by Jim Magary | Jan 11, 2016 | Tax Help
We are a local South Florida tax firm that specializes in all IRS problems, former IRS agents and managers, since 1982.
As former IRS agents and managers we worked out of the local South Florida offices specifically, we worked out of the Miami, North Miami and Fort Lauderdale office.
We also worked as managers, supervisors and teaching instructors. Not only did we work in the above aforementioned positions we are also on-the-job trainers for new IRS employees.
We know all the IRS systems inside and out we have worked both sides of any IRS problem and know the protocols and methodologies to resolve any IRS matter.
Haven’t Filed Back Tax Returns, you are not alone the tax gap is $450 billion.
Filing back tax returns is not an issue for our firm. We have prepared thousands of back tax returns with or without tax records.
There is a very systematic way to do this and it is called income tax reconstruction.
We take the methodologies learned at Internal Revenue Service and apply the best practice standards to go ahead and prepare your back tax return and make sure you pay the lowest amount allowed by law.
On cases where taxpayers have received notices, we send IRS a power of attorney so you will never have to speak to IRS and we handle all the correspondence.
From there we go ahead and start the preparation of our tax return process by pulling IRS transcripts and any available records. From there, we submit the tax returns to IRS at the same time work out a remedy or solution if you’re go to owe back tax debt.
It is important for every taxpayer to know that if they are in a position where they haven’t filed back taxes that they start making estimate tax payments or creased or withholding to cover their new IRS tax debt. Internal Revenue Service wants to make sure future compliance is not an issue.
IRS Tax Debt Settlements
If you need to settle your tax debt with Internal Revenue Service, as a general IRS will want to current financial statement to make a determination.
You will need to do that on the IRS form 433A or 433F.
As a general rule upon your submission of your current documented financial statement,
IRS will either place you went into:
1.currently not collectible file (hardship) or ,
2. ask you for a monthly payment.
Many taxpayers are eligible for the offer in compromise program to settle their debt for pennies on the dollar.
Last year over 38,000 taxpayers settle their tax debt for an average of $6500 per case. Keep in mind that is just an average national average in your case is completely dependent on your current financial statement.
Before you file for offer in compromise it is wise to fill out the IRS pre-qualifier tool to make sure you were a viable candidate and don’t waste any money.
When you call our office we will be review with you the various options you have to completely and permanently remedy all your IRS tax problems once and for all.
If the IRS has filed a federal tax lien against you, when you call our office we will go over the different ways you may be able to release your federal tax lien. The lien will stay on your record for 10 years from the date of assessment unless an offer in compromise was accepted or you got into an IRS payment agreement that met the qualifications.
We are a full-service firm that specializes in IRS tax relief. With over 206 years of professional tax experience and over 65 years of combined work experience.
We are one of the most affordable, experience, and trustworthy firms in the South Florida area. Call us today for a free initial tax consultation.
Haven’t Filed Back Tax Returns + IRS Tax Debt Settlement + Payment Plans + IRS Levies, Tax Liens Help + FORMER IRS + 33308, 33334, 33304, 33305, 33301+ Ft.Lauderdale
by Fresh Start Tax | Jan 11, 2016 | Tax Help
We are former IRS agents and managers who have over 65 years with the Internal Revenue Service. We can help you with any IRS wage tax garnishment. Since 1982.
As former IRS agents and managers we issued thousands of wage garnishment levies as former employees with the Internal Revenue Service. We know all the IRS methodologies and most affordable ways to stop an IRS wage garnishment levy and settle your case all at the same time.
As a general rule, within 24 hours of receiving your current financial statement we can get an IRS tax levy or wage garnishment released.
We know all the IRS systems inside and out and can help explain IRS tax levy garnishment, its ramifications and how to get fast and easy tax releases from the IRS tax levies.
The IRS tax levy garnishment is the chief collection tool of the collection division of the Internal Revenue Service.
It collects billions of dollars of back taxes and not a single hand touches the IRS Tax Levy Garnishment.
They are all systematically generated by the CADE2 computer system, the IRS collection beast.
IRS gets its levy information from your tax returns and third-party reporters.
IRS keeps information on W-2s, 1099s and other persons that have reported information items to you.
