IRS FRESH START INITIATIVE
The Offer in Compromise process starts with getting a "hold" on your IRS income tax case. A "hold" will provide you with the breathing space necessary to get your documents together. Once your Offer in Compromise documents are diligently put together, your Offer is then sent to the IRS either in Tennessee or Long Island. It is at 1 of these 2 IRS locations that IRS technicians will be looking at your documents for errors. The IRS is always looking to declare your Offer in Compromise as "unprocessable." Being "unprocessable" means that an "i" wasn't dotted, or, a "t" wasn't crossed. The IRS can kick your Offer out and not give you a reason why.
- Procedural Errors - The taxpayer decided to do his or her own Offer in Compromise and "screwed up" the paperwork or did not provide the necessary documents. This is what I call the "dot the "i's" and cross the "t's" rejection.
- You "Goofed" Up the Settlement Offer Amount - The taxpayer who decided to do their own Offer in Compromise did not know or understand the complicated formula that the IRS uses to come up with a settlement amount. There are many factors involved in the Offer in Compromise process and some taxpayers try to "low-ball" the IRS. The Offer process doesn't work that way. Negotiating with the IRS is not like negotiating with a Bank or your Dentist. You need to get your Offer to be "on the money" from the very beginning.
- You Failed to Meet a Deadline - You sent your Offer in and the "IRS Offer Agent" has requested further documents be sent in by a certain date. Many taxpayers fail to meet the deadline and hence their Offer in Compromise will be rejected.
- You Were Not Qualified - Not everyone is qualified and eligible to settle with the IRS through the Offer in Compromise program. Do not file a frivolous Offer in Compromise.
- Last Year the IRS Accepted - 12,000 Offers. This was 25% of the total amount of Offers filed. You want to be among the 25% accepted and not one of the 75% of the rejects.
- Your income is at its lowest.
- Your income has "flat lined" and not about to increase by much.
- Your necessary and allowable expenses are at their highest.
- You have little or no money in the bank.
- You have few, if any assets. If you do have assets, such as a car, the auction value of your asset is far less than the amount of your tax debt.
- You may need to borrow money to pay your Offer.
- You have had your Offer in Compromise pre-qualified by an experienced IRS Tax Attorney so that you are sure that your Offer is qualified as a settlement.
If you owe the IRS between $10K and $100K; pay only $1900 for full IRS tax relief work which includes IRS Levy/IRS Wage Garnishment removal, IRS Offer in Compromise or IRS Penalty Abatement.
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