Offer in Compromise Payment Options
The staff at Fresh Start Tax is comprised of former IRS Agents, Managers, and Instructors who taught the Offer Program while they work at the IRS. Who better to file your offer in compromise. We have the highest BBB rating in the business. Video conferencing available. OIC Payment Option
Terms 1, 2
$150 Application Fee Required
Collection Information Statement (Form 433-A and/or Form 433-B) is required for all offers in compromise Lump Sum Cash Must pay 20% of the offered amount when Form 656 is submitted, with the balance to be paid in five or fewer installments from the notice of acceptance.
If the offer will be paid in 5 or fewer installments in 5 months or less: Use the realizable value of assets + the amount that could be collected over 48 months of payments or the time remaining on the ten-year statutory period for collection, whichever is less.
If the offer will be paid in 5 or fewer installments in more than 5 months and within 24 months :
Use the realizable value of assets + the amount that could be collected over 60 months of payments, or the time remaining on the ten -year statutory period for collection, whichever is less.
If the offer will be paid in 5 or fewer installments in more than 24 months: Use the realizable value of assets + the amount that could be collected over the time remaining on the statute. Short Term Periodic Payment
Must include an initial payment with the offer and regular payments must continue while the offer is being investigated. Offer must be paid in full within 24 months from the date the IRS receives the offer.
Offer must include the realizable value of assets plus any amount that could be collected over 60 months of payments or the remaining number of months on the ten-year statutory period of collection, whichever is less. Deferred Periodic Payment
Must include initial offer payment and regular payments must continue while the offer is being investigated. Offer must be paid in full in 25 or more months but within the time remaining on the statutory period for collection. Offer must include the realizable value of assets plus the amount that could be collected through monthly payments during the remaining life of the ten-year statutory period for collection.
1 Taxpayers qualifying for a low income waiver and completing Form 656-A, Income Certification for Offer in Compromise Application Fee and Payment and taxpayers submitting Doubt as to Liability offers, are exempt from the required 20% payment on a Lump Sum Cash offer and all payments required during the investigation of a Short Term Periodic Payment or Deferred Periodic Payment offer.
2 All required payments are not refundable.
The IRS TAX LEVY ON WAGES, 668(W) or the levy on BANK ACCOUNTS 668(A) is the ultimate collection tool of the IRS. This is the IRS’s enforced collection mechanism where they can and will seize your wages and/or your assets for unpaid back taxes. Below are 10 ways you can legally release a tax levy with the IRS:
1. Pay the tax amount in full – If you can afford it, this is the easiest way of settling back taxes and getting a levy released. If you pay the tax amount owed in full, the IRS will immediately stop all collection actions against you or your company and the levy will be released or removed.
2. Let the Statute of Limitations Expire – The IRS has 10 years to collect taxes from the initial date of assessment. Once the 10 year period is up, the IRS can no longer collect these taxes from you. Keep in mind that the IRS will try to extend this the statute of limitations, so be aware of any papers they want you to sign. Also be aware that certain actions extend the statue of limitations, such as bankruptcy or the filing of an offer. If you have not paid the amount owed in 9 years, it is unlikely they will be able to collect from you in the last year. Certain factors influence when cases are sent back to the field. You should read our blogs to find out those factors.
3. Set up an installment agreement – An installment agreement is a payment plan with the IRS. This plan will allow you to pay off the IRS tax amounts owed over time. It usually is a 5 year period of time. It is important to make timely payments once the installment agreement is in place or the IRS can reissue the tax levy or levies.
4. Set up a partial payment agreement – This is similar to the installment agreement, but if you can show you can legitimately not make the payments required for an installment agreement, the IRS will allow for smaller payments that may equal less than the original amount of tax owed. These are usually hardship type cases.
5. File an Offer in Compromise – If you meet the strict requirements for this type of relief, the IRS will release the levy. This is one of the hardest types of relief to receive from the IRS because it allows you to settle for far less than you owe.
