IRS Tax Relief Can be Achieved through the Offer in Compromise

by Fresh Start Tax | Nov 14, 2013 | Tax Help

IRS Tax Relief – Offer in Compromise – We know the IRS settlement formulas
We are Former IRS agent and teaching Instructors.

The Internal Revenue Service  is now settling cases with taxpayers.
Over 38% of all offer and compromises are accepted by the Internal Revenue Service. They take around 6 months to process.
This ancient program, the OIC, as been around for tens of years and the Internal Revenue Service in days past have been absolutely stubborn accepting offers in compromise.
With the advent of the new fresh start initiative or fresh start program, the Internal Revenue Service has learned in many cases the only time the government has a chance of collecting the money is through a settlement procedure.
They finally have got smart and they have started accepting the offer in compromise. That is the easiest way that IRS tax relief can be achieved for taxpayers.
I would caution all people before filing an offer in compromise.
The offer in compromise for IRS tax relief is not for everybody.
The Internal Revenue Service has put out a pre-qualifier tool to make sure that taxpayers are qualified candidates. You should not give your money to any tax firm or tax professional unless you understand the offer in compromise and have walk yourself through the pre-qualifier tool.
The pre-qualifier tool is simple and you can find it on our website.
You can contact us today for free initial tax consultation and we can walk you through the process. As a former IRS agent and tax instructor I taught the offer in compromise program and I am completely aware of the protocols and systems and settlement formulas of what it takes to get an offer of compromise through the system.
 
What is the Offer in Compromise
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.
IRS will consider your unique set of facts and circumstances. Each case is different and no two cases are the same. IRS will judge your case on the:
1. Ability to pay;
2. Income;
3. Expenses; and
4. Asset equity.
Approval of the OIC
The Service 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. There is a very specific process, specific protocol and specific financial national standards that must be achieved for the IRS to accept the offer in compromise.
Make sure you are eligible before filing the OIC
Before the IRS can consider your offer, you must be current with all filing and payment requirements.
Please Note: You are not eligible if you are in an open bankruptcy proceeding.
Submitting your offer  in compromise
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 in compromise package will include:
1. Form 433-A (OIC) (individuals) or
2. 433-B (OIC) (businesses) and all required documentation as specified on the forms;
3. Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
4. $150 application fee (non-refundable); and
5. Initial payment (non-refundable) for each Form 656.
 
Select a payment option for the OIC – There are two
Your initial payment will vary based on your offer and the payment option you choose:
1. 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.
2. 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 the Offer in Compromise
 
While your offer in compromise  is being evaluated make sure:
1. Your non-refundable payments and fees will be applied to the tax liability
2. A Notice of Federal Tax Lien may be filed;
3. Other  IRS collection activities are suspended;
4. The legal assessment and collection period is extended;
5. Make all required payments associated with your offer;
6. You are not required to make payments on an existing installment agreement; and
7. Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
Contact us today to learn more about the filing of your offer in compromise.
Remember there are very specific procedures in place  and to  have the best chance of getting IRS tax relief will be through a former IRS agent who knows the process, who has accepted the tax settlements and who taught this program and system at the Internal Revenue Service.
We look forward to hearing from you. We’re the fast, friendly, and affordable firm.
 
IRS Tax Relief Can be Achieved through the Offer in Compromise

Back Tax Owed to IRS/State – Affordable Tax Experts – Miami, Ft.Lauderdale

by Fresh Start Tax | Nov 14, 2013 | Tax Help

Back Tax Owed to IRS/State –  Local South Florida Tax Professionals

If you owe back taxes it only makes sense to call former IRS agents and managers who know the systems, the protocols and the settlement formulas.
We are experts in both federal and state tax issues and matters.
With over 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service we are one of the most experienced tax firms. We are A+ rated by the Better Business Bureau.
Also on staff to former Florida sales tax agent with over 16 years of audit experience.
There are systems and protocols to deal with any government agency and the formulas are pretty much the same if you owe back taxes..
As a General Rule of thumb in settling back tax debt cases.
As a general rule any agency that you owe back taxes to want to make sure all your tax returns are filed and up-to-date that is requirement in rule number one.
So if you have not filed your back taxes you need to get those tax returns filed, current and brought up to date. We can help you with all those back tax filings.
The government agency will require a financial statement on the form specifically designed for that agency.
They want that financial statement  filled out and fully documented.
The agency will want all verification of income, expenses, bank statements and pay stubs to verify the correctness of your financial statement so you want to make sure you fill out a correct and accurate financial statements so you do not perjure yourself. It is always much is dealing with the truth.
It is best to have a professional tax firm fill that financial statement to show your case in the best light. Also understand that both the state and federal government allow necessary standards that are used in each region and district. You can find those standards on our website.
Many times using specific time periods can give the agency a better and accurate picture of the financial situation you are going through.
As a general rule the government agency will usually have three types of settlement procedures.
1. They may determine you are currently uncollectible, they will put your case in a temporary hardship.
2. They can have you make monthly installment payments, or
3. A settlement is in order.
Before you go thinking that everybody can settle their case there are very specific standards to do so. Never give your money to any firm unless you are pre-qualified for settlement.
You should contact us today so we can review your individual case and give you a free opinion on how your case can successfully be resolved.
The IRS New Fresh Start Program
The 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.
Here are three important features of the Fresh Start program:
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 than $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 actions.
Installment Agreements.
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.
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 than $50,000 or longer than six years still need to provide the IRS with a financial statement.
In these cases, the IRS may ask for one of two forms: either Collection Information Statement, Form 433-A or Form 433-F.
Offers in Compromise.
An Offer in Compromise is an agreement that allows taxpayers to settle their tax debt for less than 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.
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 factors, 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 our website to see if you may be eligible for an OIC.  As I said before, do not give your money to any firm unless you know you are pre-qualified for an offer in compromise or tax settlement.
Call us today for a free initial tax consultation and get the professional tax  help you need if you owe back IRS taxes.
We are comprised of tax attorneys, CPAs, and former IRS agents managers and tax instructors.
We have over 206 years professional tax experience and in over 60 years working directly for the Internal Revenue Service right here in South Florida.
We are one of South Florida’s most affordable and experienced professional tax firms. We have been in practice since 1982.
 
