Thursday, June 30, 2011

IRS Solutions -- Currently not Collectible and IRS Settlement through the Offer in Compromise Program

IF YOU CANNOT PAY THE IRS

CURRENTLY not COLLECTIBLE

Steps for Requesting Currently Not Collectable Status (CNC)

If a taxpayer cannot make payments to the IRS because of their financial situation, Flat Fee Tax Service, Inc. may be able to request that their account be placed in a non-collectable status  (Currently not Collectible) until their financial situation improves. When an account is in non-collectable status, the IRS will stop trying to collect the debt.

However, a taxpayer should be informed that "Currently not Collectable" status does not prevent interest from accruing on the debt, nor does it prevent the IRS from further penalizing the taxpayer. It will also not prevent the IRS from placing a Federal tax lien on the taxpayer if the debt exceeds $5000. A taxpayer can make voluntary payments to keep the debt under $5000 while in non-collectable status.


The statute of limitations on collections will continue to run while the taxpayer is in non-collectable status (Currently not Collectible). Ordinarily the IRS has 10 years in which to collect a tax debt, however, this may vary depending on an individual taxpayer's situation. If the statute of limitations may be an issue in your case, Flat Fee Tax Service, Inc. will find out the exact CSED date for our client.
Flat Fee Tax Service: Our Steps for Requesting Currently Not Collectable (CNC) Status:
  1. Discuss all the options and consequences of currently not collectable status with taxpayer.
  2. Fill out form 433-F (433-A if debt exceeds $25,000).
  3. If the taxpayer's necessary expenses exceed their income they may be eligible for CNC status.
  4. If the taxpayer has equity in real property the IRS may require that the taxpayer be turned down for a home equity loan before they will place the taxpayer in CNC status. 
  5. Flat Fee Tax Service will then request your client's account be placed in Currently not Collectible (CNC) status and then go through the financial statement.
  6. Within 2 weeks, Flat fee Tax service should have a confirmation that the account has been placed in Currently not Collectible (CNC) status.
NOW THAT YOU ARE 

CURRENTLY not COLLECTIBLE

DOES IT NOT MAKE SENSE

TO FILE FOR AN

OFFER in COMPROMISE




Is Our Client a Good Offer in Compromise (OIC) Candidate?

The Offer in Compromise (OIC) process is the way in which the IRS will settle your back tax debt for less than the amount owed. The IRS does not accept very many requests for Offer in Compromise because the IRS will "kick out" many Offers as being "un-processable" and the process is very lengthy. The IRS will look for any reason to reject your Offer in Compromise. 

I am Dave Rosa, the V. P. of Client relations with Flat Fee tax Service. Inc. I will be conducting your confidential consultation to determine if you are eligible and qualified for an IRS settlement through the Offer in Compromise program. It is my duty to you, as well as Flat Fee Tax Service, Inc., to provide you with an honest and straightforward evaluation of your IRS problem. We do not employ salesmen. We strive to keep our costs as low as possible so that we may pass those savings on to our clients.
We will consider the following things when determining whether you are a good Offer in Compromise (OIC) candidate:
  1. All Required Tax Returns Must be Filed: The taxpayer must have filed all necessary tax returns prior to submitting an offer in compromise.
  2. Current Income and Expenses: Do the taxpayer's expenses currently exceed his or her income? The offer amount formula will require a taxpayer to include in the offer amount any income left after necessary expenses are deducted for each month, times 48 or 60 (depending on the length of time needed to make all payments). 
  3. Taxpayer's Assets: The IRS will typically want 80% of the equity of any assets the taxpayer owns, including cars and houses. If you owe on your autos or lease, this is not an issue. If you rent or have little to no equity in your home, once again, this is not an issue. If your vehicles will be valued at "auction prices."
  4. Taxpayer's Future Earning Potential: If the client is currently unemployed or underemployed but has the potential to earn more in the future, the IRS will be less likely to accept a request for an Offer in Compromise. As an example, if you are a physician and have not been practicing, for whatever reason, and will be going to be going back to work as a physician with a high income, then you may not be eligible. Future Earning Potential is not a factor for hourly workers or workers whose income will stay level.
  5. Is the Amount of the Back Tax Debt Correct?: Not only is there an Offer option called "doubt as to collectibility", there is an Offer in Compromise  option called "doubt as to liability," this allows you to make an offer even if the taxpayer may have the ability to pay the debt, if there is evidence that the debt is incorrect.
Taxpayers should bear in mind however, that the IRS Offer in Compromise program or IRS Penalty Abatement program is a privilege, not a right such as bankruptcy. That being said, it is a very subjective process. The IRS has the final word. The IRS Offer in Compromise (OIC) process is a very complicated drawn out process that can take upwards of nine months to a year and even longer. There are IRS guidelines, rules and protocols established by operation of law, under IRC Section 7122. However, most IRS Offer Examiners (former Revenue Officers) use the Internal Revenue Manual (IRM) as their guide.

FLAT FEE TAX SERVICE
is
AFFORDABLE FOR EVERYONE

Full Service Tax Help - IRS Levy & Offer in Compromise
If you owe the IRS between $10K and $100K; pay only $2050 for full tax service which includes IRS Levy/IRS Wage Garnishment removal, IRS Offer in Compromise or IRS Penalty Abatement.




$250 RETAINER AND 9 $200.00 PAYMENTS

$2050 TOTAL

AFFORDABLE TAX RELIEF FOR ALL

WHY FLAT FEE TAX SERVICE, INC. FOR YOUR OFFER in COMPROMISE
Experienced Tax Attorneys
• Lower fees - higher value
• Integrity, credibility, personal service & results
• No Salesman - No Pressure - No Complaints


FLAT FEE TAX SERVICE, INC. INCOME TAX RELIEF FEES ARE:
Fixed with no hidden charges
• Payable in monthly installments
• Low initial payment to begin work
• Always competitive and affordable
 

FLAT FEE TAX SERVICE - Good People - Doing Great Work

FLAT FEE TAX SERVICE - Christian Values

FLAT FEE TAX SERVICE - No Complaints

FLAT FEE TAX SERVICE, INC.

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1 comment:

  1. Affordable Tax relief is yours. Flat Fee Tax Service has made it possible for everyone to have affordable IRS representation.

    ReplyDelete