Offer in Compromise – Tax Debt Settlement – Former IRS Agent
Timing is everything when filing a Offer in Compromise or a IRS Tax Debt Settlement.
I should know.
I am a Former IRS agent and teaching instructor with the IRS who taught the Offer in Compromise program while employed by the IRS. I have reviewed hundreds and hundreds of offers. To get a IRS tax debt settlement approved by the IRS you must file a perfect offer settlement because it is a legal document.
IRS accepts over 27% of all offers filed and almost 80% of those are rumored to be filed by tax professionals.
You want to file your offer when you are at the lowest ebb of your financial life. IRS evaluates two primary objects, your current income and your assets.
IRS will ask you to complete a 433OIC and have the statement fully documented. With that in hand, the IRS has very specific formulas that evaluate your financial statement in regard to income and assets.
If you would like us to provide you with a no cost analysis contact us today.
Understanding the Offer in Compromise, tax debt settlement process.
While your offer in compromise is being evaluated by the IRS:
a. 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,
b. A Notice of Federal Tax Lien may be filed,
c. Other collection activities are suspended,
d. The legal tax assessment and collection period is extended,
e. You must make all required payments associated with your offer in compromise,
f. You are not required to make payments on an existing installment agreement, and
g.Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
Fresh Start Tax LLC – New Jersey
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Upper Montclair, NJ 07043
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