Back Tax Owed to IRS/State – Affordable Tax Experts – Miami, Ft.Lauderdale
 
 

Help with Back Taxes Owed – Affordable Tax Experts, A + Rated, Since 1982

by Fresh Start Tax | Nov 13, 2013 | Tax Help

Help with Back Taxes Owed
If you owe back taxes it only makes sense to call former IRS agents and managers who know the systems, the protocols and the settlement formulas.
With over 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service we are one of the most experienced tax firms. We are A+ rated by the Better Business Bureau.
We are a professional tax firm that deals with taxpayers, businesses and corporations that need help with back taxes owed.
We can handle IRS and state tax problems or with any other taxing authorities.
There are systems and protocols to deal with any government agency and the formulas are pretty much the same.
As a General Rule
As a general rule, any agency that you owe back taxes to want to make sure all your tax returns are filed and up-to-date that is requirement in rule number one.
So if you have not filed your back taxes you need to get those tax returns filed, current and brought up to date. We can help you with all those back tax filings.
Number Two
The  government agency will require a financial statement on the form specifically designed for that agency. They want that financial statement filled out and fully documented.
The agency will want all verification of income, expenses, bank statements and pay stubs to verify the correctness of your financial statement so you want to make sure you fill out a correct and accurate financial statements so you do not perjure yourself.
It is best to have a professional tax firm fill that financial statement to show your case in the best light.
Many times using specific time periods can give the agency a better and accurate picture of the financial situation you are going through.
As a general rule the agency will usually have three types of settlement procedures.
1. They may determine you are currently uncollectible,
2. They can have you make monthly installment  payments, or
3. A settlement is in order.
You should contact us today so we can review your individual case and give you a free opinion on how your case can successfully be resolved.
 The IRS New Fresh Start Program
The 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.
Here are three important features of the Fresh Start program:

• 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 than $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 actions.

• Installment Agreements.

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 than $50,000 or longer than six years still need to provide the IRS with a financial statement. In these cases, the IRS may ask for one of two forms: either Collection Information Statement, Form 433-A or Form 433-F.

• Offers in Compromise.
• An Offer in Compromise is an agreement that allows taxpayers to settle their tax debt for less than 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.
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 factors, 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 our website to see if you may be eligible for an OIC.
Call us today for a free initial tax consultation and get the professional tax of you need if you owe back IRS taxes.
 
Help with Back Taxes Owed – Affordable Tax Experts, A + Rated, Since 1982
 

IRS – Federal Income Tax Relief – Fast Track Settlements with the IRS – Affordable

by Fresh Start Tax | Nov 13, 2013 | Tax Help

IRS Federal Income Tax Relief – Tax Audits, Tax Collections

If you are going through any type of problem with the Internal Revenue Service and need immediate and affordable federal income tax relief contact us today and speak directly to tax attorneys, certified public accountants, or former IRS agents, managers and tax instructors with over 60 years of direct work experience with the Internal Revenue Service.
We have over 206 years professional tax experience have been in private practice since 1982. We have successfully defended thousands of taxpayer since then.
If you received an IRS collection notice, a notice of tax audit, a tax levy or notice of filing of a federal tax lien contact us today and we can develop  a quick and affordable plan of action to immediately take care of your problem.
One such solution – Fast Track Settlements
Formerly available only to large and midsize businesses and in a geographically limited pilot program for smaller entities, the IRS’s Fast Track Settlement program is now available to smaller businesses and  individuals nationwide.
Fast-track settlement allows the IRS and business or self-employed taxpayers under examination to use alternative dispute resolution procedures to resolve tax controversies more quickly, without a formal administrative appeal or litigation.
The program began on a pilot basis in 2001 for businesses over which the IRS’s Large and Mid-Size Business Division (LMSB, now the Large Business and International Division) had jurisdiction—those with more than $10 million in assets.
If you have a IRS Tax Audit this applies to you
Under SB/SE fast-track settlement, taxpayers with one or more unagreed issues in an open year or years under examination can work to resolve the issues with SB/SE and the IRS Office of Appeals, generally before the IRS issues a first notice of proposed deficiency (30-day letter).
The parties aim to settle cases within 60 days of acceptance of an application to the program.
Generally, for a case to be eligible for fast-track settlement, issues must be fully developed, the taxpayer must state a position in writing, and there must be a limited number of unagreed issues.
Fast-track settlement is not available for Collection Appeals Program cases, Collection Due Process cases, offers-in-compromise, trust-fund recovery cases, certain correspondence examination cases.
Contact us today to learn more about your individual case and your individual circumstance.
We can offer you a free tax assessment and offer you a variety of tax solutions to go ahead to affordably remedy your case.
 
IRS Federal Income Tax Relief – Fast Track Settlements with the IRS