Affordable IRS Back Tax Debt Relief Help, Settlements, IRS Problems – Columbia, LaVergne, Gallatin, Spring Hill
As Former IRS agents and managers we can resolve any IRS problem you have.
We can offer you affordable IRS Back Tax Relief by offering you different settlement programs.
We have over 60 years working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
Call us today for a free initial tax consultation and speak directly to former IRS agents, managers and tax instructors who know the system.
I am a former IRS revenue officer who accepted tax settlements when I was working with the Internal Revenue Service and now represent taxpayers who need to settle their case.
We know the system!
IRS Back Tax Debt Relief, Tax Settlements
The Internal Revenue Service has had another expansion of its “Fresh Start” initiative by offering more flexible terms to its Offer in Compromise (OIC) 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.
In certain circumstances, the changes include:
- Revising the calculation for the taxpayer’s future income.
- Allowing taxpayers to repay their student loans.
- Allowing taxpayers to pay state and local delinquent taxes.
- Expanding the Allowable Living Expense allowance category and amount.
In general, an 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. OICs are subject to acceptance on legal requirements.
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 only one year of future income for offers paid in five or fewer months, down from four years, and 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 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.
Call us today for a free initial tax consultation and we can walk you through the various programs to give you affordable IRS back tax debt relief.
Affordable IRS Back Tax Debt Relief, Tax Settlements, IRS Problems – Columbia, LaVergne, Gallatin, Spring Hill