Wednesday, April 4, 2012

Is there a Program to Settle what is Owed to the IRS -- Yes -- The IRS Offer in Compromise Program

IRS  FRESH STAR INITIAVE

OFFER in COMPROMISE

YOU MAY BE ABLE TO

SETTLE WITH THE IRS FOR LESS




What is an IRS Offer in Compromise?

The IRS has a program to settle back tax problems. Not everyone is eligible and qualified to settle with the IRS for less, but if you are, you should take advantage of the Offer in Compromise program and receive a fresh start on life. 

The IRS Offer in Compromise program is an agreement between a struggling taxpayer who has a back tax debt and the IRS that will resolve and settle the taxpayer's outstanding tax liability. The IRS has the authority to settle, or compromise, a taxpayers back tax debt by accepting less than the full amount owed under certain circumstances. 

The IRS may legally compromise a struggling taxpayer's back tax debt for one (1) of the following reasons:
  • Doubt as to Liability Offer in Compromise - A doubt exists that the IRS assessed tax debt is correct. In all honesty, this is a long shot and not a practical way to go.
  • Doubt as to Collectibility Offer in Compromise - Doubt exists that a financially struggling taxpayer could ever repay the full amount of the back tax owed. Many factors go into a successful IRS Offer in Compromise settlement. A taxpayer's minimum offer amount must be equal (or greater) than the reasonable collection potential (RCP) of the taxpayer. A taxpayer's reasonable collection potential, or RCP, is a complicated formula that takes into account a struggling taxpayer's realizable value in real and personal assets as well as future income potential. There are other factors involved as well. (Unless a taxpayer files for an Offer in Compromise that has "special circumstances," the settlement offer must equal or be greater than the IRS' reasonable collection potential (RCP). The IRS will place a "realizable value" on a taxpayer's assets. An assets "realizable value" is based on a quick sale (auction) minus what a taxpayer owes to the a secured creditor.)
  • Effective Tax Administration Offer in Compromise - If there is no doubt that a taxpayer owes the back tax debt and there is no doubt that the taxpayer could pay their back tax debt in full, but special circumstances exist that make collection of the entire back tax debt would create an economic hardship or where public policy or equity considerations will provide sufficient reason to compromise. The burden of proof is on the taxpayer to show the IRS that their Offer in Compromise is qualified and eligible for public policy and equity considerations. The taxpayer must prove the IRS that their circumstances are compelling enough to warrant acceptance of the Offer settlement compared to other taxpayers in similar circumstances.



YOU DON'T HAVE TO SUFFER

The IRS will accept an Offer in Compromise settlement when it is unlikely the taxpayer's back tax debt can be collected in full and the settlement amount reasonably reflects the reasonable collection potential (RCP). 

The IRS Offer in Compromise program is an alternative to having a taxpayer's case declared to be Currently not Collectible. If you are qualified to be declared Currently not Collectible, the IRS will cease all collection action during this status period and more than likely you will be eligible for an Offer in Compromise. If you are eligible and qualified for an IRS settlement through the Offer in Compromise program you may not be qualified as Currently not Collectible. 

NOT EVERYONE IS QUALIFIED

for an

OFFER in COMPROMISE

As a financially struggling taxpayer, do you owe the IRS a back tax debt? Is it impossible or nearly impossible to pay the IRS the tax liability that you have incurred? If so, you should consult with several experienced IRS Tax Attorneys so that you really are aware of your options. 

Is there a taxpayer out there who wouldn't like to settle with the IRS for what has been called "pennies on the dollar?" Not everyone is eligible nor qualified for  an Offer in Compromise settlement.

BUT THERE IS


Last year, the IRS commissioner eased up on the requirements for a successful Offer in Compromise. A taxpayer can now earn up to $100,000 in early income and be eligible. There are many other changes that benefit taxpayers but the amount one can earn is dramatic. This new Offer in Compromise program is called a Streamlined Offer in Compromise. We have additional information on our previous Blogs that go into greater detail regarding the new regulations.

