by Fresh Start Tax | Sep 7, 2016 | Tax Help
Call us today to learn how to get rid of your IRS tax debt if you qualify through the offer in compromise program. Since 1982 A+ rated.
You will hear the truth from a true IRS expert and we will review with you the various options to help get rid or relieve you of your current IRS tax debt in obligation. You should not believe everything you hear on TV it takes a true expert to get rid of IRS tax debt.
We are an affordable IRS settlement tax firm. It only takes one free Tax Consult.
Since 1982, A+ rated by the BBB. Former IRS Agents, Find Out if you Qualify! Get Rid of Tax Debt
We have over 95 years of direct IRS work experience. We have worked out of the local, district, and regional tax offices of the Internal Revenue Service. We are true IRS experts in the area of IRS tax settlement services.
We have worked as agents, supervisors, managers, and teaching instructors. We know the IRS like the back of our hand.
We can let you know today the different ways to get rid of tax debt.
How does IRS dispose of Tax Debt Cases?
1. Payment in full,
2. Monthly Payments,
3. Acceptance of an offer in compromise,
4. By statue expiration.
For those who cannot pay their debt IRS has a non-collectible or hardship program. upon your initial tax consultation we will walk through the various programs and let you know the easiest way to resolve your back tax debt.
The most important aspect of working tax debt cases is completely dependent on the individual or business financial statements. Your current documented financial statement determines all.
IRS uses a very simple formula to determine their settlement process.
It is all about your assets and your income and your current necessary living expenses. There is a very specific formula. IRS only allows certain expenses that are considered necessary living expenses.
There are charts available on what IRS allows. Anything not on those charts are disallowed and this is what trips out most taxpayers.
A simple review of your current financial statement and we can let you know the different programs you may be eligible for.
You will need to complete form 433F or form 433A for us to make a current determination. IRS will only use their financial statements.
It is critically important to know that you cannot pay less taxes unless you qualify for the offer in compromise program.
IRS has a very specific formula that they use to compute the offer in compromise.
The only way you can pay less tax is through the offer in compromise program. There is also an IRS pre-qualifier form.
I have over 40 years in this industry and it is critical if you want to settle your tax debt for the lowest possible amount you should go to true tax professionals.
Important information
All your tax returns will have to be filed before IRS will work your offer in compromise. If you need help with your tax preparation call us and we can have a staff of experts accountants and tax preparers complete all returns with or without records.
Also beware that many times the Internal Revenue Service want to make sure you are current in your withholding tax or your estimate tax payments are they will not close your work your case until you become fully compliant.
Beware of IRS tax settlement services companies
We have been in this industry a long time there are many good companies in as many bad tax settlement service companies.
For you to evaluate in IRS tax settlement service company you must ask to speak directly to the person who will be working your case.
Generally, when you call a tax services company, you are speaking to what is called a closer. That person is a salesman and will actually bill you and charge you for the services then your case gets passed down the line.
When you call fresh start tax, you will speak directly to the person who works your case and that person can give you a true evaluation on how and if IRS will accept an IRS tax settlement.
All IRS tax settlement service firms and companies are different.
Check out the BBB rating and make sure you have a true tax professional working your case.
I suggest you always hire someone who’s worked at the IRS because they are aware of the methodologies required to get your offer in compromise through the system.
Other ways to Solve Back IRS Taxes Debt
As a general rule, you may apply for hardships, payment agreements or settle for an offer in compromise to settle your debt for pennies on the dollar.
We will review with you your financial statement and let you know what the lowest possible settlement IRS will accept. 40% of all persons that owe back taxes are placed into a hardship or are currently not collectible status and 6.5 million taxpayers enter into annual payment agreements.
With these programs you will not pay less tax. These programs are designed to keep IRS off your back.
The other way to pay less tax is for the ten-year statute of limitation to run out and your debt will be written off by the Internal Revenue Service.
If you want to file an offer in compromise I thought you’d like to know what the statistics are.
