IRS Tax Debt Settlements – Attorneys, Lawyers – How to Settle with the IRS 1-866-700-1040
We are comprised of Tax Attorneys, Lawyers CPAs and former IRS agents who have over 206 years of professional tax experience in over 60 years with the IRS.
While employed by the Internal Revenue Service we taught the IRS tax debt settlement otherwise called the offer in compromise. Not only do we know the system we know the exact tax settlement formulas. Let our years of IRS work experience work for you.
If you want to settle your IRS tax debt call us today and we will review your tax case and your tax situation at no cost. We will be able to propose different tax options for you to settle your IRS tax debt.
We are certified tax experts in IRS tax debt settlements. We have worked hundreds and hundreds of cases and have provided our clients with successful tax settlement resolution options.
We’ve been practicing since 1982 and we are A+ rated by the BBB and are very affordable and friendly.
Feel free to call us or Skype us today to find out the truth about your case.
After working at IRS for a combined 60 years work experience no taxpayer should file an offer in compromise or an IRS tax debt settlement without being prequalified.
IRS has very rigid standards for the acceptance of offers in compromise or tax debt settlements. You can find on our site a simple offer qualifier and you can find out for yourself whether you can settle your IRS tax debt by using the qualifier.
How to settle with the IRS
IRS has very specific methods, rules and regulations to settle your back taxes. You will find that our website on the forms page a qualifier that you can walk through yourself to find out whether you are a candidate for an offer in compromise or an IRS tax debt settlement.
The basic rules for an IRS tax debt settlement is very simple. IRS will want to know the total equity you have in all your assets and then they will make a determination on your income versus your expenses.
Once IRS knows the fair market value of your assets and understands your income and expense ratios they will make a determination as to the feasibility to accept an offer in compromise.
I would never recommend a taxpayer file an offer in compromise by them self.
Being a former IRS agent it serves the taxpayer to find a qualified tax professional who will both save them time and money and has a greater chance of getting the offer in compromise approved.
You may call our office we will run through the numbers with you and find out whether you are a qualified candidate.
The new IRS Fresh Start Program by IRS for IRS Tax Debt Settlements
The new fresh start program or fresh start initiative by the Internal Revenue Service is allowing thousands and thousands of taxpayers who owe back taxes to settle there IRS tax debt.
The Internal Revenue Service has another expansion of its “Fresh Start” initiative by offering more flexible terms to its Offer in Compromise program that will enable some of the most financially distressed taxpayers to clear up their tax problems and in many cases more quickly than in the past.
IRS will be focusing in on the financial analysis used to determine which taxpayers qualify for an OIC. This also enables some taxpayers to resolve their tax problems in as little as two years compared to four or five years in the past.
In certain circumstances, the changes announced today include:
a. Revising the calculation for the taxpayer’s future income,
b. Allowing taxpayers to repay their student loans,
c. Allowing taxpayers to pay state and local delinquent taxes,
d. Expanding the Allowable Living Expense allowance category and amount.
What is and IRS tax debt settlement
A 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 a through payment agreement.
The IRS looks at the taxpayer’s income and assets to make a determination of the taxpayer’s reasonable collection potential.
IRS tax debt settlements or offers in compromise are subject to acceptance on legal requirements. All IRS tax debt settlements get approved not only by the local agent working in case not only by the manager but also by IRS attorneys.
The IRS recognizes that many taxpayers are still struggling to pay their bills so the agency has been working to put in place common-sense changes to the OIC program to more closely reflect real-world situations.
When the IRS calculates a taxpayer’s reasonable collection potential, it will now look at:
1. only one year of future income for offers paid in five or fewer months, down from four years, and
2. two years of future income for offers paid in six to 24 months, down from five years.
All offers must be fully paid within 24 months of the date the offer is accepted. The Form 656-B, Offer in Compromise Booklet, and Form 656, Offer in Compromise, has been revised to reflect the changes.
Other changes to the IRS tax debt settlement program
Other changes to the program include narrowed parameters and clarification of when a dissipated asset will be included in the calculation of reasonable collection potential.
In addition, equity in income producing assets generally will not be included in the calculation of reasonable collection potential for on-going businesses.
Allowable Living Expenses
The Allowable Living Expense standards are used in cases requiring financial analysis to determine a taxpayer’s ability to pay. The standard allowances provide consistency and fairness in collection determinations by incorporating average expenditures for basic necessities for citizens in similar geographic areas.
These standards are used when evaluating installment agreement and offer in compromise requests. you can find the ease national averages on our website. They are different from region to region. Go to our IRS forms page and click on allowable standards allowed by IRS.
The National Standard miscellaneous allowance has been expanded to include additional items. Taxpayers can use the miscellaneous allowance for expenses such as credit card payments and bank fees and charges.
Guidance has also been clarified to allow payments for loans guaranteed by the federal government for the taxpayer’s post-high school education.
Payments for delinquent state and local taxes may be allowed based on percentage basis of tax owed to the state and IRS.
This is another in a series of steps to help struggling taxpayers under the Fresh Start initiative.
Areas of Professional Tax Practice:
- Same Day IRS Tax Representation
- Offers in Compromise or IRS Tax Debt Settlements
- Immediate Release of IRS Bank Levies or IRS Wage Garnishments
- Tax Relief from a IRS Bill, Letter or Notice of “Intent to Levy”
- IRS Tax Audits
- IRS Hardships Cases or Unable to Pay
- Payment Plans, Installment Agreements, Structured agreements
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Payroll / Trust Fund Penalty Cases / 6672
- Filing Late, Back, Unfiled Tax Returns
- Tax Return Reconstruction if Tax Records are lost or destroyed
- IRS Tax Debt Settlements
Our Company Resume: ( Since 1982 )
- Our staff has collectively over 205 years of Professional IRS Tax Representation Experience
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- We taught Tax Law in the IRS Regional Training Center
- Former IRS Agents, Managers and Instructors with over 60 years experience in the local, district and regional IRS offices.
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