IRS Settlements – Former IRS Settlement Agents –  Settle for Less – IRS Tax Settlements    1-866-700-1040

 
If you have an IRS tax debt and you wish to settle or resolve your IRS case who better to use than former IRS settlement agents.
We have over 60 years of working directly for the Internal Revenue Service in the local, District and Regional offices of the Internal Revenue Service.
We taught Tax Law at the Internal Revenue Service and also  were former certified IRS instructors that taught the new IRS agents the IRS settlement law of the offer in compromise.
We have worked hundreds upon hundreds of offers in compromise and know the exacting formulas of the IRS.  There are very specific IRS settlement formulas.
With that said because of our years of experience we know all the tax policies, tax formulas, and tax settlement procedures to go ahead and settle your IRS tax debt if you qualify for the lowest amount allowed by law.
It should be known that not every person qualifies for IRS  tax debt settlement.
You should not pay any firm unless your case been fully reviewed and they have indicated to you that you are a candidate for the offer in compromise program.
There are many companies out there that will tell you that we can save you” pennies on the dollar” but after working for IRS for several years and working thousands of cases I urge caution before submitting any offer in compromise.
You can call us today for a free consultation regarding submission of an offer in compromise.
The new IRS settlement program called the fresh start initiative or fresh start program.
 

Offers in Compromise/IRS Settlements

Under the first round of Fresh Start, the IRS expanded a new streamlined Offer in Compromise (OIC) program to cover a larger group of struggling taxpayers. An offer-in-compromise is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed.
The IRS recognizes that many taxpayers are still struggling to pay their bills so the agency has been working to put in place more common-sense changes to the OIC program to more closely reflect real-world situations.
IRS has more flexibility with financial analysis for determining reasonable collection potential for distressed taxpayers.
Generally, an offer will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or through a payment agreement.
The  IRS will now looks at the taxpayer’s income and assets to make a determination regarding the taxpayer’s ability to pay.
An new IRS offer in compromise allows you to settle your tax debt for less than the full amount you owe.
It may and could be a legitimate tax option if you can’t pay your full tax liability, or doing so creates a financial hardship.
The Internal Revenue Service considers your unique set of facts and circumstances before accepting a IRS Settlement. they will consider,
a. Ability to pay,
b. Income;
c. Expenses and
d. Asset and equity.
 

Approvals of offers and compromise

 
We generally approve an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time.
IRS will explore all other payment options before accepting an offer in compromise. 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 by having a tax professional qualify your case before submission to the IRS.
 

Qualifications for offer and compromise

 
1. Before we can consider your offer, you must be current with all filing and payment requirements.
2. You are not eligible if you are in an open bankruptcy proceeding.
Submission your IRS Settlement – Necessary Forms
1. Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
2. Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
 

Application Fees for IRS Settlements

$150 application fee (non-refundable); and
Initial payment (non-refundable) for each Form 656.
Payment options
Your initial payment will vary based on your offer and the payment option you choose:
1. 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.
2. 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. Call us to see if you qualify.
 

Understand the process IRS  Tax Debt Settlement Process

 
While your offer is being evaluated you will need to now:
1. 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);
2. A Notice of Federal Tax Lien may be filed;
3. Other collection activities are suspended;
4. The legal assessment and collection period is extended;
5. Make all required payments associated with your offer;
6. You are not required to make payments on an existing installment agreement; and
7. Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
 
IRS Settlements – Former IRS Settlement Agents –  Settle for Less – IRS Tax Settlements