by Fresh Start Tax | Nov 28, 2018 | Tax Help
I am a former IRS agent and teaching instructor with the Internal Revenue Service.
When I was employed by the Internal Revenue Service I work the offer in compromise program. Not only did I accept and reject offers in compromise, I was also a teaching instructor at the service center to help qualified revenue officers decide which offers to accept and reject.
Given the above information, I can tell you I am a true expert for the IRS offer in compromise and I wish to explain to you whether an offer in compromise is a viable option for you.
Due to social media, marketing and advertising the assumption by the general public is that IRS can settle tax debt for pennies on the dollar.
Let me first let you know that IRS does accept offers in compromise and as a matter of fact last year approximately 32,000 offers in compromise were accepted out of the 78,000 that were filed.
The average settlement was $9500 per case but remember that is just an average in not everybody can settle their tax debt for $9500.
There is much information you need to know before you go off filing an offer of compromise and giving your money to some firm to try to pull off some amazing trick because you have been sold a bill of goods and bought in to some marketing ploy and they’ve convinced you are a settlement candidate.
It first starts with the review of your personal financial statement which is found on the 433 OIC. When the offer in compromise gets sent in to the Internal Revenue Service it is met with the reviewer that make sure that you are truly qualified candidate for the offer in compromise program. That reviewer checks the completed form to make sure it is a valid agreement. The offer in compromise is a legal document between you and the Internal Revenue Service.
Also reviewer make sure that all the documentation is attached so that the revenue officer who will work your offer in compromise can move forward.
Approximately one third of all offers in compromise are sent back to the taxpayer because the offers are not filled out correctly or the appropriate documentation is not attached.
IRS will check to make sure all your tax returns are current and filed on the IRS system.It is critically important you know that you must have all tax returns filed before IRS will process your offer.
You should know that the Internal Revenue Service rejects an offer before it accepts an offer. one of the basic rules is that the revenue officer is lazy and is easier to mark rejected then they go through all the work of accepting an offer in compromise. I should know this is a former instructor of the offer in compromise I see many are revenue officers simply send offers back because some of the eyes were not dotted in the tees were not crossed.
Due to the volume of cases the IRS has, which is over 7500 cases waiting in the IRS Q, is far easier for the IRS to say no then to accept because an average of anywhere between 20 and 40 hours are spent on accepting the offer in compromise. If you have an offer in compromise accepted, four signatures are generally required for signature as it goes up and down the chain.
So how do you know if the offer in compromise is right for you.
The first place to go is to fill out the IRS pre-qualifier tool for the offer in compromise. Because of so many scrupulous tax companies that have been ripping people off, the IRS wanted to make sure the general public has a tool that they can use to find out if they are prequalified to file the offer in compromise to make sure it is a viable option.
It contains all the necessary information in regard to your income, your expenses and your assets and it predetermines for you whether the offer in compromise is even a viable option for you.
IRS will take a very close look at the liquidity of your assets, your current income, and your monthly expenses before it renders a decision as IRS wants to make sure it collects all the money from you that they can within the 10 year statutory period of time.
One of the questions the agent will want to consider is, can we collect more money over 10 years than accept the current agreement on the table for the IRS offer in compromise.
As a general rule, you will have to give IRS your total liquidity of all your assets before they will even consider the acceptance of an offer in compromise.
IRS on larger dollar cases is a tremendous amount of due diligence.
Why? you may ask is because all offers in compromise are open for public inspections at eight regional offices throughout the United States.
Your offer in compromise must be thoroughly documented which includes all your bank statements for the last six months to a year, all your pay stubs, all your monthly expenses along with certain documentation for assets that have value.
IRS also takes a look at the values of your pensions, your IRA, your business as well.
The offer in compromise is one of the most reviewed documents, it is like going through a mini audit.
Some of the due diligence that IRS will conduct on a larger dollar cases is checking Google, the accurate search engine, Department of Motor Vehicles, real estate records, insurance policies, credit reports, loan applications, insurance policies, and inter-government agency records including those garnered by Homeland security and other such agencies.
