We are Florida’s affordable professional tax firm, a plus rated BBB.

The Internal Revenue Service has made the Offer in Compromise much easier than ever before.

The offer in compromise or a tax debt settlement is a binding contract between the US government and the taxpayer.

About 38% of all offers in compromise or accepted by the Internal Revenue Service.

I am a former IRS Agent and teaching Instructor. I taught the offer in compromise program while a revenue officer at the IRS.

By contacting us today we can offer you a free tax consultation to find out whether you qualify for offer in compromise, tax debt settlement.

Finally, the IRS made it easy the accept the Offer in Compromise

It took them a long time but the Internal Revenue Service finally made it easy for taxpayers to settle their tax debt through the offer in compromise.

About three years ago management of the IRS came out with the new fresh start program or fresh start initiative that help taxpayers who owed back tax debt settle with the Internal Revenue Service.

When I was a former IRS agent and teaching instructor the offer in compromise was frowned upon. Why, simply because they took so long to work and there were no guidelines.

Facts for the Offer in Compromise, Tax Debt Settlements

This last year 58,000 offers in compromise were filed and 38% of all those were accepted.

The average settlement on a dollar was $.14.

Right now the average wait to have your offer in compromise worked is four – eight months.

7500 cases right now or sitting in the IRS offer in compromise Queue.

Most taxpayers who have their offers in compromise accepted our file by professional tax firms.

The key to getting an offer in compromise settled by the Internal Revenue Service

If you want to settle your tax debt with the offer in compromise it’s all about packaging and knowing the formulas.

The easier you package the case the easier the agent can review it and accept your tax debt settlement. The more work you do the less work IRS rest does.

Our recommendation is that you fill out the forms accurately and correctly and make sure all documentation is there so IRS can process your offer in compromise all at one time.

This makes the IRS settlement easy. IRS is looking for easy. With the IRS under time constraints they cannot be spending a lot of time searching for documents. So put a nice neat file together with exhibits and page numbers.

The most common mistakes taxpayers make is the lack of documentation. if you cannot substantiate your income, expenses we are bank statements you can pretty much know that your offer and compromise, tax debt settlement will be rejected by the Internal Revenue Service.

Do not give the Internal Revenue Service or reason to reject your offer.

IRS will generally take the first road out of town and reject your offer if the packaging is incorrect. There are 7500 cases right now in the IRS queue that cannot be worked so IRS generally will reject the offer before they will tend to accept them. Basically anything on the offer in compromise financial statements that has a number on it must be verified to the Internal Revenue Service.

Documentation is key to settlement.

The key factor to settle on the lowest dollar.

To settle for the lowest hour possible you must understand the formulas.

IRS wants to get into your pocket as much as they can so they will look closely at the liquidity of your assets values and your income to expense ratios.

IRS has a system called the national standard expenses that they will apply against your income.

It is important to know national, local and geographical standards and apply them against your income.

Before any taxpayer submits an offer in compromise the taxpayer is best served by filling out and seeing for themselves that their offer has a chance to be accepted.

IRS Pre-Qualifier Tool

You can go to our homepage and click on forms and click on the link that says pre-qualifier tool for the offer in compromise.

There is a five step process that will tell you whether IRS will accept your offer in compromise.

It will take you no more than three minutes to complete this short process that will lead to know the process, understand what IRS is looking for and let you know what a potential settlement would cost in terms of the IRS acceptance.

It is best to have a professional person review your offer in compromise before it is sent to the Internal Revenue Service.

Grounds for Acceptance for the Offer in Compromise

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 under applicable law that the IRS has correctly determined the amount owed.

Second, acceptance is permitted if there is doubt that the amount owed is fully collectible. This means that doubt as to collectibility 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 tax is legally owed and 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.

Offers in Compromise, Tax Debt Settlements

The IRS is also expanding a new streamlined Offer in Compromise (OIC) program to cover a larger group of struggling taxpayers.

This streamlined OIC is being expanded to allow taxpayers with annual incomes up to $100,000 to participate. In addition, participants must have tax liability of less than $50,000, doubling the current limit of $25,000 or less.

OICs are subject to acceptance based on legal requirements.

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.

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 looks at the taxpayer’s income and assets to make a determination regarding the taxpayer’s ability to pay.

Offer in Compromise, Tax Debt Settlement – Jacksonville, Tampa, Orlando, Tallahassee – Settle with the IRS