Offer in Compromise – Free Tax Advice
Some facts you should know about the offer in compromise.
1. 38% of all offers in compromise filed with the Internal Revenue Service are accepted.
2. The average settlement offer in compromise is $.14 on a dollar.
3.There are approximately 60,000 offers in compromise filed every year. The majority of offers and compromises that are accepted are filed by professional tax firms.
If you need free tax advice for a offer in compromise contact us today.
It is important that you receive competent IRS advice before you file for offering compromise.
There are many Internet companies that can promise you “pennies on the dollar”.
Even though that is true, you should make sure you are a suitable and qualified candidate before you file the offer in compromise. Make sure you are not ripped off by Internet companies.
Use the IRS Pre-Qualifier OIC tool
The IRS’s has put out a pre-qualifier tool for the offer in compromise.
You can find that tool on our website.
Nobody should submit an offer in compromise and less they pass the pre-qualifier tool test.
Contact us today and if we feel you are a suitable and qualified offer in compromise candidate and we will proceed further.
If you wish to call just to have us answer any questions we will offer you free tax advice.
You will get true professional free tax advice from former IRS agents and instructors.
We are one of the nations most qualified tax firms for the filing of the offer in compromise.
We are not only comprise a former IRS agents, we actually taught the offer in compromise program and another member on our staff actually work the appeals cases for the offer in compromise for denied offers in the district office.
We are one of the most experienced tax firms in the nation for the processing of the offer in compromise.
Hear the truth about your case today.
What is a Offer in compromise
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship.
IRS considers your unique set of facts and circumstances:
1. Ability to pay;
2. Income;
3. Expenses; and
4. Asset equity.
IRS will generally approve an offer in compromise when the amount offered represents the most they can expect to collect within a reasonable period of time.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.
Submitting your offer in compromise
You’ll find step-by-step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF)
Your completed offer package will include:
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;
3.$150 application fee (non-refundable); and
Initial payment (non-refundable) for each Form 656.
Select a payment option for an offer in compromise
Your initial payment will vary based on your offer and the payment option you choose:
- 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.
- 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.
Low Income Certification guidelines
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 of an offer in compromise
While your offer is being evaluated:
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.
You can contact us today for free tax advice on the potential filing of your offer in compromise.
Remember, the offer in compromise is not for everyone.
You must be a suitable and qualified candidate. Do not spend your money or give it to any professional firm and less you are pre-qualified.
Should you go ahead and pick a firm make sure you check on their Better Business Bureau rating and also check on the experience and expert level of the person or persons working your offer in compromise.
Offer in Compromise – Free Tax Advice