Tuesday, August 2, 2011

IRS Solutions -- Offer in Compromise Program Has Broader Appeal -- Settle with the IRS



IRS

INTERNAL REVENUE SERVICE

STREAMLINES

OFFER in COMPROMISE

(take advantage)


As of February of 2011, the IRS settlement program known as an Offer in Compromise has become easier for taxpayers who have a back tax debt owed to the IRS to qualify for. Under the new Streamlined Offer in Compromise Program says a spokesperson for IRS Solution Company, Flat Fee Tax Service, Inc. The program also makes the process of qualifying faster and more efficient, allowing taxpayers to settle their back tax debt for what they can afford to pay.

An IRS settlement through the Offer in Compromise program allows you, the taxpayer, to settle your IRS tax liability for less than you owe. Prior to the introduction of the Streamlined Offer in Compromise Program, the process of qualifying for an Offer in Compromise was more complex and restrictive. Some taxpayers were rejected because the IRS believed that they would be able to either pay their tax debt in full immediately, or that they would be able to handle a payment plan.

THE IRS

IS STILL

THE WORLD'S MOST POWERFUL

COLLECTION AGENCY


THE IRS DID NOT BECOME

WARM AND FUZZY


The IRS will continue to try to reject most applications for an Offer in Compromise. The IRS will look over every application for IRS Tax Relief through the Offer in Compromise for procedural errors. The IRS will look for reasons to declare the paperwork for your Offer in Compromise as "un-processable." If you try and do your own Offer in Compromise, the IRS may have you going around in a circle.

NOW FOR THE



Citing the financial difficulty many Americans are currently experiencing, the IRS is more willing to accept applications for an Offer in Compromise. The Streamlined Offer in Compromise program will allow more people to be eligible to settle their back tax debt.


“I’ve made a whole set of changes to the Offer in Compromise (OIC) program since I’ve been here to try to increase the participation rate, increase the acceptance rate, because it’s good for the tax system,” Doug Shulman, the IRS Commissioner said.


“These changes to the Offer in Compromise program will help give taxpayers a fresh start,” said Doug Shulman, the Internal Revenue Service (IRS) Commissioner, in a conference call with reporters. These changes “are especially appropriate as the American people and small businesses are climbing out of the worst recession in a generation.”

“There are a variety of things, all aimed at increasing acceptance rates for an Offer in Compromise, making it a user-friendly thing to apply for,” Shulman said. 

How will the Streamlined Offer in Compromise Program help you settle your back tax liability?

The amount of financial information necessary to apply for the program is not as detailed as it had been previously.  Additional information can now be provided via telephone rather than mail. If you are trying to navigate an Offer in Compromise on your own, giving any information by phone can prove to be troublesome for a novice. The IRS has also been instructed to be more flexible when determining whether a taxpayer can afford to pay their back tax debt in full, allowing more taxpayers to qualify for a reduction in their total tax liability.

How can you, the taxpayer, qualify for an Offer in Compromise?

Anyone that receives a wage, those that are currently unemployed, and any self-employed person that has less than $500,000 in gross receipts in a calendar year are eligible to apply for an IRS settlement under the Streamlined Offer in Compromise Program.

How will you, the taxpayer,  know if they could be eligible for an Offer in Compromise?

There are two basic requirements to be eligible for a Streamlined Offer in Compromise:

1. Entire household income must be less than $100,000 per year.
2. Total tax liability must be less than $50,000.

If you meet these requirements, you can apply for a Streamlined Offer in Compromise. Applicants will need to affirm that the above two requirements are met, and they will need to confirm that they are unable to afford to pay for your tax debt in full. Any delinquent or unfiled tax returns that they have failed to file must be completed before they can apply for an IRS settlement through the Offer in Compromise program. You, the taxpayer, will need to research other tax payments options before submitting your Offer application. If your Offer in Compromise is approved, you will be notified of the amount of money that is due on your tax debt.

You should not go through an application for an Offer in Compromise alone.

While the Streamlined Offer in Compromise Program makes it easier to qualify for a reduced tax debt liability, the process is still complicated and requires the help of an experienced tax professional. An IRS tax resolution firm can help you, the taxpayer, get through the complicated process of applying for an Offer in Compromise and dramatically reduce your back tax liability.

Reduce the possibility of getting rejected due to errors or omissions on application paperwork by having professional guidance.




Should you omit information, make a mistake on your Offer in Compromise form or just forget to "dot an "i" or cross a "t", the IRS will kick out your Offer and return it to you as "un-processable." The IRS will not give you an explanation. The IRS is here to COLLECT MONEY. The IRS is not here to make it easy for you.



THE IRS HAS A 

FINANCIAL FORMULA

FOR AN

OFFER in COMPROMISE

Although it isn't as complicated as Einstein's "E=mc squared", it is nonetheless complex. If you are off on your calculations, the IRS will reject your Offer in Compromise petition. You need to be "right on the money." An Offer in Compromise is not like negotiating with a credit card company or haggling with your dentist. If you are serious about obtaining an IRS settlement through the Offer in Compromise program, then you really need to have an experienced tax professional handle it for you.


I am Dave Rosa, the V. P. of Client Relations at Flat Fee Tax Service, Inc. I will conduct your confidential consultation. it my duty and responsibility to you as well as Flat Fee Tax Service, Inc., to provide you with an honest and straightforward evaluation of your IRS problem. We will let you know if you are qualified and eligible for an IRS settlement through the Offer in Compromise program. If you need protection from a Levy and need to settle with the IRS, Flat fee Tax Service, Inc. provides you with our low, affordable fees with low monthly installments.

WHY FLAT FEE TAX SERVICE FOR YOUR IRS SOLUTIONS: 
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FLAT FEE TAX SERVICE FEES ARE:
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  • Always Competitive
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1 comment:

  1. If you are struggling financially, the IRS has opened up the Offer in Compromise program to more taxpayers. Find out if you are qualified and eligible to settle with the IRS.

    ReplyDelete