We are an affordable professional tax firm with over 95 years of direct IRS work experience. Since 1982.
Call us today for a free initial tax consultation and find out if you are eligible for an IRS tax settlement to settle for pennies on the dollar if you qualify.
This is the only way to REDUCE YOUR TAX DEBT!
Negotiation with the IRS over back taxes is the job of the seasoned tax professional who knows the systems and the methodologies and the formulas of the Internal Revenue Service.
IRS has a very specific formula that they use to compute the offer in compromise which is the vehicle to reduce your tax debt.
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.
I can tell you within minutes reviewing your current financial statement whether you are a true candidate for the offer in compromise program to settle your tax debt.
We can review with you the different IRS tax debt settlement programs and find out if you are a qualified and eligible for any of the IRS programs.
Other ways to Settle, Negotiate Tax Debt or Reduce Your Tax Debt
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.
STATS :40% of all persons that owe back taxes are placed into a hardship or are currently not collectible status and 6.5 million taxpayers enter into annual payment agreements.
If you want to settle for less on an IRS tax debt you must know the system. The system is all about the formulas and the methods that IRS uses to settle their tax debt.
The IRS tax debt settlement program is called the offer in compromise.
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.
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 qualifer 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.
IRS Tax Debt Settlement Program to Reduce Your Tax Debt is Called the Offer in Compromise
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 and 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 settlements.
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 hours working an 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 very accurate and truthful on your financial statement.
On cases over $100,000 it is typical they will check your credit report for the accuracy of 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.
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.
IRS will consider your unique set of facts and circumstances:
• Ability to pay;
• Expenses; and
• Asset equity.
IRS will generally approve an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time.
Make sure you are eligible for the offer in compromise to settle your 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
You’ll find step-by-step instructions 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 to Reduce Your Tax Debt
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
While your offer 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 free initial tax consultation and speak to a true IRS tax expert who will walk you through the process of how to negotiate with IRS over back taxes.
Our free consultation will give you true expert advice and help you evaluate your next step.
How to Reduce Your Tax Debt + Former IRS Agents Who Know the SYSTEMPosted in Tax Help | Leave a comment