by Fresh Start Tax | Jun 26, 2013 | Offer in Compromise
The Internal Revenue Service is now accepting more offers in compromise than ever before.
Yes , the IRS is willing to finally reduce tax debt. The latest report issued by the federal government has shown that the Internal Revenue Service has accepted 38% of all submitted offers in compromise submitted and that is up from 28% from the prior year.
Last year 58,000 offers in compromise were filed by taxpayers and the Commissioner of the Internal Revenue Service had instructed its staff of agents to do a better job of accepting settlements and offers an apparently they got the word.
Now is the time to file an offer in compromise to reduce your IRS tax debt.
Before everyone goes running out to file to reduce there there tax debt,there are some important things to understand.
You can find a pre-qualifier tool on our site and I would advise all taxpayers and potential clients to walk through the program to make sure they are qualified before they submit offers in compromise to reduce their tax debt.
We are available for free initial consultation and we will be happy to walk you through the program and make sure you are a qualified person to settle your tax debt.
Please find below the new program offered by the Internal Revenue Service for the settlement of an IRS tax debt reduction.
More Flexible Offer-in-Compromise Terms Help Taxpayers Make a Fresh Start
The IRS has expanded its “Fresh Start” initiative by offering more flexible terms to its Offer-in-Compromise Program.
These newest rules enable some financially distressed taxpayers to clear up their tax problems even quicker.
An offer-in-compromise (OIC) is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed.
An OIC is generally not accepted if the IRS believes the liability can be paid in full as a lump sum or through a payment agreement.
The IRS looks at the taxpayer’s income and assets to determine the reasonable collection potential.
This expansion of the “Fresh Start” initiative focuses on the financial analysis used to determine which taxpayers qualify for an OIC.
Here are the OIC changes:
Revising the calculation for a taxpayer’s future income The IRS will now look at only one year (instead of four years) of future income for offers paid in five or fewer months; and two years (instead of five years) of future income for offers paid in six to 24 months.
All OICs must be paid in full within 24 months of the date the offer is accepted.
Allowing taxpayers to repay their student loans Minimum payments on student loans guaranteed by the federal government will be allowed for the taxpayer’s post-high school education. Proof of payment must be provided.
Allowing taxpayers to pay state and local delinquent taxes When a taxpayer owes delinquent federal and state or local taxes, and does not have the ability to fully pay the liabilities, monthly payments to state taxing authorities may be allowed in certain circumstances.
Expanding the Allowable Living Expense allowance Standard allowances incorporate average expenses for basic necessities for citizens in similar geographic areas. These standards are used when evaluating installment agreement and offer-in-compromise requests.
The National Standard miscellaneous allowance has been expanded. Taxpayers can use the allowance to cover expenses such as credit card payments and bank fees and charges.
It is important to know that any taxpayer who wants to reduce their tax debt via the offer in compromise will need to fill out form 433 OIC which is the offer in compromise form. You can find that form on our website.
If you’d like us to review that form it would be a good idea for you to have that form completed and have it available for us to review it and go over with you. Please keep in mind that our staff has over 60 years of combined IRS experienced in the local South Florida IRS offices.
We can give you a comprehensive review of your case and give you various tax options and solutions to reduce your IRS tax debt. Call us today for free initial tax consultation
IRS Tax Debt Reduced – New Program Offered by IRS – Affordable – Miami, Ft.Lauderdale, Palm Beaches
by Fresh Start Tax | Jun 11, 2013 | Offer in Compromise
Reduce Your IRS Tax Debt
As a result of the new IRS program called the Fresh Start or the Fresh Start Initiative settling your tax debt with IRS is been made much easier.
The latest statistics are out and showed that over 38% of all taxpayers who submit an IRS tax debt settlement or offer in compromise get their settlements accepted.
These numbers are at an all-time high. In former years about 18% of all offers in compromise were accepted.
Last year alone 58,000 taxpayers submitted offers in compromise to reduce their IRS tax debt.
