ECONOMIC TIMES ARE TOUGH
QUALIFIED and ELIGIBLE
IRS TAX RELIEF
OFFER in COMPROMISE
WHAT IS AN OFFER in COMPROMISE:
An Offer in Compromise is a settlement agreement between a taxpayer who has a financial hardship and the IRS who is trying to collect on a back tax debt. If you are qualified and eligible for an Offer in Compromise you could be paying far less than the IRS has been trying to collect from you.
An IRS settlement via the Offer in Compromise program will most likely be accepted when it can be shown to the IRS that the taxpayer is financially struggling and it is in everyone's best interest to settle the back tax liability. The IRS has a complicated formula that is used to determine if the offered settlement amount and the time frame to pay the settlement is realistic.
The goal of the IRS of the IRS is to collect as much of a back tax debt as possible in the least amount of time. Not only does the IRS want to collect money from you, the taxpayer, but the IRS also wants to close case files.
THERE ARE 3 REASONS FOR AN OFFER in COMPROMISE:
- Doubt as to Collectability - The Flat Fee Tax Relief Team at Flat Fee Tax Service, Inc. will demonstrate and prove to the IRS that our client, the taxpayer, can never pay the back tax debt in full and that it is in the best interest of the IRS to accept the offered settlement. Be advised that all Offer in Compromise petitions are accepted. Although your Offer may be rejected, other strategies may prove to be effective such as having our client declared to be Currently not Collectible (more on that later). Also a strategy involving an Installment Agreement may get the same effective result.
- Doubt as to Liability - Your Tax relief Team at Flat Fee Tax Service, Inc. would have to prove and establish that the back tax liability that the IRS is trying to collect is not the taxpayers debt. If you want to argue that the back tax debt is not owed, you, the taxpayer will need to offer strong documentation to support your position. In all honesty, this is very, very difficult and in our opinion, not worth pursuing. You are better off going with a Offer in Compromise based on an inability to pay your back tax debt.
- Effective Tax Administration - When you, the taxpayer, know that your tax liability is owed and you own assets or you have the money that could pay off your back tax debt, an Offer in Compromise may still be available to you. The Flat Fee Tax Relief Team at Flat Fee Tax Service, Inc. would have to show that although you, the taxpayer could pay your tax liability, shouldn't have to pay the back tax debt as it may affect your overall circumstances and possibly make you insolvent. If you are elderly and on a fixed income and own your home, this may be the vehicle for your Offer in Compromise. These are a few examples of what may qualify you for an Offer in Compromise using an Effective Tax Administration petition:
- You, the taxpayer, are on a fixed income and you are unable to work due to medical conditions (long term illness, etc.), injury or disability. Although you may have the money or assets to pay the back tax debt that the IRS is seeking, you will not be able to earn the money due to the previously stated reasons.
- You, the taxpayer, may have dependents that require your financial support. If payment of your tax liability jeopardizes the health or care of your loved ones (dependents), an Offer in Compromise by Effective Tax Administration may be a valid reason for your IRS settlement.
- If you, the taxpayer, have the assets and equity to pay your tax liability but you cannot borrow against them or you are unable to liquidate those assets, an Offer in Compromise through Effective Tax Administration may be grounds for your IRS settlement. It will be necessary to show and prove to the IRS that it will be a struggle for you to pay your basic living expenses.
Doubt as to Collectability remains the number 1 reason that the IRS will settle for less.
YOUR PAYMENT OPTIONS FOR AN OFFER in COMPROMISE:
- You, the taxpayer, could pay your accepted IRS settlement off within 90 days.
- You could request a short term payment plan. The IRS considers a short term payment plan to be 24 months or less and is determined by such factors as the amount of your settlemnt and your ability to pay. If your accepted Offer in Compromise is $100.00 (yes, the Flat Fee Tax Relief Team has had accepted IRS settlements in this range), you cannot expect to pay such a small amount off in 24 months.
- You, the taxpayer, can request a long term payment plan. A long term plan could be 60, 72, or 84 months. Obviously, the amount of the settlement and your ability to pay would dictate the payment terms. A long term payment plan with the IRS could always mean the length of time for the Statute of Limitations to run out on your settled offer.
WHAT ELSE IS REQUIRED IF YOUR OFFER in COMPROMISE IS ACCEPTED:
- You, the taxpayer, will make all of your payments to the IRS in a timely fashion.
- You, the taxpayer, will file your tax returns on time for 5 straight years. No extensions. You will be on "tax probation."
- You, the taxpayer, will incur no tax debt during your 5 years of "tax probation". If you owe the IRS any money when you file your tax returns, you will pay that amount.
If you fail at keeping your end of the bargain, the IRS will immediately reinstate your back tax debt and add all of the penalties and interest to you tax liability.
The Offer in Compromise program is a wonderful way to get a fresh start and settle with the IRS for less than your tax liability. Don't abuse it. It isn't a "get out of jail free card." The IRS is is a collection agency and the IRS will expect you to adhere to the stipulations of your settlement. Don't be silly and "screw it up."
|IRS TAX RELIEF CONSULTATIONS|
I am Dave Rosa, the V.P. of Client Relations at Flat Fee Tax Service, Inc., and I will be conducting your free and confidential consultation. During this evaluation conversation, you will be asked: how much is your gross monthly income, are you married, does your spouse work and if so, how much is their gross monthly income, do you own or rent, if you own, do you have any equity, how much is your rent/mortgage, how much are your utilities, do you pay for health coverage, do pay for prescription medication, do you have children/dependents, how many, do you pay child support, do you have auto payments, do you have secured loans? These are some of the vital questions that need to be answered so that we can arrive at an action plan that will resolve your tax liability.
The Offer in Compromise program has been expanded during the past year (2011) to include taxpayers who earn $100,000. The IRS has come to the realization that during this economic downturn, it is in the interest of the taxpayer and the IRS to settle cases when appropriate.
The goal of your Flat Fee Tax Relief Team at Flat Fee Tax Service, Inc. is to get you the best IRS settlement possible and reduce your back tax debt as much as possible. The experienced IRS Tax Attorneys at Flat Fee Tax Service, Inc. can help almost every delinquent taxpayer. If we can't, we will let you know at the outset.
FLAT FEE TAX SERVICE, INC.
OFFER in COMPROMISE
- Can you afford a $290.00 initial retainer to resolve your IRS problem?
- Can you make monthly payments of $170.00 for 10 months?
- If you can do the 1st 2 items, you can afford to get a fresh start and put the IRS behind you.
WHY FLAT FEE TAX SERVICE, INC. FOR YOUR OFFER in COMPROMISE:
- Guided by our Christian Values
- No Complaints
- Experienced IRS Tax Attorneys
- Credibility and Reliability
- Get Results
FLAT FEE TAX SERVICE, INC. FEES:
- Fixed, Flat and Affordable
- Low Initial Retainer
- Low Monthly Fees that will fit your Budget
- Fair and Reasonable
THE FLAT FEE TAX RELIEF TEAM - Christian Values
THE FLAT FEE TAX RELIEF TEAM - No Complaints
THE FLAT FEE TAX RELIEF TEAM - Gets Results
THE FLAT FEE TAX SERVICE, INC.
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