We are a team of Christian Tax Professionals, Tax Attorneys, Tax Lawyers, CPA’s & former IRS Agents and Teaching Instructors <><
Proverbs 12:15
The way of a fool is right in his own eyes, but a wise man listens to advice.
Proverbs 11:14
Where there is no guidance, a people falls, but in an abundance of counselors there is safety.
Proverbs 15:22
Without counsel plans fail, but with advisers they succeed.
How to resolve your IRS Tax Debt Problem by reading the below options.
There are generally 5 ways or programs that IRS has for resolving, settling or dealing with Back IRS Tax Debt.
1. By payment in full,
2. By monthly or installment payments,
3. By the Acceptance of an offer in compromise, (this is how your completely eliminate the tax debt)
4. By statue expiration. (another way to your completely eliminate the tax debt).
You will need to pull and IRS tax transcript to find out when the debt expires, it is generally 10 years from the date of assessment.
5. For those who cannot pay their debt IRS has a non-collectible or hardship program.
The most important aspect of solving IRS tax debt cases is completely dependent on the individual or business financial statements, that is the 433,a, 433f, and or the 433b.
Your current documented financial statement determines all.
You must support your financial statement by documentation such as bank statements, pay stubs, copies all bills and expenses.
IRS only allows certain expenses that are considered necessary living expenses.
There are charts available on what IRS allows.You can also find them on our website.
Anything not on those charts are disallowed and this is what trips up most taxpayers. IRS sticks to a strict standard. Please charts are called the IRS national standards.
All your tax returns will have to be filed before IRS will work and close and solve your case. We can file your back tax returns with or without records via tax reconstruction methods. As former IRS Agent we know exactly the approved process by the IRS.
1. IRS Hardship or Currently not Collectible.
The Internal Revenue Service places 40% of their open collection inventory into a hardship or currently not collectible status. after IRS takes your current financial statement and applies the national standards they determine you do not have the money at this time make payments or full pay the tax liability. Your case will go into hardship or currently not collectible for a period of 2 to 3 years and after that the IRS will kick the case back out to the field for another review. Please be advised that your case will come back
2. IRS Payment agreements/Monthly installments.
The Internal Revenue Service places approximately 6.5 million cases into payment or installment agreements.
There are different ways to get placed into an installment agreement and it depends on whether you can pay the tax liability off within a given period of time or you need to make monthly payments because of your current financial statement. You need to be familiar with the programs offered by Internal Revenue Service to make sure you do not get put in a situation that will default.
3. The Offer in Compromise Program
As a former IRS agent I taught the OIC program IRS.I know the stem inside and out.
Last year the Internal Revenue Service receives 78,000 offers in compromise. IRS accepted 38% of those offers in compromise for a settlement of $9500. Do not be fooled by this $9500 figure that I throw out because it’s simply a national average and varies from case to case.
There is an IRS pre-qualifier tool that you can use yourself to figure out whether you are a qualified candidate.
The IRS spends a lot of due diligence before they accept an offer in compromise.
It is possible for the IRS to spend over 20-40 hours working an offer in compromise.
IRS uses the Accuriant search engine, Google in a variety of other searches to check on assets and histories of taxpayers and businesses.
You want to make sure you are accurate and truthful on your financial statement.
The higher the dollar case the greater the due diligence.
Many people ask why is this process not that simple. The answer is this, all accepted offers in compromise are a matter of public record for one year in the regional office where the offer was accepted.
The Internal Revenue Service does all that it can to make sure there is a matter of consistency within the offer in compromise program if not still be a tremendous public outcry.
One base rule for the offer in compromise program:
Generally IRS is only concerned about your income and assets. This includes your equity in your home, pension plans and IRA’s.You must give IRS the total equity in all your assets as a starting point.
One nice thing about the IRS accepting your offer in compromise is that once you meet the terms of the settlement they will release your federal tax lien.
After a quick review of your current financial statement we will able to help and determine the best way to resolve your IRS problem.
Call us today for free consultation and speak to a true IRS tax professional.954-328-3501
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