You should know I am a former IRS agent and worked the offer in compromise program or the tax debt settlement program in the South Florida IRS offices.
I personally have worked thousands of cases since 1982 and am a true expert to help reduce your IRS tax debt.
You should contact us today for a free initial consultation and you can speak directly to tax attorneys, tax lawyers, certified public accountants, enrolled agents, and former IRS agents, managers and tax instructors.
We have practiced right here in South Florida since 1982 and we are A+ rated by the Better Business Bureau.
We are the affordable, friendly, and fast professional tax firm that has over 206 years a professional tax experience
The New Fresh Start Program by the IRS to Reduce your Tax Debt
The IRS has expanded its “Fresh Start” initiative by offering more flexible terms to its Offer-in-Compromise Program. These newest rules enable some financially distressed taxpayers to clear up their tax problems even quicker.
An offer-in-compromise (OIC) is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed.
An OIC is generally not accepted if the IRS believes the liability can be paid in full as a lump sum or through a payment agreement.
The IRS looks at the taxpayer’s income and assets to determine the reasonable collection potential.
This expansion of the “Fresh Start” initiative focuses on the financial analysis used to determine which taxpayers qualify for an OIC.
Here are the OIC changes that have allowed over 20,000 taxpayers to settle or reduce their tax debt
Revising the calculation for a taxpayer’s future income.
The IRS will now look at only one year (instead of four years) of future income for offers paid in five or fewer months; and two years (instead of five years) of future income for offers paid in six to 24 months.
All OICs must be paid in full within 24 months of the date the offer is accepted.
Allowing taxpayers to repay their student loans Minimum payments on student loans guaranteed by the federal government will be allowed for the taxpayer’s post-high school education. Proof of payment must be provided.
Allowing taxpayers to pay state and local delinquent taxes.
When a taxpayer owes delinquent federal and state or local taxes, and does not have the ability to fully pay the liabilities, monthly payments to state taxing authorities may be allowed in certain circumstances.
Expanding the Allowable Living Expense allowance.
Standard allowances incorporate average expenses for basic necessities for citizens in similar geographic areas. These standards are used when evaluating installment agreement and offer-in-compromise requests.
The National Standard miscellaneous allowance has been expanded.
Taxpayers can use the allowance to cover expenses such as credit card payments and bank fees and charges.
Before you submit an offer in compromise to settle or reduce your tax debt you should use the pre-qualifier tool on our website.
You can save yourself a lot of time and money.
Do not give your money to any tax firm or tax professional and less you know you are a qualified and suitable candidate for an offer in compromise.
It should be noted that not all taxpayers qualify to reduce their IRS tax debt using the tool of the offer in compromise.
Taxpayers can look at other possibilities such as the abatement of penalties and interest to help reduce the debt.
Contact us today for a free initial tax consultation and find out the different strategies available to reduce your IRS tax debt.
We are the friendly and affordable tax firm located right here in South Florida.
We cover Fort Lauderdale, Miami, and all of the Palm Beaches including Key West.
Reduce Your IRS Tax Debt – Affordable, Former IRS Settlement Agent – Ft.Lauderdale, Miami, Palm Beaches
by Fresh Start Tax | Jun 6, 2013 | Offer in Compromise
IRS Tax Debt Settlement
We are a Christian tax firm <>< that specializes in all IRS and state tax debt matters including the IRS offer in compromise which is also known as the IRS tax debt settlement.
We are a biblical-based firm staffed with Christian tax professionals.
Our staff includes Christian tax attorneys, certified public accountants, enrolled agents, and former IRS agents, managers and tax instructors who have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
Before you file for offer in compromise or an IRS tax debt settlement you should walk yourself through a pre-qualifier tool that you can find on our website.
There are many firms out there professing that they can save you pennies on a dollar however unless you know ahead of time that you are a qualified and suitable candidate for IRS tax debt settlement you are wasting your money.
