The best IRS help team at Flat Fee Tax Service, Inc. has been helping taxpayers for many years resolve and reduce their back tax debts.
Income Tax Relief IRS Settlement Help-line:
Q. Who is Qualified and Eligible for an IRS Offer in Compromise? Only one of three conditions must be met to qualify a taxpayer for IRS Debt Relief consideration of an IRS Offer in Compromise (OIC) Tax Settlement:
- Doubt as to Collectability — You can show that the IRS Tax Debt is likely uncollectable in full by the IRS under any circumstances. Doubt exists that you, the taxpayer, could ever pay the full amount of your tax liability owed within the remainder of the statutory period for collection.
- Doubt as to Liability — You can show reason for doubt that the assessed tax liability is correct. A legitimate doubt exists that the assessed tax liability is correct. Possible reasons to submit a doubt as to liability Offer in Compromise include: (1) the examiner made a mistake interpreting the law, (2) the examiner failed to consider the taxpayer’s evidence or (3) the taxpayer has new evidence..
- Effective Tax Administration — You do not contest your IRS Tax Debt liability or collectability but can demonstrate extenuating or special circumstances that the collection of your IRS Tax Debt would "create an economic hardship or would be unfair and inequitable." This form of IRS Offer in Compromise (OIC) program is available for you, the taxpayer, but is primarily used by individuals that are elderly and receiving Social Security or may be disabled and receiving Social Security Disability (SSDI) benefits, or may have special extenuating circumstances.
Q. What is the Offer-in-Compromise Program? This program has been in existence since 2006 but many tax payers are not familiar with it and how it can help reduce your tax debts. The government started this program to help the tax payer and also to make it possible for their tax agents to settle old tax debts. The IRS will accept a "compromise" on your federal tax liabilities by letting you pay less than what you owe. There are certain circumstances involved that you must meet in order to make the Offer-in-Compromise with the IRS.
When there is reasonable doubt that the amount of assessed tax is correct and that you actually owe the amount that has been assessed the IRS will agree to let you settle with a compromise. When this happens, the IRS will need to audit your tax records and financials and will make a determination on how much you really owe. When an agreement is reached on the amount of IRS taxes that you can actually pay back, your Offer in Compromise will be accepted and your taxes lowered. An Installment Agreement / Payment Plan will be in effect for the agreed upon amount. You will have to file all of your taxes in a timely fashion for the following 5 years.
When you are having financial problems and there is a doubt that you would ever have enough income to pay what you owe the IRS, the government is willing to let you make a compromise offer. This is very helpful to a lot of people who are suffering from a financial hardship.
When there really is no doubt that you owe the taxes and that the IRS has a perfect right to collect what you owe but you do have exceptional reasons that would prevent you from being able to pay your taxes then the IRS will then consider your Offer in Compromise. You must demonstrate that you will suffer an economic hardship if you have to pay the IRS back taxes that you owe. When this occurs then you can make the settlement agreement.