Last year over 78,000 offers in compromise/IRS tax debt settlement were filed by taxpayers and over 38% of those were accepted for average of $6500 per case. Approximately 40,000 taxpayers last year paid less tax.
At the current time there are 7500 cases in the offer queue. The average wait time is nine months. There are not enough IRS employees to work the current inventory.
Keep in mind this is a national average in your case is completely dependent on your individual financial statement.
We will not file for an offer in compromise unless you are a true candidate for the program.
There is a pre qualifier tool to find out if you are a settlement candidate for income or business tax debt.
Upon your initial tax consultation we’ll let you know if you are eligible to have an accepted offer in compromise by the Internal Revenue Service.
Due to the new fresh start tax initiative Internal Revenue Service had made it easier to file for the program. However this program is not for everybody.
Everyone wants to settle with IRS but there is a very specific format and methodology that must be followed.
There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.
There are many firms that take your money and then let you know after the fact you are not qualified. you need to know before hand whether you have a fighting chance. Being a former IRS agent employee gives you a huge advantage of having the review your offer in compromise to settle your tax debt.
At our firm we will take no clients money until we are no they are a true candidate for the settlement program.
There are many myths about the offer in compromise so IRS in their great wisdom provides a pre-qualifier tool to find out if taxpayers are eligible for the offer in compromise program so taxpayers do not give their hard-earned money to unsuspecting tax firms promising tax settlements.
If you have any questions or issues about the offer in compromise program to settle or negotiate your debt for pennies on the dollar, call us today and we will review your case to let you know if you are a qualified and suitable candidate.
The IRS spends a lot of due diligence before they accept an offer in compromise.
It is possible for the IRS to spend over 20- 40 hours working an offer in compromise.
IRS uses the Accuriant search engine, Google in a variety of other searches to check on assets and histories of taxpayers and businesses. You want to make sure you are accurate and truthful on your financial statement.
The higher the dollar case the greater the due diligence.
Many people ask why is this process not that simple.
The answer is this, all accepted offers in compromise are a matter of public record for one year in the regional office where the offer was accepted.
The Internal Revenue Service does all that it can to make sure there is a matter of consistency within the offer in compromise program if not still be a tremendous public outcry.
One base rule for the offer in compromise program. IRS is only concerned about your income and assets. this includes your equity in your home, pension plans are IRA’s.
One nice thing about the IRS accepting your offer in compromise is that once you meet the terms of the settlement they will release your federal tax lien.
Below you will find out what you need to know about the offer in compromise program.
Beginning immediately:
The IRS will return any newly filed Offer in Compromise application where the taxpayer has not filed all required tax returns. The internal revenue service will immediately reject your offer in compromise.
Any fees included with the OIC will also be returned.
This new policy does not apply to current year tax returns if there is a valid extension on file.
When IRS determines that they will settle with you, IRS will consider your unique set of facts and circumstances:
• Ability to pay;
• Income;
• Expenses; and
• Asset equity.
IRS 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. Right now that is appox. 9 months
Make sure you are eligible for the offer in compromise to settle your back IRS tax debt.
Before IRS 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.
Submit your offer in compromise to settle your tax debt on back IRS taxes
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 on an IRS offer 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:(most common)
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 to settle your tax debt o n an IRS settlement offer to pay less tax
While your offer to pay less taxes 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.
Call us today for free initial tax consultation and speak to a true IRS tax expert who will walk you through the process of how to negotiate with IRS over back taxes and see if you qualify to pay less taxes for an IRS tax settlement.
So to sum everything up, how much will IRS settle for, it all depends on your current financial statement based on your assets, your income, and your current expenses,
So call us today and we will let you know if you can qualify for an IRS tax settlement.
We are true IRS tax experts.
Tax Debt + Get Rid of IRS Tax Debt + Former IRS
by Fresh Start Tax | Sep 7, 2016 | Tax Help
Free Professional Tax Consultations for IRS Tax Debt Relief Services 1-866-700-1040 from true IRS Tax Experts, since 1982.
