IRS Offer – Settle with the IRS – Former IRS Settlement Agent – Revenue Officer – Debt Settlement Tax Relief
You cannot do any better than having a Former IRS Agent Settle your back tax debt. When I was employed with the Internal Revenue Service I taught the Offer in Compromise or the Tax Debt Settlement Program to new IRS agents. I/We worked out of the local, district and regional offices.
I have worked hundreds and hundreds of Offers in Compromise. I am a true expert in regard to the OIC Settlement program.
IRS Settlement History
Over the past years IRS has been accepting more Offers i n Compromise. Historically the IRS accepts around 25% of all offers in compromise with the number inching up over the past 3 years. IRS accepted 27% of all offers last year. IRS receives around 55,000 OIC a year.
With the new Fresh Start Program I expect to see that number skyrocket to numbers of offers filed that have never been seen before. I do not honestly believe IRS has the manpower to work the numbers of cases that will be coming into to the fold.
IRS will reject Offers at the drop of a hat.
IRS is basically lazy. The truth be told they hate to work this program and since Offers are long investigations their first instinct is to say ” no” because it is just to much work. To work through the entire case can take an Agent up to 25 hours.I should know, I worked there and I know there mentality.
Offers needs to be filled out correctly and accurately to have a chance of being accepted. The reason most offers are rejected is simply because the Offer is not correctly filled out. The offer is a legal contract and therefore the letter of the law must be complied with.
This is the reason it is best to have a professional tax firm complete your offer. My guess is that about 90% of all offers approved are filed by professional tax firms, at least that is the inside word I get.
Fresh Start Tax LLC is A plus rated and will tell you the truth regarding your case. 1-866-700-1040.
The Bottom Line.
Engage a professional tax firm for this process. Most solid firms will never file a offer unless it has a chance to get through. Our firm offers a free analysis of your case before taking any money from you. Take of advantage of our experience.
What is a Offer in Compromise or Settling your tax debt?
An offer in compromise is a legal agreement between a taxpayer and the Internal Revenue Service ( IRS ) that settles the taxpayer’s ( business ) tax liabilities for less than the full amount of taxes owed.
If the tax liabilities can be fully paid through an installment agreement or other means, the taxpayer will in most cases not be eligible for an OIC.
In most cases, the IRS will not accept an OIC unless the amount offered by the taxpayer is equal to or greater than the reasonable collection potential.
The RCP is how the IRS measures the taxpayer’s ability to pay.
The RCP includes the value that can be realized from the taxpayer’s assets, such as real property, automobiles, bank accounts, boats, pensions, IRA’s, and other property.
In addition to property, the RCP also includes anticipated future income, less certain amounts allowed for basic living expenses.
The IRS may accept an OIC based on three grounds.
First, acceptance is permitted if there is doubt as to liability.
This ground is only met when genuine doubt exists that the IRS has correctly determined the amount owed.
Second, acceptance is permitted if there is doubt that the amount owed is collectible.
This means that doubt exists in any case where the taxpayer’s assets and income are less than the full amount of the tax liability.
Third, acceptance is permitted based on effective tax administration.
An offer may be accepted based on effective tax administration when there is no doubt that the full amount owed can be collected, but requiring payment in full would either create an economic hardship or would be unfair and inequitable because of exceptional circumstances.
Call us today and hear the truth from true tax professionals, 1-866-700-1040.
