How to Settle Your IRS Tax Debt Through the Offer in Compromise, Former IRS

by Fresh Start Tax | Sep 12, 2014 | Tax Help

How to Settle Your IRS Tax Debt Through the Offer in Compromise, Former IRS

Affordable Tax Experts.

I am a former IRS revenue officer and teaching instructor of the IRS tax debt settlement called the offer compromise.

I am a true tax expert for taxpayers wanting to settle for their different for pennies on the dollar.

This blog can only contain some of the material necessary to find out if you have a qualified case to settle your debt to the offer in compromise.

You will have to call us today and speak to true IRS tax debt experts to find out if you are a suitable candidate.

We take no money from any potential clients unless we know they have a very viable chance of acceptance for the offer in compromise program.

You may call us today for a free initial tax consultation.

Below you will find out the basic outline of what the average taxpayer needs to know how to settle their debt through the IRS offer in compromise.

The IRS Offer in Compromise, How to Settle Your IRS Tax Debt

An offer in compromise allows you to settle your tax debt for less than the full amount you owe.

It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship.

The IRS will consider your unique set of facts and circumstances:

• Ability to pay;

• Income;

• Expenses; and

• Asset equity.

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

The Offer in Compromise program is not for everyone.

If you hire a tax professional to help you file an offer, be sure to check his or her qualifications.

Do you use the Pre- Qualifier tool

The IRS  in the process of making modifications to the Pre-Qualifier Tool application.

If you use this tool, please consider making the following adjustments to your displayed results.

• If you enter an amount on Screen 3 Assets, Line 1 which reads “Total bank Balances,” you may reduce this amount by $1000. The result may not be less than zero.

• If you enter an amount on Screen 3, Vehicle 1, you may reduce this amount by $3450. The result may not be less than zero.

• If you enter an amount on Screen 3, Vehicle 2, and you are making a joint offer with a spouse or other party, you may also reduce this amount by $3450. The result may not be less than zero.

Make sure you are eligible to settle your IRS Tax Debt though the Offer in Compromise

Before we 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.

Submitting your offer in compromise to settle your IRS 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 for the offer in compromise

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 of an offer in compromise

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.

How to Settle Your IRS Tax Debt Through the Offer in Compromise, Former IRS

IRS Tax Debt Relief, Payment Plans, Back Tax Returns, Settlement Programs + Manhattan, New York City, Queens, Brooklyn, Bronx, Staten Island, Long Island

by Fresh Start Tax | Sep 11, 2014 | Tax Help

Affordable IRS Tax Debt Relief by Former IRS agent and Managers who know the system inside and out. A plus rated.

If you are looking for various programs for IRS tax debt relief it only makes sense to hire former IRS agents and managers who have a combined 60 years of direct IRS experience in the local, district, and regional tax offices of the IRS to settle your case and get the situation behind you.

We offer fast and affordable Tax Debt Relief.

Within 15 minutes of speaking with you we can have you understand the IRS system and put you in a specific program that meets your current financial needs based on your current income.

For some taxpayers current expenses are just to high and  pay they cannot afford to pay there tax bill or their tax debt and as a result the IRS can place these people into a current hardship or an uncollectible status for two or three years.

If this is you, we will review the different procedures involving this and make sure you get placed in a hardship status.

If you can make monthly payments to extinguish your tax debt we will walk you through the program and put you when a payment plan that you can afford to meet on a monthly basis.

If you need to file back, past due, or old  tax returns, we can file those within days with or without records.

We can do this by preparing your tax return under reconstructive methods used by the Internal Revenue Service.

We know these methods because we were former IRS agents and managers.

If you are looking for a tax debt settlement program it is called the an offer in compromise.

We will walk you through your financial statement and see if you are suitable candidate to do so.

We have over 206 years of professional tax experience and over 60 years with the Internal Revenue Service.

We are rated A+ by the Better Business Bureau. We have been in private practice since 1982.

IRS Tax Debt Relief, Payment Plans, Back Tax Returns, Settlement Programs + Manhattan, New York City, Queens, Brooklyn, Bronx, Staten Island, Long Island

IRS Tax Levy Help – Bank Levy, Wage Garnishment, File Back Tax Returns, Settle Tax Debt – Manhattan, New York City, Queens, Brooklyn, Bronx, Staten Island, Long Island

by Fresh Start Tax | Sep 11, 2014 | Tax Help

Get your money back from the IRS, ASAP.

If you have an IRS tax problem it only makes good common sense to hire former IRS agents and managers who know the tax system inside out.

You may ask how well do we know the IRS tax system ?

Well as former IRS agents and managers and instructors, we taught tax law to new IRS agents and to the advanced revenue officers their jobs.

As a result of our years of experience at the IRS we can get immediate releases of IRS Bank Levy and  Wage Garnishment Levies.

We can take a simple financial statement and get your documentation and information to prove that statement send it to the Internal Revenue Service and the will release your tax levy, your bank levy, or wage garnishment levy and settle your case.

Cases generally settle with a payment agreement or putting you in a hardship because you do not have the ability at this time to make current payments.

Once we review your current financial statement will be able to inform you ahead of time how IRS will handle your case.

We have worked so many cases that we understand the complete working system of Internal Revenue Service and will know before hand how IRS will take your case off the IRS and enforcement computer and remove and really sure IRS bank levy, wage levy, or tax levy.

If you need to file back tax returns and get current with the Internal Revenue Service we have an affordable expert tax staff who can prepare your back tax returns within days and if you’re going to owe tax we can settle your tax debt through an offer in compromise if you are a qualified candidate for the offer in compromise program settlement.

Releases and Removal of IRS Bank and Wage Garnishment Levies

IRS will review your financial statement including your monthly expenses.

The Internal Revenue Service will compare your monthly expenses with that of your neighbors, people in your area that live in the local and geographical standards. you will find these standards on our website that IRS will apply to all cases.

These are called the national standards.

Many taxpayers who cannot pay their tax debt are eligible for offer in compromise.

Last year over 38,000 people settled their tax debt via the offer in compromise.

After taking your financial statement we will walk you through the IRS pre-qualifier tool to see if you are a suitable candidate for a tax debt settlement.

One of the huge advantages our firm has is the fact that on staff as a former IRS revenue officer that has worked these cases for the Internal Revenue Service.

We understand this program inside and out.

Contact us today for a free initial tax consultation we will walk you through the various programs offered by the Internal Revenue Service.

IRS Tax Levy Help – Bank Levy, Wage Garnishment, File Back Tax Returns, Settle Tax Debt – Manhattan, New York City, Queens, Brooklyn, Bronx, Staten Island, Long Island