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How Much Will IRS Settle For On a Offer in Compromise, Former IRS Will Tell You + PAY THE LOWEST AMOUNT

 The question everybody wants to know, how much will IRS settle for on an offer in compromise?

 

When you call our office I can assure and guarantee you that you will pay the lowest amount by law the settle your tax debt if you are a qualified candidate for the offer in compromise program. You will hear the truth.Why will you pay the lowest amount you may ask, because I know all the settlement theories because I was a former offer in compromise teaching instructor at the Internal Revenue Service.

There are hundreds or maybe a thousand firms promising IRS will settle your tax debt for pennies on the dollar. But beware salespeople, are waiting to take your money.

While this is true, there are many scrupulous companies out there that simply take your money and you have a case that has no chance of settlement. I know because I receive hundreds of calls a year about tax resolution firms that take money from suspecting taxpayers hoping to settle their debt only to find out they have been ripped off.

Make sure this does not happen to you.

A simple call to our office, free tax consultation, will tell you the truth about is the offer in compromise program right for you.

 

Just so you know the answer to the initial question, how much will IRS take for an offer in compromise, there is no set standard amount of what the IRS will accept for your offer in compromise to settle your tax debt, it is all decided by formula. And there is a very exacting formula.

 

When you call us today will explain that formula to you.

As a general rule IRS is looking for your current income expenses and your assets. IRS doesn’t much care for most of your liability including credit cards and debt to other parties IRS is mainly looking for asset-based  areas and where they can collect the back tax.

Also it is very important to remember all your tax returns must be filed and on the IRS system before IRS will accept the offer in compromise.

 

If you want to know the truth about the offer in compromise program I am the person you need to speak to. Since 1982.

I am a former IRS agent and teaching instructor with my former boss of the offer in compromise program.

There are many myths about the offer in compromise program.

 

There are strict standards that the IRS employee before they accept an offer in compromise. I know because I’ve both accepted offers in compromise taught new employees to accept the offer in compromise or reject them and I know the system inside and out.

I suggest that every client or taxpayer before they file an offer in compromise either do one of two things.

 

Number one, call a true tax expert who knows the offer in compromise inside out or number two, to fill out the IRS pre-qualifier tool for the offer in compromise.

If you’re calling a professional firm you want to make sure the representative has at least filed 100 offers.

It takes a lot of experience and knowledge to get an offer in compromise through. some are very simple and don’t need a lot of experience while others demand. expertise skill level.

The Internal Revenue Service spends several hours, much more than you think to accept an offer in compromise. As a general rule, the average agent can spend between 20 to 40 hours to accept an offer in compromise.

After that takes place, the revenue officer must convince their local supervisor, the area manager, and the General Counsel of Internal Revenue Service to accept the offer.

It literally goes back and forth in the system. Some exceptions do exist. Dollar amount has a lot to do in the direction your offer will take.

 

Why? because all offers and compromise are a matter of public record.

 

That public record is available at eight regional IRS offices in the United States. Even though offers are open to public inspection only one person last year looked through the IRS offers in compromise files. IRS is not made electronic copies for review.

There is a base rule for Internal Revenue Service accepting an offer in compromise.

You must give IRS the total equity in all your assets before IRS will consider or contemplate the acceptance. Some exceptions exist, assets consist of houses, pension plans, stock, business valuations,IRS wants to make sure you’re actually borrowing the money to settle.

If you are interested in filing an offer in compromise you can call us today for a free initial tax consultation and I will walk you through the process of the true IRS debt settlement called the offer in compromise. We can all absolutely assure you will you will pay the lowest amount allowed by law.

 

FACTS about Offers in Compromise:

 

IRS last year accepted approximately 30,000 offers in compromise in approximately 75,000 were accepted. The average settlement was $9500.

Don’t let this average settlement fool you, it’s based on an average of all the offers accepted.

Offers in compromise are excepted by formula not by judgment.

The basic formula, the total value of your assets times what you have left over a month on a current income and expense statement times the number of months left in the statute. Some exceptions do apply.

 

Due diligence that can be used by IRS.

You want to make sure your financial statement is accurate.

IRS has a host of web-based tools that can search your assets, places were you work, your income, your real estate records, your car records, your business records, insurance records ,financial statement you’ve given institutions, credit reports and financial statements you’ve given the credit companies.The amount of due diligence that the IRS spends working on cases depend strictly on the dollar amount of the tax debt. If you over hundred thousand dollars IRS spends a great deal more honor offer case.

Make sure you are very honest in the submission of your offer in compromise

 

So, what is an offer in compromise, a tax debt settlement

An offer in compromise allows you to settle your tax debt for less than the full amount you owe.