You should be aware of "promoters" who would promise you a settlement with the IRS. An Offer in Compromise is based on a complicated formula made up of many factors. Do your research before deciding on who should handle your IRS problem.

During your consultation, you should be providing vital financial information that will provide a working understanding of your qualifications for a successful Offer in Compromise application. For those of you who are eligible to settle with the IRS for less, your tax liens will be released and all IRS enforcement regarding your back tax debt will cease. 

IT IS NOT RECOMMENDED THAT A TAXPAYER TRY AND NEGOTIATE THEIR OWN 

IRS SETTLEMENT THROUGH THE OFFER IN COMPROMISE PROGRAM

The IRS has rules and regulations that they must follow when reviewing an Offer in Compromise settlement. The IRS will look to disqualify your Settlement Offer as "un-processible." That is an IRS term that really means, a taxpayer did not "dot an "i", or cross a "t" properly. The IRS can reject your settlement Offer and not give you a reason for the rejection. 

WHY THIS MAY BE THE RIGHT TIME FOR AN

IRS OFFER in COMPROMISE

Due to our economic times, the IRS has unprecedented amounts of uncollected back tax debt. There are many taxpayers, who in normal times, would be able to pay the IRS the amount due. But this not "normal times." The IRS policies and procedures to enforce collection is costing the Federal Government many millions of dollars chasing taxpayers who cannot possibly pay their tax debt. 

The Offer in Compromise program makes economic sense for both the Federal Government and the struggling taxpayer. The Offer in Compromise program allows the taxpayer to once again be in compliance of the tax law by paying and filing future tax obligations. The IRS wins because their workload is lessened, the taxpayer is back on track by being in routine compliance. 

The taxpayer can end his/her sleepless nights. A taxpayer can be relieved of their anxiety and move on with their life. A successful Offer in Compromise will provide you, the taxpayer, with a fresh start in life. A successful Offer in Compromise settlement will give you the 2nd chance that you need and deserve.



I am Dave Rosa, the V.P. of Client Relations with Flat Fee Tax Service, Inc. I conduct the majority of consultations with our clients. It is during our consultation that we can provide you with a preliminary action plan to resolve your IRS back tax debt. Once you become our client, the experienced IRS Tax Attorney assigned to you will call the IRS and make sure that we have all of facts needed to come to a successful resolution.

FLAT FEE TAX SERVICE, INC.

"America's Best & Most Affordable IRS Income Tax Relief Team"

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We are guided by our Christian Values. You can be sure that we will provide you with an honest evaluation and then the decision is yours as to what you want to do. Flat Fee Tax Service, Inc. does not employ salespeople and no one will ever pressure you to come aboard and become our client.

Negotiating an Offer in Compromise is complicated and involved. The IRS uses what is referred to as National Standards as well other criteria and will try and not take into account particular facts and circumstances as required by law. We are not saying that a taxpayer cannot achieve a successful Offer in Compromise on their own, but the chances are close to "slim and none."

CALL ME TODAY

EMAIL ME AT:

dave@flatfeetaxservice.com

AFFORDABLE IRS INCOME TAX RELIEF HELP  

Affordable IRS Income Tax Help
If you owe the IRS between $10K and $100K; pay only $1900 for full IRS tax relief service which includes IRS Levy/IRS Wage Garnishment removal, IRS Offer in Compromise or IRS Penalty Abatement.

FEES PAID IN MONTHLY INSTALLMENTS

  1. A initial $190.00 Retainer will start the work necessary to resolve your IRS problem.
  2. Monthly Fee Payments of $190.00 per month for 9 Months.
  3. A Total Fee of $1900.00


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1 comment:

  1. There is an IRS settlement program for those taxpayers who may be struggling financially. The settlement program is called an Offer in Compromise. Find out if you qualify by calling Flat Fee Tax Service, Inc. Our website has our fees clearly posted: http://www.flatfeetaxservice.com Extensive information can be viewed at our Blog: http://wwww.affordableirshelp.com and you can receive daily updates by following us on twitter: http://www.twitter/flatfeetaxsvc

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