by steve | Dec 6, 2010 | IRS Tax Advice
Here are some of the general guidelines for Offers in Compromise. This is from a Former IRS Agent.
When you have a tax debt with the Internal Revenue Service, the IRS will accept an “offer in compromise if you meet the criteria set forth by the IRS. There are 3 types of Offers in Compromise that are acceptable to the IRS. 25% of all Offers in Compromise are accepted by the IRS. You need to know as much as possible about the process to improve your chances. Most offers that are accepted are filed by tax resolution companies The average settlement offer is 14%, with that said it has nothing to do with the amount the IRS will accept on your case. There is a specific formula of acceptance the IRS uses on each case.
Most offers are sent in to IRS because the taxpayer has no ability to pay in full, the liability is incorrect, or due to some unusual situation they not pay the IRS.
Unless you have special circumstances, the IRS will not consider an offer in compromise if you have the financial resources to pay in full. An exception is made when collecting the full amount would impose an undue hardship on the tax payer. For example, an individual with a disabled child who needs expensive medical care might face a hardship paying a large tax bill in full.These offers are called Effective Tax Administration and only 13 were granted last year. This are very tough to get processed through the system.
Application and Fees
You must complete and return IRS form 656 along with an application fee when you apply for the offer in compromise program. As of July, 2010, the fee is $150. When you apply you must also send at least 20 percent of your offer to the IRS as a first of five installment payments or else propose your own installment plan and send in your first payment. If you propose your own plan, the installments must either fulfill your offer in full within 24 months (the Short Term Periodic Payment Offer) or within the remaining time in which the IRS may legally require that you pay the debt (the Deferred Periodic Payment Offer). The IRS has a ten-year period to collect a debt, starting from the date the tax liability is assessed. you should check on the date of your statue. The payments are added to your tax liability and are non-refundable. The fee is returned if the IRS believes your application is not processable.
Five Year Rule, few taxpayers are aware of this.
When the IRS accepts your offer in compromise, you must file all necessary returns and pay all taxes in a timely manner for the offer in compromise settlement to remain in effect. If you do not fulfill this requirement, then the offer in compromise will be withdrawn and you will have to pay your old tax bill along with any interest and penalties.
Rules for Employers
If you are an employer, then you must have paid all of your required quarterly federal tax deposits or your offer in compromise application will not be processed until you are current on these payments. You must also stay current while the IRS considers your offer.IRS will check all your personal assets as well.
Appeal Rights
You have the right to appeal your OIC if not accepted. On the letter sent to you by the IRS, the appeal procedure gives you the proper instructions on how to file the appeal.
File another Offer in compromise
You can file as many offers in compromise as you wish. If they reject your first offer, fix the problem and send another in.
by steve | Dec 6, 2010 | IRS Tax Advice
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by steve | Dec 6, 2010 | IRS Tax Advice
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by steve | Dec 6, 2010 | IRS Tax Advice
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It’s important to understand the ramifications of not filing a past due return and the steps that the IRS will take.
Taxpayers who don’t file a past due return or contact the IRS are subject to the following:
Penalties and Interest will be assessed and will increase the amount of tax due.
The IRS will file a substitute return for you.
But this return is based only on information the IRS has from other sources. Thus, if the IRS prepares this substitute return, it will not include any additional exemptions or expenses you may be entitled to and may overstate your real tax liability.
Once the tax is assessed the IRS will start the collection process, which can include placing a levy on wages or bank accounts or filing a federal tax lien against your property.
Even if the IRS has already filed a substitute return, it still makes sense for you to file your own return to make sure you take advantage of all the exemptions, credits, and deductions you are allowed. The IRS will generally adjust your account to reflect the correct figures.
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by steve | Dec 6, 2010 | IRS Tax Advice
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Fresh Start Tax is one of the premier tax resolutions firms in the country. We deal with all types of civil cases including individuals, businesses, corporate and defunct corporations. We have staff that specializes in every facet of the Internal Revenue Service. We know all the IRS strategies. Some of our many specialties include the following:
- Immediate Tax Representation
- Offers in Compromise/Settlements
- Back Tax Relief
- Bank Garnishments or Tax Levies
- Wages Garnishments or Levies
- IRS Notices of Intent to Levy or Final Notices
- IRS Tax Audits
- Hardships Cases, Payment Plans
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- Abatement of Penalties and Interest
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