It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship.

 

IRS will consider your unique set of facts and circumstances, please remember every case is different there are no two cases alike. a

• Ability to pay;
• Income;
• Expenses; and
• Asset equity.

IRS generally approve an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time.

The Offer in Compromise program is not for everyone.

If you hire a tax professional to help you file an offer, be sure to check his or her qualifications.

 

Make sure you are eligible to file:

 

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.

You’ll find step-by-step instructions 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 for the IRS:

 

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. If your offer is accepted, you will receive written confirmation. Any remaining balance due on the offer is paid in five or fewer payments.

• Periodic Payment:

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. See your application package for details.

 

Understand the process of the OIC

While your offer 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.

 

If your offer is accepted, yes!!!!

• You must meet all the Offer Terms listed in Section 8 of Form 656, including filing all required tax returns and making all payments;
• Any refunds due within the calendar year in which your offer is accepted will be applied to your tax debt;
• Federal tax liens are not released until your offer terms are satisfied; and
• Certain offer information is available for public review by requesting a copy of a public inspection file.
If your offer is rejected
• You may appeal a rejection within 30 days using Request for Appeal of Offer in Compromise, Form 13711 (PDF).

 

If your offer is not accepted this appeal process many times is the best way to settle the tax debt as the appeals division is a little more lenient sometimes than the IRS revenue officer. Don’t be dismayed if your case goes to appeals.

 

Call us today for a free initial tax consultation and we will walk you through the system to get your offer in compromise accepted if you are a credible candidate for the program.

We only file offers in compromise if you are a suitable candidates.

Remember, offers in compromises are not for all people.

You must speak to true tax experts to make sure you qualify and you should never give your money to any firm unless you speak to the person and you truly understand how IRS will accept your financial statement and accept the offer in compromise. We will make sure you pay the lowest amount allowed by law.

How Much Will IRS Settle On an Offer in Compromise, Former IRS Will Tell You + PAY THE LOWEST AMOUNT

Former IRS Agent + Tax Services + IRS Tax Defense + IRS Representation + Free Consults

Michael D. Sullivan     Former IRS Agent, Teaching Instructor, Former Fox Business News Contributor

 

If you are in need of a free tax consultation because of any IRS matter, call us today and we can provide the necessary tax services to help rid you of any IRS situation you are going through.

We are a full service tax defense firm for any IRS collection audit or appellate matters.

Since 1982, we have represented thousands of clients and are true experts and specialists and IRS problems.

Call us today for a free initial tax consultation. We are the fast, friendly, and affordable professional tax firm.

Successful results does not come by luck or chance it comes with true IRS tax experience.

 

Resume:

Michael D. Sullivan  had a distinguished career with the Internal Revenue Service for 10 years. As a veteran IRS Revenue Officer / Agent, he served as an Offer in Compromise Tax Specialist and Large Dollar Case Specialist. He also collaborated with the U.S. Attorney’s office on undercover operations. Michael received several awards for his work and dedication as a IRS Agent.

During his tenure with the IRS, he was a Certified Tax Instructor who taught out of the Atlanta Regional IRS Training Offices. He also taught out of the local and district offices of the IRS. Mr. Sullivan trained many of the new IRS Agents.

Michael has been in private practice for the last 35 years in the field of Taxpayer  Consultation for IRS Audit and Collection tax resolution issues. He often consults with corporations and individuals, which involves a wide range of tax issues.

Michael has worked many large complex cases for high net worth individuals and large corporations. Mr. Sullivan is a committed professional with dedicated involvement in the tax profession community as a frequent speaker on the South Florida circuit and also served as an officer and on the Board of the Greater South Florida Tax Council. Michael has been the program host and moderator for several Internal Revenue Service forums both in the public and professional sectors.

Mr. Sullivan is also registered with the Department of Business and Professional Regulation and has an approved class for IRS Collection Matters for Certified Public Accountants and Attorneys. Course # 0012279 expires 11/04/2019.

Mr.Sullivan also have course approval from the Florida Bar P1708462N to the members attorney and law firms who have need CPE credit for  “IRS Tax Resolution”.

 

Mr. Sullivan has been a featured speaker in the credit card industry, student  loan and the debt settlement vertical as well. He also was one of the featured speakers at the Latino Tax Fest which also featured Nina Olsen, Nation Taxpayer Advocate.

Mr. Sullivan has also appeared on FOX BUSINESS NEWS

http://video.foxbusiness.com/v/4147654259001/tips-for-getting-through-to-the-irs/?#sp=show-clips

Mr. Sullivan has also been on NBC News, Houston

In addition, he has also contributed to Bloomberg News and the Wall Street Journal, Laura Davison, Brody Mullins.