We are former IRS agents and managers. Since 1982, A+ rated by the BBB. Hear the truth about your case and situation today from a true IRS tax debt expert.
We will fully review your case and let you know exactly where you stand and the process you need to take to move forward to get you the best possible settlement.
It is important to know that all your tax returns will need to be filed with the Internal Revenue Service. We can prepare any and all back tax returns with or without records.
I am a former IRS agent in teaching instructor with the Internal Revenue Service. We have worked thousands of cases and simply know the best solutions that will apply to you.
We have over 95 years of working directly for the Internal Revenue Service and the local, district, and regional tax offices of the IRS.
We can handle any IRS or state tax case.
We are the Affordable Tax Relief Firm that can resolve any tax trouble.
Upon your initial phone call with one of our true experts we can provide to you the different programs and let you know the best tax debt relief option available.
As a general rule there are three relief options. Based on your current financial statement we can pick the best option that is right for you to permanently end your IRS or state tax case.
Important: You cannot trust tax relief company ratings. Many times a certain tax relief company will actually sponsor the link and call other similar companies who pay to be on their link.
These are tax relief rating are not from independent sources that verify the information, so be very careful.
While some are very good, others are not. BEWARE.
Theses sites are deceptive and misleading.
The only way to truly find out how the relief company is, is to do the due diligence it yourself. usually the company you find on top of these ratings are promoting their own link which is sad.
You should always use a company that features tax attorneys, CPAs and former IRS agents and those that have professional licenses.
Another good indicator is to find out how long the company has been in business and to find out the number of complaints they have with the Better Business Bureau.
The last way is to call the tax professional and the firm yourself and find out information about their experience and trustworthiness.
Tax Debt Options and Settlements
The Internal Revenue Service will settle debt based on your current and verifiable financial statement. Depending on who is working your case IRS will require a documented form 433A or 433F.
IRS will only be concerned with your assets, your income and your current living expenses. there are formulas that IRS were used to compute how they will settle your case.
Generally there are three options of closure with the Internal Revenue Service.
They are:
1. being placed into a currently not collectible or hardship situation,
2. a monthly payment or installment agreement, or,
3. entering into a settlement for pennies on a dollar called an offer in compromise.
Upon your initial call, we review your current financial statement and let you know your best option available.
Being former IRS agents and managers we know the methodologies, the theories and exactly how to close the case in your best interest and save you the most amount of money possible. When you call us you will hear the truth about your case.
We have been in practice since 1982 and our A+ rated by the Better Business Bureau.
IRS Tax Debt Relief Services + Free Professional Consultation + Former IRS
by Fresh Start Tax | Sep 7, 2016 | Tax Help
One call to our office can help prevent a IRS or State Tax Levy.
We have over 95 years with the Internal Revenue Service and have worked in the local, district, and regional tax offices of the IRS. We know the IRS process inside and out. I myself was a former IRS teaching instructor.
As a general rule, IRS or State tax levy is usually is a seizure on funds and a garnishment usually applies to wages.
Sometimes the words are interchangeable. Both however are seizures of assets that belongs to you,
How to prevent tax levies.
You can stop levy by calling the government agency prior to the notices going out.
Many taxpayers ignore the final notices and the tax levies, bank levies or wage garnishments takes place and what most taxpayers do not know is that not a human hand touches these levies, they are sent out systemically all by computer and machine.
The bottom line here is to respond to any IRS or state notice and you can stop the levy or garnishment in its tracks.
Upon your initial consultation to our office we will review the process with you and let you know the best remedy to settle your tax debt immediately. If you retain our firm, you will never have to speak to the IRS or state government we handle all communication.
What happened if you have already received the Levy?
You can get an IRS or State Tax Levy Released within 24 hours.
Being a former IRS agent I issued thousands upon thousands of these tax levies on bank accounts, on employees wages, and on third parties to collect the back tax debt of taxpayers.
The IRS issues close to 1.5 million bank and wage levies each year. The States issue millions more.
There is a downward trending pattern that exists today on the use of the IRS levy which is good to see.
Rules to tax levies are usually the same but differ from State to State.