We qualify all our clients before we file the IRS tax debt settlement to ensure you do not waste any money or get ripped off.
Contact us today for free initial tax consultation and we will fully evaluate your case before you spend a dime.
How do you discern Christian godly counsel?
Psalm 37:30
The godly offer good counsel, they know what is right from wrong.
Proverbs 18:2
Fools have no interest in understanding; they only want to offer their own opinions.
The IRS Tax Debt Settlement/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 consider your unique set of facts and circumstances before rendering an opinion on IRS tax debt settlement or an offer in compromise. IRS considers such things as:
1. Ability to pay;
2. Income;
3. Expenses; and
4. Asset equity.
The Internal Revenue 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. Explore all other payment options before submitting an offer in compromise.
The Offer in Compromise program is not for everyone.
Make sure you are eligible for a IRS Tax Debt Settlement or OIC
Before the IRS will 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.
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 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;
- $150 application fee (non-refundable); and
- Initial payment (non-refundable) for each Form 656.
Selecting a tax payment option
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.
Call us today and speak directly to a Christian tax professionals who are experts in the IRS tax debt settlement and the offer in compromise.
IRS Tax Debt Settlement – Christian Tax Firm – Attorneys, CPAs, Former IRS – Offer in Compromise Experts
by Fresh Start Tax | Jun 5, 2013 | Offer in Compromise
Local Offer in Compromise Specialist 954-492-0088, I am a former IRS agent and teaching instructor of the offer in compromise program. I know the system inside and out.
Have former IRS Agents, Managers and Instructors who taught the Offer in Compromise Program at the IRS work and settle your tax case.
We worked out of the local South Florida IRS Offices for a combined 60 years.
We know all the settlement and tax strategies that IRS uses because we taught the program in South Florida.
We are one of the oldest, most trusted and experience professional tax firms in South Florida.
Call us for a free tax consult and find out the truth!
Under the current Fresh Start initiative the IRS has incorporated its Streamlined Offer in Compromise process into the overall investigation of offers and has added flexibility to the financial analysis used in evaluating offers.
The Streamlined Offer in Compromise process includes:
- Fewer requests for additional financial information
- If necessary, requests for additional information by phone, not by mail
- Greater flexibility when considering your ability to pay.
The changes to financial analysis add more flexibility to the OIC process including:
- Greater flexibility in determining the equity in assets
- Greater flexibility in determining the allowable living expenses
- Reducing the amount of future income included in the offer
- Decreased time- frame to complete the OIC payment process to two years
A Nationwide Alert by the IRS
The IRS also has issued a nationwide alert. Hire former IRS Agents who worked the program while employed at the IRS. Fresh Start Tax is a local Ft. Lauderdale company that has the highest BBB rating available.
Our staff consists of tax attorneys, tax lawyers, certified public accountants, enrolled agents and former IRS agents, managers and tax instructors.
We have practiced right here in South Florida since 1982 in are A+ rated by the Better Business Bureau and are without complaint.
As a result of our years experience at the Internal Revenue Service and in private practice and we know all the protocols, IRS procedures, and all the IRS settlement formulas to save you pennies on a dollar if you are a suitable and qualified candidate for an offer in compromise.
The Internal Revenue Service issued a consumer alert advising taxpayers to beware of promoters’ claims that tax debts can be settled for “pennies on the dollar” through the Offer in Compromise Program.
Such promoters make money by inappropriately advising indebted taxpayers to file an application for an offer in compromise with the IRS, promising unrealistic results, even when the taxpayers do not meet the requirements of the program. This bad advice costs taxpayers money and time.
Many of these tax resolution companies are run by sales people and not former IRS Agents, CPA’S, or Tax Attorneys.
Fresh Start Tax and the IRS has urged taxpayers to refer promoters who are using the program inappropriately to the reported to
IRS’s Office of Professional Responsibility for civil sanctions by sending their complaint to: Office of Professional Responsibility , Internal Revenue Service, 1111 Constitution Avenue N.W., Washington, DC 20224.