If you failed to pay back taxes and not answered your final IRS tax bill which is usually on form number CP 504 or L-1058, the Internal Revenue Service has no choice but to execute an IRS bank levy or wage levy garnishment.
Within 24 hours of receiving your current financial statement we can get an IRS bank levy, wage levy GARNISHMENT, or any other type levy released from the Internal Revenue Service and work out a tax settlement as well.
Call us today for a free initial tax consultation and we will walk you through the process of given getting an immediate IRS wage levy garnishment release and settling your tax debt with the IRS once and for all.
You will never have to speak with the Internal Revenue Service we handle all IRS correspondence
What is a IRS Wage Garnishment Levy?
A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens.
A lien is a legal claim against property to secure payment of the tax debt, while a levy actually takes the property to satisfy the tax debt.
Where does Internal Revenue Service (IRS) authority to levy originate?
The Internal Revenue Code (IRC) authorizes levies to collect delinquent tax.
Any property or right to property that belongs to the taxpayer or on which there is a Federal tax lien can be levied, unless the IRC exempts the property from levy.
What actions must the Internal Revenue Service take before a wage garnishment levy can be issued?
The IRS will usually levy only after these three requirements are met:
• The IRS assessed the tax and sent you a Notice and Demand for Payment (a tax bill);
• You neglected or refused to pay the tax; and
• The 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.
The IRS may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested.
Please note: If the IRS levies 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.
When will the IRS issue a wage garnishment levy?
The Internal Revenue Service will issue the levy after it sends it’s customary billing to you. Once IRS has sent you its final notice and have given you are right to collection due process IRS will then start to execute an IRS bank levy or wage garnishment levy.
If you have received an IRS tax levy garnishment and want to make them go away call us today for a free initial tax consultation.
Please keep in mind, IRS will ask if you are fully compliant on all your tax returns.
If you have back tax returns that you need to have filed call us today and we can prepare your back tax returns.
STOPPING IRS WAGE GARNISHMENT NOW + WHAT YOU NEED TO KNOW + FORMER IRS
by Jim Magary | Jan 11, 2016 | Tax Help
We are former IRS agents and managers who have over 65 years with the Internal Revenue Service. We can help you with any IRS wage tax garnishment. Since 1982.
As former IRS agents and managers we issued thousands of wage garnishment levies as former employees with the Internal Revenue Service. We know all the IRS methodologies and most affordable ways to stop an IRS wage garnishment levy and settle your case all at the same time.
As a general rule, within 24 hours of receiving your current financial statement we can get an IRS tax levy or wage garnishment released.
We know all the IRS systems inside and out and can help explain IRS tax levy garnishment, its ramifications and how to get fast and easy tax releases from the IRS tax levies.
The IRS tax levy garnishment is the chief collection tool of the collection division of the Internal Revenue Service.
It collects billions of dollars of back taxes and not a single hand touches the IRS Tax Levy Garnishment.
They are all systematically generated by the CADE2 computer system, the IRS collection beast.
IRS gets its levy information from your tax returns and third-party reporters.
IRS keeps information on W-2s, 1099s and other persons that have reported information items to you.
If you failed to pay back taxes and not answered your final IRS tax bill which is usually on form number CP 504 or L-1058, the Internal Revenue Service has no choice but to execute an IRS bank levy or wage levy garnishment.
Within 24 hours of receiving your current financial statement we can get an IRS bank levy, wage levy GARNISHMENT, or any other type levy released from the Internal Revenue Service and work out a tax settlement as well.
Call us today for a free initial tax consultation and we will walk you through the process of given getting an immediate IRS wage levy garnishment release and settling your tax debt with the IRS once and for all.
You will never have to speak with the Internal Revenue Service we handle all IRS correspondence
What is a IRS Wage Garnishment Levy?
A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens.
A lien is a legal claim against property to secure payment of the tax debt, while a levy actually takes the property to satisfy the tax debt.
Where does Internal Revenue Service (IRS) authority to levy originate?
The Internal Revenue Code (IRC) authorizes levies to collect delinquent tax.
Any property or right to property that belongs to the taxpayer or on which there is a Federal tax lien can be levied, unless the IRC exempts the property from levy.
What actions must the Internal Revenue Service take before a wage garnishment levy can be issued?
