Speak directly to a former IRS agent who was a tax debt settlement specialist when employed at the IRS.
There different ways to deal with the Internal Revenue Service. As former IRS agents, managers and teaching instructors we know all the options. When employed at the Internal Revenue Service as an IRS revenue officer I worked, accepted and taught the offer in compromise program. I know the system inside and out.
There are many factors that IRS uses to settle IRS tax debt. Our tax relief company is staffed with true tax experts who know the system and the methodologies to resolve IRS tax debt.
Since 1982 we have been resolving IRS taxes, we are the premier IRS tax specialist, and we are one of the premier IRS tax relief companies in the United States. Our founder has been on both Fox News and NBC.
Tax Return Note:
All tax returns must be filed before IRS will close your case.
We can file all back taxes as well. whether you have records or not we can pull IRS transcripts and reconstruct your tax returns. Being former IRS agents we are experts in reconstruction. You should also know that if you do not file a tax return IRS can prepare your return under 6020 B of the Internal Revenue Code and you will pay the most allowed by IRS law.
The Internal Revenue Service keeps all cases open and uses collection enforcement action to make sure all tax returns are filed.
There is a very exacting process to eliminate your IRS problem and we know the system.We will walk through all the programs to see what programs you qualify.
We can go over all your options to qualify for IRS tax relief.
Different Available Options
If you have balance due on back taxes and are looking to set up a payment agreement, file firm offer in compromise to settle your back tax debt or you need to file back tax returns, call us today for a free initial tax consultation.
How To Settle Your Tax Debt on Back IRS Taxes
There are some things taxpayers need to know before settling their debt with the Internal Revenue Service. The Internal Revenue Service takes a detailed financial statement and expects it to be fully documented along with bank statements and pay stubs. the Internal Revenue Service uses a national regional geographical standard test to compare your income with your expenses before they make determinations on how you will settle your tax debt.
They will look at your assets and look at your total liquidity before making any determination. As a former agent IRS will use the last three years worth of income averaging and the last six months worth of income and expenses before making determinations.
As a general rule, the Internal Revenue Service will place you into a currently uncollectible hardship, may place you in a payment agreement or you may be eligible for an offer in compromise to settle your tax debt.
The Internal Revenue Service spends a lot of time if there going to work your case for an offer in compromise. They will pull credit reports and different search engines to find out your assets in your income and think in case you’re thinking of hiding something.Before you contemplating doing this on your own you must understand what you’re getting into to have success. Upon your free initial consultation we will walk you through the process.
The 5 ways or programs for IRS Tax Debt, the most common:
1. By Payment in full,
2.By monthly Payments,
3. By the Acceptance of an offer in compromise, (this is how your completely eliminate the tax debt)
4. By statute expiration. (this is how your completely eliminate the tax debt).Please keep in mind the normal statute of limitations is 10 years from the date of assessment.
5. For those who cannot pay their debt IRS has a non-collectible or hardship program. Please keep in mind these hardship programs last about two or three years before IRS renews them and sends the case back out for financial review.
Upon your initial free tax consultation we will walk through the various programs and let you know the easiest way to resolve your back tax debt to give you true IRS tax relief.
We will carefully review all options with you so you understand the process.
The most important aspect of working tax debt cases is completely dependent on the individual or business financial statements.It is the most important factor. The key to success is understanding how the Internal Revenue Service will interpret your current financial statement.
Your current documented financial statement determines all. IRS generally uses the last six months for an indicator of how they will close your current tax obligation case.
IRS uses a very simple formula to determine their settlement process. When you call our office we will explain the process and the system to you.
It is all about your assets and your income and your current necessary living expenses. There is a very specific formula.
IRS only allows certain expenses that are considered necessary living expenses. For more, you can look to the necessary standards used by the Internal Revenue Service.
There are charts available on what IRS allows. Anything not on those charts are disallowed and this is what trips out most taxpayers.
A simple review of your current financial statement and we can let you know the different programs you may be eligible for.
You will need to complete form 433F or form 433A for us to make a current determination. IRS will only use their financial statements. You must turn in a completely accurate financial statement.You can find these financial statements on our website.
It is critically important to know that you cannot pay less taxes unless you qualify for the offer in compromise program.
IRS has a very specific formula that they use to compute the offer in compromise. The reason they do this is so everyone across the United States is treated fairly.
The only way you can pay less tax is through the offer in compromise program.There is also an IRS pre-qualifier form.
I have over 40 years in this industry and it is critical if you want to settle your tax debt for the lowest possible amount you should go to true tax professionals.
Also, beware that many times the Internal Revenue Service want to make sure you are current in your withholding tax or your estimated tax payments are they will not close your work your case until you become fully compliant. the first two things that IRS checks on when you’re working your case is are you current in your tax return filings and you have enough withholding or estimate payments into the system and the tax sure that you are currently in.