What is an Offer in Compromise or a IRS Tax Debt Settlement
An offer in compromise is an agreement between a taxpayer and the IRS that resolves the taxpayer’s tax debt. The IRS has the authority to settle, or “compromise,” federal tax liabilities by accepting less than full payment under certain circumstances.
Remarks from the IRS Commissioner
“This program serves an important purpose. But we do warn taxpayers to watch out for unscrupulous promoters charging excessive fees to taxpayers who have no chance of meeting the program’s requirements,” said IRS Commissioner Mark W. Everson. “Taxpayers should not be duped by high-priced promises.”
Hire Local Professionals from Ft.Lauderdale
Fresh Start Tax has seen countless number clients who have contacted them after paying of thousands of dollars to fraudulent companies.
Although there are some tax practitioners who promote dubious schemes, most practitioners give quality service to their clients.
Taxpayers who need a qualified tax professional to prepare and submit their offer in compromise application form may contact state or local tax professional associations to find enrolled agents, CPA”s or attorneys in their geographic area with the education and experience to assist them. you should hire local so you can actual met the firm and the individual responsible for working your tax case.
When to file for an Offer in Compromise
An offer in compromise may be considered only after other payment options have been exhausted. If taxpayers are unable to pay their taxes in full, there are other payment options, such as monthly installment agreements, that must be explored before an offer in compromise can be submitted.
Taxpayers who are unable to pay their taxes in full and who have explored the various options should use the checklist in the Form 656 package to determine if they are eligible for an offer in compromise.
IRS Fees to file Offers in Compromise
Some taxpayers may be exempt from the $150 application fee depending on income or whether the offer in compromise is based solely on doubt as to tax liability. Taxpayers who claim the income exception must certify their eligibility by completing Form 656-A, Income Certification for Offer in Compromise Application Fee.
This certification should be attached to Form 656 in lieu of the $150 fee at the time of submission. The Form 656 package contains a worksheet designed to assist taxpayers in determining whether they qualify for the income exception. The income exception applies only to individuals.
Fresh Start Tax has published National Press releases on the subject.
Ft.Lauderdale – Offer in Compromise, Affordable Former IRS Settlement Agent – OIC Specialists
by Fresh Start Tax | Jun 5, 2013 | Offer in Compromise
IRS Tax Settlement
The Internal Revenue Service is accepting 38 percent more offers in compromise than it did a year ago.
There is a major shift in the IRS tax settlement policy due to the shortage of tax revenue in the Treasury.
It used to be almost impossible to get a offer in compromise or an IRS tax settlement through Internal Revenue Service due to a lot of technical minutia and the attitude of IRS agents.
In years past, the IRS agents would be thinking, how do we reject this offer in compromise simply because of all the work it requires to process an accepted offer and compromise. That’s all changed. I should know, I was a former IRS agent, teaching instructor and a revenue officer that worked the offer in compromise or IRS tax settlement cases.
That is all changed due to the current administration and the new fresh start program that was initiated by the Internal Revenue Service.
We are a local Ft.Lauderdale Tax Firm
We are all local Fort Lauderdale tax firm that specializes in IRS tax settlements known as the offer in compromise.
We’ve been practicing right here in South Florida since 1982 and are A+ rated by the Better Business Bureau.
Before you file an offer to compromise it is best to go through the pre-qualifier program to make sure your suitable candidate for an offer compromise and to assure that you will settle for the lowest dollars possible.
Contact us today for a free initial tax consultation and let her years of experience work for you.
The New IRS Fresh Start Program
The IRS has expanded its “Fresh Start” initiative by offering more flexible terms to its Offer-in-Compromise Program.
These newest rules enable some financially distressed taxpayers to clear up their tax problems even quicker.
An offer-in-compromise (OIC) is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed.
