxpayers with this issue.

What should I do?

Assess the debt

Review any IRS Form 1099-C, Cancellation of Debt, you received for the year. If you believe the information on the form is wrong, contact the lender to correct it.

If the payer (lender) won’t correct the IRS Form 1099-C document, report the amount on your tax return but include an explanation as to why the payer’s information is incorrect.
List any debts cancelled during the year for which you didn’t receive an IRS Form 1099-C.
determine whether the cancellation of debt is taxable income or if it qualifies for an exception or exclusion, which means it isn’t taxable income.

• Even if a cancelled debt isn’t taxable income, you may need to complete IRS Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment), see below.

Exceptions and exclusions

There are several EXCEPTIONS to the requirement that you include cancelled debt in income.

Cancelled debt that’s not included in income can be:

• Debt that’s cancelled as a gift, bequest, devise, or inheritance;

• Certain cancellaexaminations of student loans;

• A payment of the debt that would have been a deductible expense for the tax year in which it was paid; and

◦ For example:  Your mortgage company cancels the mortgage on your home. Part of the forgiven debt is interest that you could have deducted on your tax return if you’d paid it.

The amount of interest forgiven isn’t included in income.

• A qualified purchase price reduction given by a seller.
Cancelled debts that qualify for EXCLUSION from gross income are:
• Debt cancelled in a Title 11 bankruptcy case;
• Debt cancelled during insolvency;
◦ You’re insolvent when your total liabilities (what you owe) exceed (more that) the value of your total assets. You may use IRS Publication 4681, Insolvency Worksheet, to determine if you were insolvent just before the cancellation.
• Cancellation of qualified farm indebtedness;
• Cancellation of qualified real property business indebtedness; and
• Cancellation of qualified principal home indebtedness.
◦ This exclusion allows taxpayers to exclude up to $2,000,000 ($1,000,000 if married filing separately) of cancelled “qualified principal residence indebtedness”.

This exclusion allows taxpayers to exclude up to $2,000,000 ($1,000,000 if married filing separately) of cancelled “qualified principal residence indebtedness”.

This exclusion expires after December 31, 2016, unless the indebtedness discharged is a qualified principal residence discharged (i) before January 1, 2017, or (ii) subject to a written arrangement entered into before January 1, 2017.

 

Filing your tax return

You must report any taxable amount of a cancelled debt as ordinary income on IRS Form 1040 or IRS Form 1040NR tax returns.

To report the amount qualifying for exclusion and other information that may affect your tax liability in future years, you must file IRS Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).

• For example: For cancellation of debt on your qualified principal residence that you exclude from income, you must lower your basis in the residence. This may increase the amount of gain you have if you later sell the residence.

 

Cancellation of Debt is a complex topic.

You may consider will with a tax professional if you have additional questions. Low Income Taxpayer Clinics, which don’t prepare tax returns unless you have a controversy with the IRS, may be able to help taxpayers with this issue.

 

How will this affect me?

DIFferent types of debt may have different tax treatments.

For example: If your debt is secured by property and the lender takes the property to fully or partially satisfy your debt, you’re treated as having “sold” that property and may have a taxable gain or loss.

The gain or loss on such a “sale” is separate from any cancellation of debt income that you need to include on your return.

If you don’t report the taxable amount of the cancelled debt, the IRS may send you a notice proposing to assess additional tax and may Audit your tax return.

In addition, the IRS may assess additional tax, penalties and interest.

 

Cancellation of Debt + What You Need To Know