6. Prove you have no equity in assets – If the assets the IRS is trying to levy have no equity in them, you must prove to the them that there would be no point for them to levy those assets. The IRS will gain nothing from levying them and it will not pay anything towards your back taxes owed.
7. Prove you have a Financial Hardship – If you can prove to the IRS that the levy creates economic hardship. Some examples of a hardship could be that you are being evicted or have a medical problem that take most of your wages or assets. If you qualify as a hardship, it is likely the IRS will release or remove the federal tax levy.
8. Post a Surety Bond – If you post a surety bond, the levy will no longer be in effect. If a levy is in place, and you cannot pay your taxes, it is highly unlikely you will qualify for a bond. If you do qualify for a bond, you may be better off paying the tax amount owed in full. Also, your federal tax lien gets released.
9. Appeal the Levy – You can appeal an IRS levy and you will have a review if the Internal Revenue Service did not follow correct procedures.
10. File a bankruptcy – Bankruptcy settlement can release a tax levy by court order and return seized assets to you. This should be considered as a last resort. Your taxes must be 3 years or older, assessed for 240 days, and the returns must be filed for a two year period of time.
The fastest and easiest way to release a Levy is to call Fresh Start Tax today. We can get your situation taken care of FAST and get your life back in order. Call 1.866.700.1040.
Fresh Start Tax is comprised of Former IRS Agents, Managers and Instructors. The staff also includes CPA’S, tax attorneys and former Managers with the Department of Revenue. Our company are experts in the field of tax and tax resolution. We are licensed to practice in all 50 States. We are fast, affordable and put a premium on communication with our client. Our firm has the highest rating given out by the Better Business Bureau. We have a combined 140 years Federal and State experience.
We can get a guaranteed payment with IRS today!!! Call Fresh Start Tax 1-866-700-1040 The firm is made up for former IRS Agents, managers and supervisors.
A Guaranteed Installment Agreement is set up for taxpayers that owe the IRS less than $10,000, excluding any IRS Penalties and Interest, and who cannot pay the total amount they owe IRS at this time . This payment plan is called a “Guaranteed Agreement by IRS.This applies as so long as you meet certain IRS requirements and complete the request process. Rules for the agreement:
Guaranteed Installment Agreement Requirements
1. you owe less Than $10,000 in back taxes or tax debt.
2. the previous 5 years of tax returns were filed and paid on time as required by the IRS
3. you have no current agreement with the IRS at this time
4. you are not in bankruptcy (or filed for it)
5. you can and agree to make monthly payments on your current balance over 3 years or less
6. you agree to pay and file all tax returns going forward for the duration of the agreement. What to do!!!
1) Complete Form 9465 or use the Online Payment Agreement Application at the IRS website or have your professional from Fresh Start Tax help you out. Make sure to read the details that the IRS provides as well.
2) Calculate your monthly payment by taking the total amount of IRS taxes you owe, including penalties and interest, and divide that number by 30. The remaining 6 months is typically set aside for Interest.
3) Include the $52 User fee or the $105 for a check and $105 if you are deducting the Installment Agreement out of your payroll. This fee can be reduced to $43 dollars if you are under Dept of Health & Human Services poverty level. Realize your first payment is not due in 45 days but it normally should include this user fee.
4) Sign, date, and if you are not using the Online Payment Agreement Application, then make sure to make copies of the form 9465 you complete, and send original hard copies to the appropriate IRS address which is listed on the 2nd page of form 9465.
IRS has the right can still file a federal tax lien while you are paying an Installment Agreement until you make your last payment. However, IRS will not take actions against you if you have recently submitted a request for an Installment Agreement. The IRS will get back to you within a 30 day period if your agreement is accepted or not. If they have any questions or problems, they will contact you. If you have any questions or unsure about the process, be sure to call Fresh Start Tax, the nations very best tax resolution company in the business.