The following is basic information.
Before IRS can send a levy to a taxpayer or to a business must complies with the tax rules and tax codes regarding the IRS levy and they are as follows:
These three requirements are need to be met:
1. The IRS assessed the tax and sent you a Notice and Demand for Payment;
2. You neglected or refused to pay the tax; and
3. IRS sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy.
IRS also needs to:
We may give you this notice :
1. in person,
2. leave it at your home or your usual place of business, or
3. send it to your last known address by certified or registered mail, return receipt requested.
Please note: if we levy your state tax refund, you may receive a Notice of Levy on Your State Tax Refund, Notice of Your Right to Hearing after the levy.
How to stop an IRS or state tax levy.
The particular government agency much be contacted with tax notice in hand. Every government agency will need to review your current financial statement before making a determination on how they will close your case off the collections computer.
As a general rule, to stop an IRS or state tax levy the agency will need a documented financial statement along with bank statements, pay stubs and current living expenses.
Each agency works a little different but they are basically looking at your assets and/or your income and your ability to pay that back.
Generally there are one of three programs the IRS or the state will look at.
As a general rule the three programs are currently not collectible, payment agreements, or settlements.
You can stop the levy by giving them the current financial statement and making sure your tax returns are up-to-date. You can then close the case out get your levy or garnishment released and move on with your life.
What happens if an Employer Threatens to Fire Taxpayer Because of a Levy of Garnishment
Sometimes an employer threatens to fire an employee to avoid handling a levy.
This might be a violation of 15 USC 1674.
If the employer fires the taxpayer because of this, the employer might be fined not more than $1000 or imprisoned for not more than one year, or both.
Refer the taxpayer to the Wage and Hour Division of the Department of Labor (DOL). DOL, not IRS, must decide if the employer violated the law.
Continuous Effect of IRS Levy on Salary and/or Wages
Unlike other levies, a levy on a taxpayer’s wages and salary has a continuous effect.
It attaches to future payments, until the levy is released. Wages and salary include fees, bonuses, commissions, and similar items.
All other levies only attach to property and rights to property that exist when the levy is served.
If a bank account is levied, it only reaches money in the account when the levy is served.
It does not and cannot reach money deposited later. Another levy must be issued.
When other income is levied, the levy reaches payment the taxpayer has a fixed and determinable right to.
If the taxpayer’s right to that payment is not dependent upon the performance of future services, then the levy will reach the future payments as well.
Retirement Income.
A Form 668-A is issued to levy an author’s royalties. The author has a fixed and determinable right to royalties for books that have already been published. The levy reaches royalties for sales of those books in the future.
The levy does not reach royalties for books that are written and published later. A new levy must be served to take those royalties.
A Form 668-W is issued to levy a taxpayer’s retirement income. The taxpayer has a fixed right to the future payments; therefore, the levy remains in effect until it is released.
Also, see IRM 5.11.6.12, Levy on Non-Liable Spouse in a Community Property State for guidance when the wage levy on the non-liable spouse is not continuous.
Exempt Amount
Part of the individual taxpayer’s wages, salary, (including fees, bonuses, commissions and similar items) and other income, as well as retirement and benefit income, is exempt from levy.
The weekly exempt amount is:
The total of the taxpayer’s standard deduction and the amount deductible for exemptions on an income tax return for the year the levy is served.
Then, this total is divided by 52.
Income that is not paid weekly is prorated, so the same amount is exempt.
In addition, the amount the taxpayer needs to pay court ordered child support is exempt.
The support order can originate from a court or administrative process under the laws and procedures of a state, territory or possession.
If support is allowed, the same child can not be claimed as an exemption for figuring the exempt amount.
See IRM 5.11.5.4 (2)a above.
If Then:
The taxpayer has already shown proof of the required child support payment Write on the levy form,
“Under section 6334 (a)(8) of the Internal Revenue Code, $ ____________________is exempt from this levy.”
The taxpayer shows proof of the child support after the levy is served Release enough of the levy so the support can be paid.