Other ways to Solve Back IRS Taxes Debt or Back Tax Issues,You will qualify for different types of relief.
As a general rule, you may apply for hardships, payment agreements or settle for an offer in compromise to settle your debt for pennies on the dollar.
We will review with you your financial statement and let you know what the lowest possible settlement IRS will accept.
40% of all persons that owe back taxes are an issue into a hardship or are currently not collectible status and 6.5 million taxpayers enter into annual payment agreements.
With these programs you will not pay less tax. These programs are designed to keep IRS off your back.
The other way to pay less tax is for the ten-year statute of limitation to run out and your debt will be written off by the Internal Revenue Service.
If you want to file an offer in compromise I thought you’d like to know what the statistics are.
Last year over 78,000 offers in compromise/IRS tax debt settlement were filed by taxpayers and over 38% of those were accepted for an average of $6500 per case. Approximately 40,000 taxpayers last year paid less tax.
At the current time, there are 7500 cases in the offer queue. The average wait time is nine months. There are not enough IRS employees to work the current inventory.
Keep in mind this is a national average in your case is completely dependent on your individual financial statement.
We will not file for an offer in compromise unless you are a true candidate for the program. You must qualify.
There is a pre-qualifier tool to find out if you are a settlement candidate for income or business tax debt.
Upon your initial tax consultation, we’ll let you know if you are eligible to have an accepted offer in compromise by the Internal Revenue Service.
Due to the new Michael D. Sullivan, Former IRS Agent initiative Internal Revenue Service had made it easier to file for the program. However, this program is not for everybody.
Everyone wants to settle with IRS but there is a very specific format and methodology that must be followed.
There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.
There are many firms that take your money and then let you know after the fact you are not qualified. you need to know beforehand whether you have a fighting chance.
Being a former IRS agent employee gives you a huge advantage of having the review your offer in compromise to settle your tax debt.
At our firm, we will take no clients money until we are no they are a true candidate for the settlement program.
There are many myths about the offer in compromise so IRS in their great wisdom provides a pre-qualifier tool to find out if taxpayers are eligible for the offer in compromise program so taxpayers do not give their hard-earned money to unsuspecting tax firms promising tax settlements.
The Offer in Compromise + Through the New Michael D. Sullivan, Former IRS Agent Initiative
If you have any questions or issues about the offer in compromise program to settle or negotiate your debt for pennies on the dollar, call us today and we will review your case to let you know if you are a qualified and suitable 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. IRS is only concerned about your income and assets.This includes your equity in your home, pension plans are IRA’s.
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.
Below you will find out what you need to know about the offer in compromise program.
The IRS will return any newly filed Offer in Compromise application where the taxpayer has not filed all required tax returns. The internal revenue service will immediately reject your offer in compromise. Any fees included with the OIC will also be returned.
This new policy does not apply to current year tax returns if there is a valid extension on the file.
When IRS determines that they will settle with you, IRS will consider your unique set of facts and circumstances:
• Ability to pay;
• Expenses; and
• Asset equity.
Please keep in mind that IRS looks at the general history, future income potential and many other factors when analyzing the acceptance of an offer in compromise. Being former IRS agents who work this process we can give you a complete view of how IRS looks at IRS tax settlement.
IRS will generally approve an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time.
Right now that is approx. 9 months
Make sure you are eligible for the offer in compromise to settle your back IRS tax debt.
Before IRS can consider your offer, you must be current with all filing and payment requirements.
You are not eligible if you are in an open bankruptcy proceeding.
Use the Offer in Compromise Pre-Qualifier to confirm your eligibility and prepare a preliminary proposal.
Submit your offer in compromise to settle your IRS tax debt
You’ll find step-by-step instructors and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF). Your completed offer package will include:
• Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
• Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
• $186 application fee (non-refundable); and
• Initial payment (non-refundable) for each Form 656.
Select a payment option on an IRS offer settlement
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:(most common)
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 to settle your tax debt on an IRS settlement offer to pay less tax. Please keep in mind this program is not for everyone. Do not give anybody your money or pay any fee unless a tax professional tells you truly are a qualified candidate for the offer in compromise program to settle your tax debt for pennies on a dollar. There are many scam artists out there.
While your offer to pay less taxes is being evaluated:
• 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);
• A Notice of Federal Tax Lien may be filed;
• Other collection activities are suspended;
• The legal assessment and collection period is extended;
• Make all required payments associated with your offer;
• You are not required to make payments on an existing installment agreement; and
• Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
Call us today for free initial tax consultation and speak to a true IRS tax expert who will walk you through the process of how to negotiate with IRS over back taxes and see if you qualify to pay less taxes for an IRS tax settlement.You will hear the truth from true IRS tax experts.
With over 200 years of dealing in IRS tax , we know every system that IRS can have and we can manage your case effectively.Call us today for a free initial tax consultation.
How To Settle Your Tax Debt on Back IRS Taxes + Former IRS AgentsAnd so passed