 

Michael graduated from St. Thomas University with a B.A. in Pre-Law. He also has attended Knox Theological Seminary.

Mr. Sullivan has obtained a Life Time Achievement Award for Little League Baseball and currently sits on the International Board for the Walk to Emmaus. Michael also is a proud member of the Life Work Leadership program.

Mr. Sullivan was the former District Leader of the United Methodist Church, SE District for the Florida Conference and served on the Board of Lay Ministry.

Michael is very active in the various ministries of his church where he can be found leading and teaching Biblical Studies. He has been the Southeast Florida District Lay Leader of the United Methodist Church and the Florida Annual Conference.

Mr. Sullivan also appeared on Net Grace FM, for the Christian Business Weekly show.

Mr. Sullivan has also received  and been awarded “The Diocesan Synod Grand Patroit  Diocese Award” in Lagos. Nigeria.

Mr.Sullivan also sits on the The Mobil 1 Twelve Hours of Sebring International Raceway Advisory Council (SIRAC).

He is also an avid bass fisherman, has a commercial racing license, and can be found on occasion skydiving. He has also coached 12 of Little League Baseball, JV Football at Cardinal Gibbons High School, Roller Hockey, Flag Football, Soccer and Basketball.

*Mr. Sullivan has been in private practice since 1982 in South Florida which gave roots to Michael D. Sullivan, Former IRS Agent LLC. The firm began as Sullivan & Powell PA and through the years transitioned to its now current form.

 

Former IRS Audit Agents + Expert Help for IRS Large, Small Business Tax Audits + Ft.Lauderdale, Boca Raton, Miami, Aventura, Palm Beaches + Broward, Dade Counties

If you are going through an IRS large, small business tax audit call former IRS agents who know the system since 1982.

 

We are a local South Florida tax from that specializes in IRS tax defense, tax collection defense, appellate defense and anything related to IRS, federal or state tax representation. We have been in practice since 1982 and are staffed with a tax attorney, CPAs and a host of former IRS agent employees.This is our specialty and we know our business.

If you are going through an IRS small business tax audit it only makes sense to call former IRS agents, managers and supervisors who know the system that can navigate you and get you the best possible result.

Your tax return gets audited for a variety of reasons in our firm can offer you the best possible tax defense because of our internal knowledge of the system and the years of experience that we have in working these cases.

We can also function if this case needs to go to the IRS appeals offices and/or if you will all money as a result of the tax on we can defend you during the IRS collection process.

We are a full-service firm and you will have on your representation team a former IRS agent and supervisor in the audit division of the Internal Revenue Service.

Why am I being selected for an audit?

 

Selection for an audit does not always suggest there’s a problem.

The IRS uses several different methods:

• Random selection and computer screening – sometimes returns are selected based solely on a statistical formula.

IRS compares your tax return against “norms” for similar returns. We develop these “norms” from audits of a statistically valid random sample of returns, as part of the National Research Program the IRS conducts. This is the main reason for IRS tax audits because your tax return has fallen out of the national standard.

IRS has a DIF score which stands for discriminatory index function in your tax return has been flagged by this computer.

 

The IRS uses this program to update return selection information.

• Related examinations – we may select your returns when they involve issues or transactions with other taxpayers, such as business partners or investors, whose returns were selected for audit.

Next, an experienced auditor reviews the return. They may accept it; or if the auditor notes something questionable, they will identify the items noted and forward the return for assignment to an examining group.

Note: filing an amended return does not affect the selection process of the original return.

However, amended returns also go through a screening process and the amended return may be selected for audit. Additionally, a refund is not necessarily a trigger for an audit.

 

How am I notified?

Should your account be selected for audit, we will notify you by mail. We won’t initiate an audit by telephone.
How will the IRS conduct my audit?

The IRS manages audits either by mail or through an in-person interview to review your records. The interview may be at an IRS office (office audit) or at the taxpayer’s home, place of business, or accountant’s office (field audit).

Remember, you will be contacted initially by mail. The IRS will provide all contact information and instructions in the letter you will receive.

If we conduct your audit by mail, our letter will request additional information about certain items shown on the tax return such as income, expenses, and itemized deductions. If you have too many books or records to mail, you can request a face-to-face audit.

The IRS will provide contact information and instructions in the letter you receive.
Depending on the issues in your audit, IRS examiners may use one of these Audit Techniques Guides to assist them. These guides will give you an idea of what to expect.

 

What do I need to provide?

The IRS will provide you with a written request for the specific documents we want to see. Here’s a listing of records the IRS may request.
The IRS accepts some electronic records that are produced by tax software.