An OIC is generally not accepted if the IRS believes the liability can be paid in full as a lump sum or through a payment agreement. The IRS looks at the taxpayer’s income and assets to determine the reasonable collection potential.
This expansion of the “Fresh Start” initiative focuses on the financial analysis used to determine which taxpayers qualify for an OIC.
Here are the Offer in Compromise/IRS tax settlements changes:
Revising the calculation for a taxpayer’s future income.
The IRS will now look at only one year (instead of four years) of future income for offers paid in five or fewer months; and two years (instead of five years) of future income for offers paid in six to 24 months. All OICs must be paid in full within 24 months of the date the offer is accepted.
Allowing taxpayers to repay their student loans Minimum payments on student loans guaranteed by the federal government will be allowed for the taxpayer’s post-high school education. Proof of payment must be provided.
Allowing taxpayers to pay state and local delinquent taxes When a taxpayer owes delinquent federal and state or local taxes, and does not have the ability to fully pay the liabilities, monthly payments to state taxing authorities may be allowed in certain circumstances.
Expanding the Allowable Living Expense allowance Standards.
Allowances incorporate average expenses for basic necessities for citizens in similar geographic areas. These standards are used when evaluating installment agreement and offer-in-compromise requests. The National Standard miscellaneous allowance has been expanded. Taxpayers can use the allowance to cover expenses such as credit card payments and bank fees and charges.
Contact us today to learn more about the IRS tax settlement program that may save you thousands of dollars. Will conduct a free initial tax consultation to find out if you are a suitable candidate for an IRS tax debt settlement.
Ft.Lauderdale – IRS Tax Settlements – Affordable Former IRS Settlement Agents
by Fresh Start Tax | May 30, 2013 | Offer in Compromise
IRS Tax Settlement South Florida 954-492-0088
58,000 IRS Tax Settlements are filed each year and about 30% are accepted.
The average time to process, 6- 9 months.
We are a local professional tax firm who are true IRS experts when it comes to any IRS collection, audit, or appeals matters.
We are comprised of tax attorneys, certified public accountants, and former IRS agents, managers and tax instructors who worked out of the local South Florida IRS offices for a combined 60 years.
While working for the Internal Revenue Service in the local South Florida offices as well as the regional tax offices we taught tax law.
We are true IRS experts when it comes to IRS settlement matters.
We have a former IRS revenue officer on staff who taught the IRS offer in compromise program or what is better known as the IRS tax settlement procedure.
Get Pre-Qualified to File for a IRS Tax Settlement
Before any offer in compromise or any IRS tax settlement is turned into the Internal Revenue Service it goes through a pre-qualifier with our firm to make sure that any taxpayer, individual, or business is a suitable and candidate and has an excellent chance of their offer getting accepted.
We will submit no offer in compromise unless you have a reasonable chance of acceptance.
Contact us today for free initial tax consultation and we will go over the various tax options with you to get you the most affordable IRS tax settlement.
We have practiced in South Florida since 1982 and are A+ rated by the Better Business Bureau. We have over 206 years of professional from experience.
What is a IRS Tax Settlement
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:
The Internal Revenue 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.
You should explore all other payment options before submitting an offer in compromise.
Clearly, 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.
Make sure you are eligible will for a IRS Tax Settlement
Before the 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.You can find this tool on our website.
Submit your IRS Tax Settlement
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;
- $150 application fee (non-refundable); and
- Initial payment (non-refundable) for each Form 656.
Select a payment option for a IRS Tax Settlement
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.
Low Income Certification
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. See your application package for details.
Understand the process IRS Tax Settlement Process
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.
Remember a IRS tax settlement is not for everyone.
It is always best to contact a tax attorney, certified public accountant, or former IRS agent or manager to have your very best chance of getting your IRS tax settlement approved by the Internal Revenue Service.
Contact us today for free initial tax consultation.
Affordable IRS Tax Settlement Attorneys, Former IRS – Ft.Lauderdale, Miami, Boca, West Palm Beach, South Florida
