Miami, Ft.Lauderdale – IRS Settlements – Former Local IRS Agents – South Florida
Miami, Ft.Lauderdale – IRS Settlements – Former Local IRS Agents 954-492-0088
We are a local South Florida professional tax firm that specializes in IRS tax debt settlements.
We are comprised of tax attorneys, certified public accountants and former IRS agents.
We have over 60 years of working directly for the Internal Revenue Service in the local South Florida offices and we also have worked in both the district and regional IRS offices well.
We not only worked the IRS tax debt settlement program called the offer in compromise but we also were instructors for the program as well.
With that said we know all the tax policies, tax formulas, and tax settlement procedures to go ahead and settle your IRS tax debt if you qualify.
It should be known that not every person qualifies for IRS settlement. IRS has strict guidelines for the acceptance of an IRS settlement called an offer in compromise. 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
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 Fee.
$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.
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.
Understand the process IRS 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.
Miami, Ft.Lauderdale – IRS Settlements – Former Local IRS Agents – South Florida