The Internal Revenue Service does not formally have an IRS tax amnesty program but they do have a program which would be similar called the offer in compromise.
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The offer in compromise program allows a taxpayer to settle their debt for pennies on a dollar.
There is a pre-qualifier tool to make sure that you are eligible for this offer or amnesty program.
Beware of many companies that are out there promising to settle your debt for pennies on the dollar. There are true formulas to settle your tax debt.
Upon your initial free tax consultation we will let you know if you are eligible for this amnesty or offer in compromise program.
It is not in the best interest of the government to ever have a true amnesty program because it would put in the minds of people to wait till IRS offered amnesty before they file.
While many states have a program for tax amnesty it will never be in the best interest of the United States government.
The offer in compromise program is the closest thing the tax amnesty because it completely resolves the taxpayer from any debt to the United States government.
The offer in compromise and tax amnesty is one in the same.
In this blog I will review for you different ways to settle your IRS tax debt.
I have been on FOXBusiness news, NBC and have been across the United States teaching the different ways to settle your tax debt.
You can call us for a free initial tax consultation today and hear the truth.
When you owe IRS back taxes you have different options to satisfy IRS, get them off your back.
The four ways to deal with IRS is through an:
1.installment or payment arrangement,
2.applying for a currently non-collectible or hardship program,
3.the filing of the offer in compromise + This is the tax debt forgiveness program
4.the expiration of the statute of limitations.
Keep in mind this is not a comprehensive list but about 98% of all cases are closed by the Internal Revenue Service using the below methods.
The IRS installment payment agreement.
The Internal Revenue Service accepts 6.5 million payment agreements every year. Some you can get online and others you have to call IRS and submit a current financial statement along with documentation.
IRS will look at the principal amount you owe, your monthly income and expenses, the life of the statute, and your ability to pay back IRS based on your current financial statement. When you call us we will review the different options you have and see which of the programs you qualify for to pay off your IRS tax bill.
Applying for the currently not collectible a hardship program.
About 40% of all cases in the IRS collection cases wind up in the collection Q as currently non-collectible or hardship mode because taxpayers are businesses simply cannot pay their bills at the current time.
Before your case gets put in this mode IRS will need a current financial statement to verify income, expenses and will also require a financial statement in which IRS will require bank statements, pay stubs, copies of all expenses to make sure you have completed an honest financial statement.
Depending on where the case is worked, the IRS will ask for 433A, or 433F.
RECORD REQUIREMENTS. IRS may ask for the last three months, the last six months or in some cases they may want an average of the last year before they place you in hardship.
A quick note about IRS hardships or non-collectible cases, the penalties and interest still run and the IRS will review the case and anywhere between one and three years.
If your case is placed in non-collectible or hardship, you must keep current on your tax filings and payments for the future years, if not IRS will default the hardship program and can kick the case out to be reworked and you can expect IRS to be much tougher than the first time around.
The filing of the offer in compromise.
This is the tax forgiveness program that you here about.
IRS accepts about 32,000 offers in compromise each and every year. The average settlement is $9500.
Don’t let the $9500 deceive you because it’s just an average settlement.
Some cases settle for $1 million in some cases settle for $1000. IRS has very specific standards that they use for the acceptance of an offer in compromise and you should seek the help of a true tax professional in filing the offer.
You want to make sure you’re a true qualified candidate before you give your money to any tax firm. I was a former IRS agent and teaching instructor of the offer in compromise when formerly employed by my former boss.
The expiration of the statute of limitations.
IRS has generally a 10 year rule from the date of the assessment in which the statute of limitation expires.
There are three or four different events that can trigger the continuation of the statute of limitations. If your statute has run after the 10 year date your case, the tax debt is permanently dropped from IRS records and no further money is owed to the Internal Revenue Service.
You can find the statute of limitations by ordering an IRS tax transcript and finding out how close you are to the IRS dropping your case off the system.
If you have any questions call us today for a free initial tax consultation and we will walk you through the process.
IRS Tax Amnesty Program Is Called the Offer in Compromise * former irs + Christian Tax Company, IRS Tax Debt Relief