Michael Sullivan Michael D. Sullivan, Former IRS Agent, National Speaker and Expert in Offer in Compromise Tax Expert. Get an Expert Opinion for Free
I am a Former IRS Offer in Compromise Specialist, Former IRS Agent, I know all the inside secrets. I accepted Offers for the IRS.
I have been on FOXBusiness news, ABC the briefing room, NBC and CBS. I am a nationwide tax expert for IRS tax matters.
As a former IRS agent I accepted offers in compromise and was a teaching instructor for the offer in compromise program for IRS agents who were going to be qualified to work the program.
I know all the ins and outs, the methodologies formulas and the exacting procedures that IRS uses to both accept and deny offers in compromise.
Within minutes of reviewing your offer in compromise, I can tell you whether you will be eligible for an offer in compromise settlement and the dollar amount IRS will probably likely settle for depending on your current financial statement.
I can probably tell you within a 99% accuracy whether IRS is going to accept your offer in compromise.
As a result, I can give you advise you to change some things, send it in at a later time, or tell you what adjustments that immediately need to be made before IRS can look at your offer in compromise.
You can call us today and get a free initial consultation and find out with in minutes if IRS will accept your offer to compromise.
As a general rule, the only time our advice is incorrect is when you have given us the wrong information.
I have literally worked hundreds and hundreds of offers both with the Internal Revenue Service and as a private representative.
The Internal Revenue Service does not take accepting offers and compromise lightly.
Only certain revenue officers become offer specialists and they receive special training.
The person working the offer in compromise is a revenue officer who is very experienced in the collection of tax and the examination of financial statements. IRS has special classes set up for those wanting to become offer in compromise specialist.
IRS spends a significant amount of time on offers in compromise because all offers are public record. IRS values the consistencies in the acceptance of offers in compromise. IRS wants all taxpayers treated equally, without favoritism with the same set of standards for all.
When a revenue officer gets the case to work an offer in compromise that agent scans the entire case file to make sure the offer in compromise makes sense.
Therefore they carefully look at income on tax returns, bank statements, cost of living, and the financial statement that you are turning in for IRS to settlement.
You would be surprised as a former reviewing revenue officer some of the submissions that are turned into IRS. I encourage the public if they are sending in their own offer in compromise, to make sure if there is anything out of order or unusual that they put a clarifying statement as an attachment.
IRS does an extensive asset search to verify you are telling the truth on the financial statement. The higher dollar amount the more due diligence that IRS will conduct to make sure your offer can be accepted.
IRS may check on the following:
IRS will check all the documents submitted by the taxpayer and look for flags, they may look at things like:
1. all life insurance policies,
2. motor vehicle records and applications,
3. financial statements turned into lenders,
4. IRS can check credit card applications,
5. equity and all assets,
6. any stocks or securities are closely held corporations and LLCs,
7. life insurance, pension or profit sharing,
8. furniture fixtures and personal effects,
9. motor vehicles, airplanes, boats, real estate interest,
10. transfers of properties,
11. accounts and notes receivable,
12. income producing assets,
13. inventory, machinery, equipment, tools of trade,
14. valuations of businesses,
15. future income potential,
16. collateral agreement,
17. find out whether or not people are living together and have shared expenses,
18 .limited liability issues,
19. Run Full Google Searches,
20. Get a copy of your credit reports,
21. Check the Accuriant Search Engines,
22. Pull licenses searches,
23. May also use Lexis Nexis for asset searches,
24. Check if you are a beneficiary,
25. and check if you ever transfer any property, assets, or anything beyond the reach of the federal government.
26. IRS will check pending lawsuits
The IRS agent can check on the aforementioned and any other thing that they feel does not make sense or there is a flag raised on the statement.
Facts about the Offer in Compromise Settlements
1. The average Offer in Compromise Settlement takes between 6- 9 months to work by the IRS,
2. The average Offer in Comprise settlement is 11 cents on a dollar,
3. 38% of all offers in compromise are accepted by the IRS,
4. All accepted Offers in Compromise Settlements are a matter of Public record,
5. The average time it take the IRS to work an Offer in Compromise is between 10 – 20 hours.
6. Specially trained IRS Agents work the OIC Program.
Do not be bullied by the IRS.