The IRS will usually levy only after these three requirements are met:
• The IRS assessed the tax and sent you a Notice and Demand for Payment (a tax bill);
• You neglected or refused to pay the tax; and
• The 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.
The IRS may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested.
Please note: If the IRS levies 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.
When will the IRS issue a wage garnishment levy?
The Internal Revenue Service will issue the levy after it sends it’s customary billing to you. Once IRS has sent you its final notice and have given you are right to collection due process IRS will then start to execute an IRS bank levy or wage garnishment levy.
If you have received an IRS tax levy garnishment and want to make them go away call us today for a free initial tax consultation.
Please keep in mind, IRS will ask if you are fully compliant on all your tax returns.
If you have back tax returns that you need to have filed call us today and we can prepare your back tax returns.
STOPPING IRS WAGE GARNISHMENT NOW + WHAT YOU NEED TO KNOW + FORMER IRS
by Jim Magary | Jan 11, 2016 | Tax Help
We are an affordable professional tax firm with over 65 years of direct IRS work experience. Since 1982. We worked out of the local South Florida IRS offices. We know the system!
Last year the national rate was 38% acceptance of offers in compromise for an average of $6500 per settlement. 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. Upon your initial tax consultation we’ll let you know if you are eligible.
As a former IRS agent, I was a teaching instructor for the offer in compromise, the IRS tax debt settlement program. 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.
You could hear the truth about the offer in compromise program when you call us.
There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.
I know the system inside and out. As a former IRS agent I used to accept and reject offers in compromise.
I have heard countless horror stories from taxpayers who called me about firms that have ripped them off promising settlements.
There is a very specific system and methodology to get an offer in compromise approved for pennies on the dollar. Last year 38,000 taxpayers had their cases accepted.
As a former IRS agent I taught the offer in compromise program at the district training center as a former employee.
The question is pennies on the dollar possible?
Yes , it is as a matter of fact, over 38,000 taxpayers got their debt settled with the Internal Revenue Service for average settlement of $6500 last year. There were a total of 78,000 applications for the pennies on the dollar, offer in compromise program last year.
With that being said there is much to say about this pennies on the dollar program 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.
I would suggest anyone who wants to go ahead and settle their tax debt through the pennies on the dollar, offer in compromise program contact an experienced an honest tax professional, have them walk them through the pre-qualifier tool before they give their money to anybody.
If you have any questions or issues about the offer in compromise program to settle 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.
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.
Right now there are over 7500 cases in the offer queue to be worked.
We are a full-service firm with an expertise in any IRS tax debt matter including offering compromise.
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.
OIC Program to Settle For Pennies On a Dollar
What is a OIC?
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:
• Ability to pay;
• Income;
• Expenses; and
• Asset equity.
IRS generally approves 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 to settle for pennies on a dollar!
Before the 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.
Submitting your offer to settle
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 for the pennies on a dollar OIC
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 of OIC
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 to see if you are a certified an eligible candidate for the offer in compromise program.
We call our office you will speak to a true IRS tax professional. So yes pennies on a dollar is possible, however make sure you’re a qualified candidate.
Call us today for a free initial tax consultation and speak to a true IRS expert about the offer in compromise the way to settle your tax debt for pennies on a dollar if you qualify.
Offer in Compromise + Settle IRS Tax Debt + Reduces IRS Taxes + Former IRS + Ft.Lauderdale + 33308, 33334
by Fresh Start Tax | Jan 11, 2016 | Tax Help
We are an affordable professional tax firm with over 65 years of direct IRS work experience. Since 1982. We worked out of the local South Florida IRS offices. We know the system!
Last year the national rate was 38% acceptance of offers in compromise for an average of $6500 per settlement. 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. Upon your initial tax consultation we’ll let you know if you are eligible.
As a former IRS agent, I was a teaching instructor for the offer in compromise, the IRS tax debt settlement program. 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.
You could hear the truth about the offer in compromise program when you call us.
There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.
I know the system inside and out. As a former IRS agent I used to accept and reject offers in compromise.
I have heard countless horror stories from taxpayers who called me about firms that have ripped them off promising settlements.
There is a very specific system and methodology to get an offer in compromise approved for pennies on the dollar. Last year 38,000 taxpayers had their cases accepted.
As a former IRS agent I taught the offer in compromise program at the district training center as a former employee.