We can get a guaranteed payment with IRS today!!! Call Fresh Start Tax 1-866-700-1040 The firm is made up for former IRS Agents, managers and supervisors.
A Guaranteed Installment Agreement is set up for taxpayers that owe the IRS less than $10,000, excluding any IRS Penalties and Interest, and who cannot pay the total amount they owe IRS at this time . This payment plan is called a “Guaranteed Agreement by IRS.This applies as so long as you meet certain IRS requirements and complete the request process. Rules for the agreement:
Guaranteed Installment Agreement Requirements
1. you owe less Than $10,000 in back taxes or tax debt.
2. the previous 5 years of tax returns were filed and paid on time as required by the IRS
3. you have no current agreement with the IRS at this time
4. you are not in bankruptcy (or filed for it)
5. you can and agree to make monthly payments on your current balance over 3 years or less
6. you agree to pay and file all tax returns going forward for the duration of the agreement.
What to do!!!
1) Complete Form 9465 or use the Online Payment Agreement Application at the IRS website or have your professional from Fresh Start Tax help you out. Make sure to read the details that the IRS provides as well.
2) Calculate your monthly payment by taking the total amount of IRS taxes you owe, including penalties and interest, and divide that number by 30. The remaining 6 months is typically set aside for Interest.
3) Include the $52 User fee or the $105 for a check and $105 if you are deducting the Installment Agreement out of your payroll. This fee can be reduced to $43 dollars if you are under Dept of Health & Human Services poverty level. Realize your first payment is not due in 45 days but it normally should include this user fee.
4) Sign, date, and if you are not using the Online Payment Agreement Application, then make sure to make copies of the form 9465 you complete, and send original hard copies to the appropriate IRS address which is listed on the 2nd page of form 9465.
IRS has the right can still file a federal tax lien while you are paying an Installment Agreement until you make your last payment. However, IRS will not take actions against you if you have recently submitted a request for an Installment Agreement. The IRS will get back to you within a 30 day period if your agreement is accepted or not. If they have any questions or problems, they will contact you.
If you have any questions or unsure about the process, be sure to call Fresh Start Tax, the nations very best tax resolution company in the business.
Did IRS file your tax return for you? Call Fresh Start Tax 1-866-700-1040
If they did, that is known as a substitute for return or SFR. IRS will always send you correspondence that tells you this action has taken place. Many times the SRF tax returns the IRS files are incorrect. IRS always figures the tax return out to there best advantage. Contact Fresh Start Tax and we can help the situation today. Here is how the process works.
Fresh Start Tax gets transcripts of the records used by IRS to file the tax returns.
We then send IRS a power of attorney so you never have to talk or deal with the IRS
. We then sit down with you and go over your tax return.
Prepare correct tax returns
We send formal papers to IRS asking for a RECONSIDERATION HEARING
If you owe money, we work out a payment plan with IRS
we then make sure your case is closed off the IRS computer
For those do it yourself people, all reconsideration’s request get filed at: IRS
Fresno Campus ASFR
Unit Stop 81304
PO Box 24015
Fresno, California 93779
Did IRS file your tax return for you? Call Fresh Start Tax 1-866-700-1040
If they did, that is known as a substitute for return or SFR. IRS will always send you correspondence that tells you this action has taken place. Many times the SRF tax returns the IRS files are incorrect. IRS always figures the tax return out to there best advantage. Contact Fresh Start Tax and we can help the situation today. Here is how the process works.
Fresh Start Tax gets transcripts of the records used by IRS to file the tax returns.
We then send IRS a power of attorney so you never have to talk or deal with the IRS
. We then sit down with you and go over your tax return.
Prepare correct tax returns
We send formal papers to IRS asking for a RECONSIDERATION HEARING
If you owe money, we work out a payment plan with IRS
we then make sure your case is closed off the IRS computer
For those do it yourself people, all reconsideration’s request get filed at:
IRS
Fresno Campus ASFR
Unit Stop 81304
PO Box 24015
Fresno, California 93779
