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Friday, April 27, 2012
IRS Forgiveness -- Settle with the IRS for Less -- Getting a Break on your Tax Debt
FLAT FEE TAX SERVICE, INC.
Offers Affordable IRS Help
If You Owe the IRS a Back Tax Debt
You are a struggling taxpayer, you owe the IRS a back tax debt and you do not have the money to pay. Now is the time for you to have a positive action plan and not let anxiety and panic get the best of you.
YOU HAVE OPTIONS
You, the financially struggling taxpayer, may have more options than you thought, all courtesy of the Internal Revenue Service (IRS).
GET A FRESH START
The IRS has been easing up on financially struggling taxpayers and has expanded on their "fresh Start" program which allows unemployed taxpayers to put off paying their back tax debt for six (6) months with incurring stiff tax penalties.
There many options made available by the IRS to taxpayers that may be totally unknown to them. As with any IRS program, the are always limitations on taking advantage of them.
Do not ignore the IRS. If you are having a problem paying the IRS for a past due tax liability, you will only get yourself into deeper trouble by ignoring your IRS problem.
YOUR IRS OPTIONS
PAYMENT POSTPONEMENT: If you have certain income criteria, it is possible to delay paying up to $50,000 in back tax debt until October 15th. To qualify, you must have been out of work for thirty (30) consecutive days either last year or this year. If you are self-employed and your business income plunged by more than 25% last year, you will also be eligible for this delay in payment.
Also, to be eligible your income must not be more than $200,000 if filing jointly or $100,000 if single and you file as head of household.
Under the "Fresh Start" program, the IRS promises to waive to failure to pay penaly which is significant. The failure to pay penalty imposed by the IRS is 0.5% of the outstanding back tax liability per month and will not exceed a total of 25%. Interest will need to be paid which is now at a rate of 3%. Penalties on your outstanding back tax debt will start in mid-October.
To apply for the postponement, a taxpayer must file an IRS Form 1127A. This payment postponement is not automatic. Taxpayers applying for postponement must still file their tax return.
IRS INSTALLMENT AGREEMENT: The IRS made getting into a payment plan easier. Although the IRS has made it easier for a struggling taxpayer to enter into an Installment Agreement, that does not mean that the Installment Agreement is advantageous to the struggling taxpayer. Not to be disrespectful, but it does not take a great deal of knowledge to get yourself into a really bad Installment Agreement with the IRS. A taxpayer, who has financial problems, should 1st look at being declared Currently not Collectible and also at settling with the IRS for less through the Offer in Compromise program.
Before the IRS agrees to an Installment Agreement, a taxpayer will have to go through a burdensome process and reveal their finances to the IRS. A taxpayers idea of what is "necessary" expenses and what the IRS deems to be necessary expenses are vastly different. Our best advice to any taxpayer is to have an experienced IRS Tax Attorney negotiate with the IRS on all matters.
OFFER in COMPROMISE: When it is proven to the IRS that it is unlikely that a taxpayer's entire tax liability will be paid in full, a taxpayer may receive "tax forgiveness" through the Offer in Compromise program.
The IRS has a complicated formula that must be navigated before the IRS will accept less than the entire back tax debt owed by a taxpayer. The IRS is in the business of collecting money and not in the business of "forgiving debt" but even the IRS must follow the rules.
The IRS will continually look to reject a legitimate Offer in Compromise on procedural issues. The IRS will scan every settlement offer to see if the "i's" have been dotted and if the "t's" have been crossed properly. If they haven't, the IRS will reject an otherwise legitimate Offer in Compromise as "non-processable." The IRS does not have to give a taxpayer a reason for the rejection.
Since February of 2011, the IRS has eased up on the requirements for eligibility in the Offer in Compromise program. The IRS has named this easing as "Streamlined Offer in Compromise." A taxpayer can now earn up to $100,000 and owe less than $50,000 in tax debt and be qualified.
Due to the economic times that we live in, the IRS has placed in a position where they have to accept more settlements through the Offer in compromise program. The key to a successful Offer and one that is not successful is the preparation. Are the documents prepared correctly so that the taxpayer's Offer is not rejected for clerical errors? Is the taxpayer's Offer in Compromise proposal prepared according to the IRS financial formula? Is the taxpayer's settlement Offer "right on the money?" Your Offer in Compromise needs to be "right on the money" or it will be rejected and the IRS will proceed to pressure you, the taxpayer, through enhanced enforcement.
I am Dave Rosa, the V.P. of Client Relations at Flat Fee Tax Service, Inc. It is important for struggling taxpayers to know that the IRS has gotten very open minded for the Offer in Compromise program. Most taxpayers do not know what their options are regarding their back tax debt. There are many new programs that the IRS has made available. Taxpayers who are in financial hardship need to take advantage of what is being offered. If you are struggling to pay the IRS, contact me and see if you qualify for IRS tax relief. The worse thing that you can do is to put this off and do nothing. If you are here and reading this informative blog, you are probably one of 20 million struggling taxpayers who need to get themselves out of a jam with the IRS.
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