The question is pennies on the dollar possible?
Yes , it is as a matter of fact, over 38,000 taxpayers got their debt settled with the Internal Revenue Service for average settlement of $6500 last year. There were a total of 78,000 applications for the pennies on the dollar, offer in compromise program last year.
With that being said there is much to say about this pennies on the dollar program 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.
I would suggest anyone who wants to go ahead and settle their tax debt through the pennies on the dollar, offer in compromise program contact an experienced an honest tax professional, have them walk them through the pre-qualifier tool before they give their money to anybody.
If you have any questions or issues about the offer in compromise program to settle 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.
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.
Right now there are over 7500 cases in the offer queue to be worked.
We are a full-service firm with an expertise in any IRS tax debt matter including offering compromise.
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.
OIC Program to Settle For Pennies On a Dollar
What is a OIC?
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:
• Ability to pay;
• Income;
• Expenses; and
• Asset equity.
IRS generally approves 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 to settle for pennies on a dollar!
Before the 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.
Submitting your offer to settle
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 for the pennies on a dollar OIC
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 of OIC
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 to see if you are a certified an eligible candidate for the offer in compromise program.
We call our office you will speak to a true IRS tax professional. So yes pennies on a dollar is possible, however make sure you’re a qualified candidate.
Call us today for a free initial tax consultation and speak to a true IRS expert about the offer in compromise the way to settle your tax debt for pennies on a dollar if you qualify.
Offer in Compromise + Settle IRS Tax Debt + Reduces IRS Taxes + Former IRS + Ft.Lauderdale + 33308, 33334
by Jim Magary | Jan 11, 2016 | Tax Help
We are an affordable professional tax firm with over 65 years of direct IRS work experience. Since 1982. We worked out of the local South Florida IRS offices.
The answer is yes you can settle with IRS for pennies on the dollar but read this entire post. Last year the national rate was 38% acceptance of offers in compromise.
Everyone wants to settle with IRS but there is a very specific format and methodology that must be followed.
You could hear the truth about the offer in compromise program when you call us.
There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.
I was a former IRS agent and teaching instructor. I know the system inside and out.
As a former IRS agent I used to accept and reject offers in compromise.
I have heard countless horror stories from taxpayers who called me about firms that have ripped them off promising settlements.
There is a very specific system and methodology to get an offer in compromise approved for pennies on the dollar. Last year 38,000 taxpayers had their cases accepted. As a former IRS agent I taught the offer in compromise program at the district training center as a former employee.
The question is pennies on the dollar possible?
Yes it is as a matter of fact, over 38,000 taxpayers got their debt settled with the Internal Revenue Service for average settlement of $6500 last year.
There were a total of 78,000 applications for the pennies on the dollar, offer in compromise program last year.
With that being said there is much to say about this pennies on the dollar program called the offer in compromise.
Not everybody is eligible for the pennies on the dollar, offer in compromise program. 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.
I would suggest anyone who wants to go ahead and settle their tax debt through the pennies on the dollar, offer in compromise program contact an experienced an honest tax professional, have them walk them through the pre-qualifier tool before they give their money to anybody.
If you have any questions or issues about the offer in compromise program to settle 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. 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.
As a former IRS agent in teaching instructor of the offer in compromise I would let any taxpayer know that they should go to an experienced tax firm pay the money can be represented for the offer. Right now there are over 7500 cases in the offer queue to be worked.
We are a full-service firm with an expertise in any IRS tax debt matter including offer in compromise.
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.
OIC Program to Settle For Pennies On a Dollar
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:
• Ability to pay;
• Income;
• Expenses; and
• Asset equity.
IRS generally approves 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 to settle for pennies on a dollar!
Before the 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.
Submitting your offer to settle for pennies on a dollar
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 for the pennies on a dollar OIC
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 of OIC
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 to see if you are a certified an eligible candidate for the offer in compromise program.
We call our office you will speak to a true IRS tax professional. So yes pennies on a dollar is possible, however make sure you’re a qualified candidate.
Call us today for a free initial tax consultation and speak to a true IRS expert about the offer in compromise the way to settle your tax debt for pennies on a dollar if you qualify.
Offer in Compromise + Settle Tax Debt + Pennies On a Dollar + Former IRS Explains the Offer in Compromise
