IRS SETTLEMENT: The IRS offers several programs to taxpayers with past-due federal income tax liabilities. The purpose of these various programs is to offer different ways for taxpayers to resolve their back tax liabilities based on their unique financial situation. Perhaps the best known of these IRS Settlement programs is the IRS Offer in Compromise (“OIC”). The IRS Offer in Compromise (OIC) is one of the most popular tax resolution programs offered by the IRS. Because of the large number of settlements offered through the IRS Offer in Compromise program that are received annually, the IRS has taken actions to streamline the Offer in Compromise (OIC) process as much as possible.
The first major step was to consolidate most IRS Offer in Compromise (OIC) processing operations in two locations, or Centralized Offer in Compromise Units. These units are located in Memphis, TN and Brookhaven, NY.
The next major action was to consolidate and standardize the Offer in Compromise (OIC) process. When you submit an Offer in Compromise (OIC), the IRS will first verify that your Offer in Compromise is “processable.” The IRS will be relentlessly looking at rejecting your Offer.
1. The taxpayer making the application must have filed all past-due tax returns;
2. The taxpayer cannot be actively involved in a bankruptcy proceeding; and,
3. The taxpayer must have included a $150 processing fee, or completed and qualified for a hardship waiver of the processing fee;
4. The taxpayer must have included the initial payment fee, or completed and qualified for a hardship waiver of the initial payment fee; and,
5. The taxpayer cannot be actively involved with an audit.
If the Offer in Compromise is not processable, the Offer in Compromise will be returned without further consideration. If the fee was submitted with the Offer in Compromise (OIC), it will be returned.
The IRS also has the ability to reject your Offer in Compromise when the original analysis is completed. If this occurs, and the taxpayer does not agree with the IRS analysis, the only option is to file an appeal. At the appeals stage, the taxpayer is given the opportunity to submit additional documentation and arguments in support of their offer.
If you cannot pay the IRS your back tax debt, you have some choices to make. You can go it alone and hope that you don't get "bogged down" with paperwork or you can have an experienced Tax Attorney handle your IRS Settlement through the Offer in Compromise program. The IRS would prefer that you do it yourself and fail.
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2. IRS Settlement - Offer in Compromise or IRS Penalty Abatement and,
3. up to 3 years of tax returns (unfiled tax returns).
4. $290.00 retainer & 10 monthly payments of $170.00 ($1990.00 total)
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