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