Reduce Your IRS Tax Debt

 
As a result of the new IRS program called the Fresh Start or the Fresh Start Initiative settling your tax debt with IRS is been made much easier.
The latest statistics are out and showed that over 38% of all taxpayers who submit an IRS tax debt settlement or offer in compromise get their settlements accepted.
These numbers are at an all-time high. In former years about 18% of all offers in compromise were accepted.
Last year alone 58,000 taxpayers  submitted offers in compromise to reduce their IRS tax debt.
You should know I am a former IRS agent and worked the offer in compromise program or the tax debt settlement program in the South Florida IRS offices.
I personally have worked thousands of cases since 1982 and am a true expert to help reduce your IRS tax debt.
You should contact us today for a free initial consultation and you can speak directly to tax attorneys, tax lawyers, certified public accountants, enrolled agents, and former IRS agents, managers and tax instructors.
We have practiced right here in South Florida since 1982 and we are A+ rated by the Better Business Bureau.
We are the affordable, friendly, and fast professional tax firm that has over 206 years a professional tax experience
 

The New Fresh Start Program by the IRS to Reduce your Tax Debt

 
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 OIC changes that have allowed over 20,000 taxpayers to settle or reduce their tax debt

 
 
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.
Standard 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.
Before you submit an offer in compromise to settle or reduce your tax debt you should use the pre-qualifier tool on our website.
You can save yourself a lot of time and money.
Do not give your money to any tax firm or tax professional and less you know you are a qualified and suitable candidate for an offer in compromise.
It should be noted that not all taxpayers qualify to reduce their IRS tax debt using the tool of the offer in compromise.
Taxpayers can look at other possibilities such as the abatement of penalties and interest to help reduce the debt.
Contact us today for a free initial tax consultation and find out the different strategies available to reduce your IRS tax debt.
We are the friendly and affordable tax firm located right here in South Florida.
We cover Fort Lauderdale, Miami, and all of the Palm Beaches including Key West.
 
 
Reduce Your IRS Tax Debt – Affordable, Former IRS Settlement Agent – Ft.Lauderdale, Miami, Palm Beaches