The IRS may request those in lieu of or in addition to other types of records. Contact your auditor to determine what we can accept.
The law requires you to keep all records you used to prepare your tax return – for at least three years from the date the tax return was filed.

 

How do I know if the IRS received my response?

For any delivery service you may use, always request confirmation that the IRS has received it. For example, if you use the US Postal Service, you can request one of their additional services to ensure delivery confirmation.

 

What if I need more time to respond?

For audits conducted by mail – fax your written request to the number shown on the IRS letter you received. If you are unable to submit the request by fax, mail your request to the address shown on the IRS letter. We can ordinarily grant you a one-time automatic 30-day extension.

IRS will contact you if we are unable to grant your extension request.

However, if you received a “Notice of Deficiency” by certified mail, we cannot grant additional time for you to submit supporting documentation.

You may continue to work with us to resolve your tax matter, but we cannot extend the time you have to petition the U.S. Tax Court beyond the original 90 days.

For audits conducted by in-person interview – If your audit is being conducted in person, contact the auditor assigned to your audit to request an extension. If necessary, you may contact the auditor’s manager.

 

How far back can the IRS go to audit my return?

 

Generally, the IRS can include returns filed within the last three years in an audit. If we identify a substantial error, we may add additional years.

IRS usually don’t go back more than the last six years.

The IRS tries to audit tax returns as soon as possible after they are filed. Accordingly most audits will be of returns filed within the last two years.
If an audit is not resolved, we may request extending the statute of limitations for assessment tax.

The statute of limitations limits the time allowed to assess additional tax.

It is generally three years after a return is due or was filed, whichever is later. There is also a statute of limitations for making refunds. Extending the statute gives you more time to provide further documentation to support your position; request an appeal if you do not agree with the audit results; or to claim a tax refund or credit. It also gives the IRS time to complete the audit and provides time to process the audit results.

You don’t have to agree to extend the statute of limitations date. However if you don’t agree, the auditor will be forced to make a determination based upon the information provided.

You can find more information about extending a statute of limitations in Publication 1035, Extending the Tax Assessment Period, or from your auditor.

 

How long does an audit take?

The length varies depending on the type of audit; the complexity of the issues; the availability of information requested; the availability of both parties for scheduling meetings; and your agreement or disagreement with the findings. if you’re going through an IRS tax audit in a revenue agent is reviewing your records those audits can take months.

You really need to have a seasoned IRS tax defense veteran represent you any time you’re dealing with an IRS auditor or revenue agent unless you have absolute pristine records.

 

What are my tax rights?

Publication 1, Your Rights as a Taxpayer, explains your rights as a taxpayer as well as the examination, appeal, collection, and refund processes.

These rights include:

• A right to professional and courteous treatment by IRS employees.
• A right to privacy and confidentiality about tax matters.
• A right to know why the IRS is asking for information, how the IRS will use it and what will happen if the requested information is not provided.
• A right to representation, by oneself or an authorized representative.
• A right to appeal disagreements, both within the IRS and before the courts.

How does the IRS conclude an audit?

 

An audit can usually  be concluded in three ways:

• No change: an audit in which you have substantiated all of the items being reviewed and results in no changes.

• Agreed: an audit where the IRS proposed changes and you understand and agree with the changes.

• Disagreed: an audit where the IRS has proposed changes and you understand but disagree with the changes.

What happens when you agree with the audit findings?

If you agree with the audit findings, you will be asked to sign the examination report or a similar form depending upon the type of audit conducted.


If you owe money, there are several payment options available.

When you call our office we will review the different options available to you in regard to your IRS collection matter. Many people cannot pay the tax adjustment and windup and are currently not collectible or a hardship position while other people’s end up with payment agreements and others file an offer in compromise to settle their tax debt.

Your current financial statement will determine how the Internal Revenue Service foreclosure case and we will review those options if you ever get to that point.

 

What happens when you disagree with the audit findings?

You can request a conference with an IRS manager. The IRS also offers mediation or you can file an appeal if there is enough time remaining on the statute of limitations.

we can take any case to the IRS the pellet division and in many cases the settlement options are much better than with the regular auditor because they don’t want the cases going to Tax Court.

Call us today for a free tax consultation and speak to a true IRS tax expert regarding any type of IRS audit.

We are experts and specialists in IRS small business audit, revenue agent audits, office audits and mail correspondence audits.

We are a local tax firm and available for free consultations at any time. Feel free to visit our South Florida offices. When you come your office you will speak to a true IRS tax expert.

Former IRS Audit Agents + Expert Help for IRS Large, Small Business Tax Audits + Ft.Lauderdale, Boca Raton, Miami, Aventura, Palm Beaches + Broward, Dade Counties