The taxpayer is not entitled to the support exemption unless the support is being paid.
Consider getting the taxpayer to have the child support payment withheld and sent directly to the person with custody.
Or, the taxpayer may make the child support payment through the Service, and the Service will forward the payment. When there is no open assignment, have the payments sent through Submission Processing.
This may happen if the payments are being monitored in the campus.
Claiming the Exempt Amount
The Notice of Levy on Wages, Salary, and Other Income (Form 668-W) was developed for use when an individual may be entitled to the minimum exemption from levy in IRC 6334(a)(9) and includes a Statement of Exemptions and Filing Status.
The employer gives the statement to the taxpayer to complete and return within three days. If it is not received by then, the exempt amount is figured as if the taxpayer is married filing separate with one exemption.
The taxpayer can give the statement to the employer later to change the exempt amount.
The employer needs to use this statement rather than the employee’s W–4, Employee’s Withholding Certificate.
Taxpayers may claim different exemptions for withholding from those claimed on their return.
Publication 1494, Tables for Figuring Amount Exempt From Levy on Wages, Salary, and Other Income – Forms 668-W(ACS), 668-W(c)(DO) and 668-W(ICS), is sent with the levy to help figure the exempt amount.
The taxpayer can give a new statement to the employer later to have the exempt amount recomputed.
The taxpayer’s filing status or personal exemptions may change.
There may be a change in exempt rates in a new year.
The statement is completed under penalty of perjury. Generally, accept the information on the statement, unless there is reason to question it.
If exemptions are disallowed, notify the employer and the taxpayer in writing. The taxpayer can provide evidence that the statement is right and request managerial review.
Include a statement that the taxpayer may provide evidence to prove the statement is accurate and may request a managerial review of the dis-allowance.
Employers with Centralized Payrolls
Some employers have a centralized payroll, so the payroll is not handled where most employees work.
Consider mailing the Statement of Exemptions and Filing Status directly to the taxpayer. This avoids the delay of the employer re-mailing it.
Send to the employer Part 1 of the levy form and Notice 484, Instructions to Employer with Centralized Payroll for Processing Statement of Exemptions and Filing Status.
Send to the taxpayer the other parts of the levy form and Notice 483, Instructions to Employee Paid through Central Payroll System for Submitting Statement of Exemptions and Filing Status.
Joint Tax Liabilities
For joint liabilities, generally levy the income of the spouse with the larger income.
Levy both incomes only in flagrant cases of neglect or refusal to pay. Secure group manager approval to issue notices of levy on the income of both spouses’ living in the same household. If taxpayers are separated, consider collecting from both spouses’ income rather than collecting from one spouse’s income.
Getting a Tax Levy released from the IRS
If the IRS has issued you a notice of Federal tax levy you can get a release of that levy if you give them a current financial statement that is documented with your income expenses, pay stubs and bank statements for the last 3 months.
All tax returns must be filed and up to date.
With that information in hand, IRS will go ahead and propose one of three type a settlements with you.
IRS will either put you in an economic tax hardship, ask you to be entered into the installment or payment program or let you know you could be a qualified candidate for an offer in compromise.
Should you have any questions regarding these three type of programs call us today and speak to us for initial free tax consultation. 1-866-700-1040
Preventing Tax Levies + Free Consultations + Former IRS, Knows the Process
by Fresh Start Tax | Sep 7, 2016 | Tax Help
We are an affordable professional tax firm with over 95 years of direct IRS work experience. Since 1982.
Call us today for a free initial tax consultation and find out if you are eligible for an IRS tax settlement to settle for pennies on the dollar if you qualify.
This is the only way to REDUCE YOUR TAX Bill Debt
Negotiation with the IRS over back taxes is the job of the seasoned tax professional who knows the systems and the methodologies and the formulas of the Internal Revenue Service.
IRS has a very specific formula that they use to compute the offer in compromise which is the vehicle to reduce your tax debt.
I have over 40 years in this industry and it is critical if you want to settle your tax debt for the lowest possible amount you should go to true tax professionals.
