THE IRS FRESH START INITIATIVE
IRS OFFER in COMPROMISE (OIC): FLAT FEE TAX SERVICE, INC. has IRS Tax Relief / IRS Help Packages beginning at $1900.00 which includes the release of an IRS Wage Levy, an IRS Offer in Compromise or IRS Penalty Abatement and 3 years of Tax Filings (unfiled yax returns).
Below is some information regarding an IRS Tax Settlement through the IRS Offer in Compromise (OIC) program. For more information, visit the Flat Fee Tax Service Website at:
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The IRS offers an expansive new Fresh Start Initiative. The IRS has made it easier to qualify for several IRS Tax Settlement programs to taxpayers have a past due tax liability. 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 (a/k/a “OIC”) program. The IRS Offer in Compromise (OIC) is one of the most popular IRS Tax Settlement programs offered by the IRS.
Because of the large number of Offer in Compromise requests received annually, the IRS has taken actions to streamline the IRS 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. Previously, offers were submitted directly to collection offices in the field. Each state had at least one collection office processing the IRS Offer in Compromise (OIC).
The next major action was to consolidate and standardize the IRS Offer in Compromise (OIC) process. When you submit an Offer in Compromise (OIC), the IRS will first verify that the offer is “processable.” In order for an Offer in Compromise (OIC) be processable, the following conditions must be met:
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.
6. Does the Offer in Compromise have all of the "i's" doted and all of the "t's" crossed.
If the IRS Offer in Compromise is not processable for any reason no matter how trivial, 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 next stage is referred to as offer verification. During verification, the IRS will examine the financial information the taxpayer provided in your IRS Offer in Compromise (OIC) application.
The IRS will also look at any supporting documentation provided with the Offer in Compromise (OIC). If the IRS determines that they need additional documentation to support claims of income, expenses or equity on the application, they will send the taxpayer an Offer Verification Letter. This letter will request the specific, necessary documentation. There will be a deadline / drop dead date on the Offer Verification Letter. If you are late in getting the IRS the documentation by 1 day, your Offer in Compromise will be rejected as "un-processable."
The IRS will give you, the taxpayer, several weeks to provide this information. If all of the information is not provided, or if it is not sent timely, the IRS may return your Offer in Compromise without further consideration. If your Offer in Compromise is returned at this stage, the processing fee will not be refunded. Furthermore, the taxpayer does not have the right to appeal the return. Normally, the only recourse is to resubmit the IRS Offer in Compromise (OIC) with an additional $150.00 processing fee.
It's like watching "paint dry"
In the next stage, the IRS will perform the actual substantive analysis of the taxpayer’s financial information. They will look at all of the information provided to determine the taxpayer’s reasonable collection potential. As a result of this analysis, several things could occur. The IRS may accept your Offer in Compromise (OIC) as originally submitted. The IRS could also send a letter containing a summary of the collection potential analysis. You, the taxpayer, would then be allowed to respond to the analysis with documentation or arguments disputing the IRS analysis.
If you try and "low ball" the IRS with your Offer in Compromise, the IRS will reject your settlement offer and then you will start all over again. If you offer too much, you will be "shooting yourself in the foot."
An Offer in Compromise is a formula based on many items and factors. If you have never worked on many Offers previously, I suggest you hire an experienced Tax Attorney who does have the experience.
The taxpayer may also accept the analysis and agree to increase their offer to the amount indicated in the analysis letter. You want to be "right on the money" from the beginning.
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.
Not everyone is qualified or eligible for an IRS tax settlement through the IRS Offer in Compromise program. Flat Fee Tax Service will consult with you and give you an honest evaluation.
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WHY FLAT FEE TAX SERVICE FOR YOUR OFFER IN COMPROMISE:
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FLAT FEE TAX SERVICE FEES ARE:
• Fixed with no hidden charges
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