Before you contemplate filing the offer in compromise and wasting your money on a company that has promised you they can settle your case for pennies on the dollar, you would be wise to give us a call to have an actual former IRS agent and teaching instructor of the offer in compromise give you the green light.
When you call our office you will speak to true IRS tax experts who knows the system and can tell you what to expect and tell you how to settle for the lowest amount possible.
Call us today for a free initial tax consultation
How Do You Know the Offer in Compromise To Settle Back Taxes is Right for You + Ask a Former IRS Settlement Agent
by Fresh Start Tax | Jul 23, 2014 | Tax Help
Get affordable professional tax help by using former IRS agents and managers who have over 60 years of working directly for the Internal Revenue Service.
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The Internal Revenue Service runs full compliance check on all taxpayer they have in there system.
If you have been contacted by the Internal Revenue Service and they need back tax returns, you need to file your own tax returns if not IRS will file for you.
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If you want to settle your IRS tax debt through their settlement program we can go over the pre-qualifier tool and see if you are an eligible candidate for tax debt settlement called the offer in compromise program.
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IRS Tax Help – File Back Tax Returns, Stop Tax Levy, Tax Debt Settlements – Arlington, Mansfield, DeSoto, Halton City, Ft. Worth
by Fresh Start Tax | Jun 2, 2014 | Tax Help
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IRS Tax Levy
The Internal Revenue Service levies close to 2 million taxpayers each and every year.
The Internal Revenue Service usually issues to type of tax levies.
If taxpayers do not respond to their final notice the Internal Revenue Service will either send out a bank or wage garnishment levy.
It is important that all taxpayers respond to any notice sent by the Internal Revenue Service.
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IRS tax debt settlements are called often compromise. IRS accepts 38% of all tax debt settlements filed for an average of $.14 on a dollar.
You must be a qualified candidate for the offering compromise program.
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You do not want to pay anybody a dollar unless less they tell you you will qualify for an IRS tax debt settlement.
IRS Taxes Help – Tax Levy, IRS Tax Audit, Tax Debt Settlements, Former Agents – Erie, Sharon, New Castle, Plum
by Fresh Start Tax | May 28, 2014 | Tax Help
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IRS TAX FACTS
- IRS sends out close to 2 million tax levies each and every year,
- IRS accepts 38% of all offers in compromise filed.
- the average tax settlement is $.14 on a dollar,
- last year 78,000 taxpayers filed for a tax debt settlement.
- IRS audits less than 1% of all taxpayers.
If you are having a tax problem with the Internal Revenue Service and need immediate IRS tax help relief contact us today and speak to true IRS tax experts.
Tax Levy
Within a 24 hour period of time of after receiving an accurate and documented financial statement we can get an IRS tax levy released.
Tax Settlements
If you would like to settle your case with Internal Revenue Service we will walk you through the IRS pre-qualifier tool with you to find out if you are a suitable candidate for the offer in compromise program.
You can find the IRS pre-qualifier tool on our website for the offer in compromise.
IRS Audit
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by Fresh Start Tax | Jun 6, 2013 | Christian IRS Tax Relief, IRS Representation
IRS & State Tax Representation – Christian Tax Firm <><
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How do you discern Christian godly counsel?
Psalm 37:30
The godly offer good counsel, they know what is right from wrong.
Proverbs 18:2
Fools have no interest in understanding; they only want to offer their own opinions.
Proverbs 27:9
The heartfelt counsel of a friend is as sweet as perfume and incense.
Areas of Professional Tax Representation
On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
Full Service Accounting Tax Firm,
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.
Highest Rating by the Better Business Bureau “A” Plus
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Licensed and certified to practice in all 50 States
Nationally Recognized Veteran /Published Former IRS Agent
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As heard on GRACE Net Radio.com – Monthly Radio Show-Business Weekly
IRS & State Tax Representation – Christian Tax Firm – IRS & State Tax Debt Settlements