I can tell you within minutes reviewing your current financial statement whether you are a true candidate for the offer in compromise program to settle your tax debt.
We can review with you the different IRS tax debt settlement programs and find out if you are a qualified and eligible for any of the IRS programs.
Other ways to Settle, Negotiate Tax Debt or Reduce Your Tax Debt Bill
As a general rule, you may apply for hardships, payment agreements or settle for an offer in compromise to settle your debt for pennies on the dollar.
We will review with you your financial statement and let you know what the lowest possible settlement IRS will accept.
STATS :40% of all persons that owe back taxes are placed into a hardship or are currently not collectible status and 6.5 million taxpayers enter into annual payment agreements.
If you want to settle for less on an IRS tax debt you must know the system. The system is all about the formulas and the methods that IRS uses to settle their tax debt.
The IRS tax debt settlement program is called the offer in compromise.
If you want to file an offer in compromise I thought you’d like to know what the statistics are.
Last year over 78,000 offers in compromise/IRS tax debt settlement were filed by taxpayers and over 38% of those were accepted for average of $6500 per case.
At the current time there are 7500 cases in the offer queue. The average wait time is nine months. There are not enough IRS employees to work the current inventory.
Keep in mind this is a national average in your case is completely dependent on your individual financial statement.
We will not file for an offer in compromise unless you are a true candidate for the program. There is a pre qualifier tool to find out if you are a settlement candidate for income or business tax debt.
Upon your initial tax consultation we’ll let you know if you are eligible to have an accepted offer in compromise by the Internal Revenue Service.
Due to the new fresh start tax initiative Internal Revenue Service had made it easier to file for the program. However this program is not for everybody. Everyone wants to settle with IRS but there is a very specific format and methodology that must be followed.
There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.
There are many firms that take your money and then let you know after the fact you are not qualified. you need to know before hand whether you have a fighting chance. being a former IRS agent employee gives you a huge advantage of having the review your offer in compromise to settle your tax debt.
IRS Tax Debt Settlement Program to Reduce Your Tax Debt is Called the Offer in Compromise
At our firm we will take no clients money until we are no they are a true candidate for the settlement program.
There are many myths about the offer in compromise so IRS and in their great wisdom provides a pre-qualifier tool to find out if taxpayers are eligible for the offer in compromise program so taxpayers do not give their hard-earned money to unsuspecting tax firms promising tax settlements.
If you have any questions or issues about the offer in compromise program to settle or negotiate your debt for pennies on the dollar, call us today and we will review your case to let you know if you are a qualified and suitable candidate.
The IRS spends a lot of due diligence before they accept an offer in compromise.
It is possible for the IRS to spend over 20 hours working an offer in compromise. IRS uses the Accuriant search engine, Google in a variety of other searches to check on assets and histories of taxpayers and businesses.
You want to make sure you are very accurate and truthful on your financial statement.
On cases over $100,000 it is typical they will check your credit report for the accuracy of your financial statement. The higher the dollar case the greater the due diligence.
Many people ask why is this process not that simple.
The answer is this, all accepted offers in compromise are a matter of public record for one year in the regional office where the offer was accepted.
The Internal Revenue Service does all that it can to make sure there is a matter of consistency within the offer in compromise program if not still be a tremendous public outcry.
One base rule for the offer in compromise program. IRS is only concerned about your income and assets. this includes your equity in your home, pension plans are IRA’s.
One nice thing about the IRS accepting your offer in compromise is that once you meet the terms of the settlement they will release your federal tax lien.
Below you will find out what you need to know about the offer in compromise program.
Beginning immediately:
The IRS will return any newly filed Offer in Compromise application where the taxpayer has not filed all required tax returns.
Any fees included with the OIC will also be returned.
This new policy does not apply to current year tax returns if there is a valid extension on file.
IRS will consider your unique set of facts and circumstances:
• Ability to pay;
• Income;
• Expenses; and
• Asset equity.
IRS 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.
Make sure you are eligible for the offer in compromise to settle your tax debt.
Before IRS 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.
Submit your offer in compromise to settle your 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 to Reduce Your Tax Debt
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 to settle your tax debt
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.
Call us today for free initial tax consultation and speak to a true IRS tax expert who will walk you through the process of how to negotiate with IRS over back taxes.
Our free consultation will give you true expert advice and help you evaluate your next step.
How to Reduce Your Tax Bill Debt + Former IRS Agents Who Know the SYSTEM
by Fresh Start Tax | Aug 17, 2016 | Tax Help
We are an affordable professional tax firm with over 95 years of direct IRS work experience. Since 1982.
Call us today for a free initial tax consultation and find out if you are eligible for an IRS tax settlement to settle for pennies on the dollar if you qualify.
This is the only way to REDUCE YOUR TAX DEBT!
Negotiation with the IRS over back taxes is the job of the seasoned tax professional who knows the systems and the methodologies and the formulas of the Internal Revenue Service.
IRS has a very specific formula that they use to compute the offer in compromise which is the vehicle to reduce your tax debt.
I have over 40 years in this industry and it is critical if you want to settle your tax debt for the lowest possible amount you should go to true tax professionals.
I can tell you within minutes reviewing your current financial statement whether you are a true candidate for the offer in compromise program to settle your tax debt.
We can review with you the different IRS tax debt settlement programs and find out if you are a qualified and eligible for any of the IRS programs.
Other ways to Settle, Negotiate Tax Debt or Reduce Your Tax Debt
As a general rule, you may apply for hardships, payment agreements or settle for an offer in compromise to settle your debt for pennies on the dollar.
We will review with you your financial statement and let you know what the lowest possible settlement IRS will accept.
STATS :40% of all persons that owe back taxes are placed into a hardship or are currently not collectible status and 6.5 million taxpayers enter into annual payment agreements.
If you want to settle for less on an IRS tax debt you must know the system. The system is all about the formulas and the methods that IRS uses to settle their tax debt.
The IRS tax debt settlement program is called the offer in compromise.
If you want to file an offer in compromise I thought you’d like to know what the statistics are.
Last year over 78,000 offers in compromise/IRS tax debt settlement were filed by taxpayers and over 38% of those were accepted for average of $6500 per case.
At the current time there are 7500 cases in the offer queue. The average wait time is nine months. There are not enough IRS employees to work the current inventory.
Keep in mind this is a national average in your case is completely dependent on your individual financial statement.
We will not file for an offer in compromise unless you are a true candidate for the program. There is a pre qualifier tool to find out if you are a settlement candidate for income or business tax debt.
Upon your initial tax consultation we’ll let you know if you are eligible to have an accepted offer in compromise by the Internal Revenue Service.
Due to the new fresh start tax initiative Internal Revenue Service had made it easier to file for the program. However this program is not for everybody. Everyone wants to settle with IRS but there is a very specific format and methodology that must be followed.
There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.
There are many firms that take your money and then let you know after the fact you are not qualified. you need to know before hand whether you have a fighting chance. being a former IRS agent employee gives you a huge advantage of having the review your offer in compromise to settle your tax debt.
IRS Tax Debt Settlement Program to Reduce Your Tax Debt is Called the Offer in Compromise
At our firm we will take no clients money until we are no they are a true candidate for the settlement program.
There are many myths about the offer in compromise so IRS and in their great wisdom provides a pre-qualifier tool to find out if taxpayers are eligible for the offer in compromise program so taxpayers do not give their hard-earned money to unsuspecting tax firms promising tax settlements.
If you have any questions or issues about the offer in compromise program to settle or negotiate your debt for pennies on the dollar, call us today and we will review your case to let you know if you are a qualified and suitable candidate.
The IRS spends a lot of due diligence before they accept an offer in compromise.
It is possible for the IRS to spend over 20 hours working an offer in compromise. IRS uses the Accuriant search engine, Google in a variety of other searches to check on assets and histories of taxpayers and businesses.
You want to make sure you are very accurate and truthful on your financial statement.
On cases over $100,000 it is typical they will check your credit report for the accuracy of your financial statement. The higher the dollar case the greater the due diligence.
Many people ask why is this process not that simple.
The answer is this, all accepted offers in compromise are a matter of public record for one year in the regional office where the offer was accepted.
The Internal Revenue Service does all that it can to make sure there is a matter of consistency within the offer in compromise program if not still be a tremendous public outcry.
One base rule for the offer in compromise program. IRS is only concerned about your income and assets. this includes your equity in your home, pension plans are IRA’s.
One nice thing about the IRS accepting your offer in compromise is that once you meet the terms of the settlement they will release your federal tax lien.
Below you will find out what you need to know about the offer in compromise program.
Beginning immediately:
The IRS will return any newly filed Offer in Compromise application where the taxpayer has not filed all required tax returns.
Any fees included with the OIC will also be returned.
This new policy does not apply to current year tax returns if there is a valid extension on file.
IRS will consider your unique set of facts and circumstances:
• Ability to pay;
• Income;
• Expenses; and
• Asset equity.
IRS 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.
Make sure you are eligible for the offer in compromise to settle your tax debt.
Before IRS 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 proceedingg.
Use the Offer in Compromise Pre-Qualifier to confirm your eligibility and prepare a preliminary proposal.
Submit your offer in compromise to settle your 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 to Reduce Your Tax Debt
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 to settle your tax debt
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.
Call us today for free initial tax consultation and speak to a true IRS tax expert who will walk you through the process of how to negotiate with IRS over back taxes.
Our free consultation will give you true expert advice and help you evaluate your next step.
How to Reduce Your Tax Debt + Former IRS Agents Who Know the SYSTEM
by Fresh Start Tax | Aug 11, 2016 | Tax Help
We are an AFFORDABLE IRS Tax Debt Relief professional service firm that can provide permanent ax debt relief. We are former IRS agents and managers. Since 1982, A+ rated.
We have over 95 years of working directly for the Internal Revenue Service and the local, district, and regional tax offices of the IRS.
We can handle any IRS or state tax case. We are the Affordable Tax Relief Firm that can resolve any tax trouble.
Upon your initial phone call with one of our true experts we can provide to you the different programs and let you know the best tax debt relief option available.
As a general rule there are three relief options. Based on your current financial statement we can pick the best option that is right for you to permanently end your IRS or state tax case.
Important: You cannot trust tax relief company ratings. Many times a certain tax relief company will actually sponsor the link and call other similar companies who pay to be on their link.
These are tax relief rating are not from independent sources that verify the information, so be very careful.
While some are very good, others are not. BEWARE.
Theses sites are deceptive and misleading.
The only way to truly find out how the relief company is, is to do the due diligence it yourself. usually the company you find on top of these ratings are promoting their own link which is sad.
You should always use a company that features tax attorneys, CPAs and former IRS agents and those that have professional licenses.
Another good indicator is to find out how long the company has been in business and to find out the number of complaints they have with the Better Business Bureau.
The last way is to call the tax professional and the firm yourself and find out information about their experience and trustworthiness.
Tax Debt Options and Settlements
The Internal Revenue Service will settle debt based on your current and verifiable financial statement. Depending on who is working your case IRS will require a documented form 433A or 433F.
IRS will only be concerned with your assets, your income and your current living expenses. there are formulas that IRS were used to compute how they will settle your case.
Generally there are three options of closure with the Internal Revenue Service.
They are:
1. being placed into a currently not collectible or hardship situation,
2. a monthly payment or installment agreement, or,
3. entering into a settlement for pennies on a dollar called an offer in compromise.
Upon your initial call, we review your current financial statement and let you know your best option available.
Being former IRS agents and managers we know the methodologies, the theories and exactly how to close the case in your best interest and save you the most amount of money possible. When you call us you will hear the truth about your case.
We have been in practice since 1982 and our A+ rated by the Better Business Bureau.
Permanent IRS Tax Debt Relief Services + Former IRS
