Monday, May 21, 2012

An IRS Offer in Compromise Will Give a Taxpayer a Fresh Start and a Second (2nd) Chance

GET A FRESH START

and a 

SECOND CHANCE

through the 

IRS OFFER in COMPROMISE

PROGRAM




Due to the terrible recession that we have endured over the past 5 to 6 years, the IRS has made it easier to become eligible and qualified to settle a back tax debt through the Offer in Compromise program. In February of 2011, the IRS expanded the eligibility requirements for a successful Offer in Compromise in what they call a Streamlined Offer in Compromise. The IRS has come to the realization that many taxpayers who would have normally been able to pay their tax debts are simply unable to meet their tax obligations.

With so many taxpayers out of work, working part time or under employed, the IRS has been forced to  accept the fact that many taxpayers are in need of a "fresh start." Many taxpayers no longer have any equity in the homes and are "underwater" regarding their mortgages. Many taxpayers have had the unfortunate experience of "dipping" into their 401K retirement plans to simply meet everyday expenses. Many of these taxpayers had the intent of paying the borrowed money back into their 401K plans but have been unable to do so. This has created tax debt problems that have buried many struggling taxpayers.

At Flat Fee Tax Service, Inc., we have seen what the enforcement division of the IRS has done to taxpayers who have been struggling. Nearly everyone of our clients is facing an upcoming IRS levy, or has had their wages garnished by the IRS.

STOP AN IRS WAGE LEVY

in 

1 DAY / 24 HOURS

When you owe the IRS a tax liability, a taxpayer needs to stop the IRS from executing a levy on assets such as your paycheck / wages, Social Security (including Disability or SSDI) and your bank account(s). After that has been accomplished, then an action plan needs to be implemented that will best resolve your back tax debt problem.

There are several ways that a financially struggling taxpayer can resolve their tax debt and reduce the amount owed. One way is to file the delinquent or unfiled tax returns required to make a person compliant and thus eligible for an Offer in Compromise.  Also, if a taxpayer is not eligible for an Offer in Compromise, it may be advantageous to file all of the delinquent tax returns which will reduce the back tax debt.

If a taxpayer has filed all of their tax returns, then it may be necessary to look at amending the previous returns. It is possible that your tax preparer missed legitimate deduction.

If a taxpayer has had problems that caused the tax problem, a Penalty Abatement based on reasonable cause may result in the penalties assessed to be waived. If you do have a reasonable cause, be sure to have a professional handle your abatement petition. You have only one chance at this and it needs to be handled correctly.

If you can pay "something" toward your IRS tax liability, it may be determined that an IRS settlement through the Offer in Compromise program may be the best way to resolve your back tax debt. You need to be qualified and eligible for the Offer in Compromise program. The IRS has a complicated formula that determines eligibility. Consult with an experienced IRS Tax Attorney who has a track record of successful Offer in Compromise petitions.

AND THEN THERE IS:

CURRENTLY NOT COLLECTIBLE


CURRENTLY NOT COLLECTIBLE - Long Term Hold on IRS Enforcement:


A financially struggling taxpayer may be declared to be Currently not Collectible if the IRS can be shown that a taxpayer has a very real financial hardship. The IRS must allow a taxpayer to have certain "allowable expenses" before they can enforce collection. Now the IRS is not in the business of telling you what expenses they allow or if a taxpayer should be left alone. It is the responsibility of the taxpayer to prove hardship to the IRS.

The Currently not Collectible program is meant to assist taxpayers who are currently in a difficult financial situation and in real need of tax relief. When a taxpayer is Currently not Collectible, all IRS collection enforcement will stop. Being Currently not Collectible is a great tax resolution action that will not only protect you from IRS collection enforcement but will allow a taxpayer to pursue other tax debt settlement programs such as the Offer in Compromise program.

HOW LONG WILL MY TAXES BE NON COLLECTIBLE?

Once you, the taxpayer, has proven to the IRS that you do not have the ability to pay anything toward your back tax debt, you should expect to have this status for 12 to 18 months before the IRS reviews your financial condition again. The IRS could review your circumstances at any time, but in practical terms, you will be free from collections for 12 to 18 months. If your financial picture hasn't changed, then you will again be placed in Currently not Collectible status. The Statute of Limitations will continue to run and you may never pay the IRS anything toward your back tax debt.

DO YOU, THE TAXPAYER, QUALIFY FOR 

CURRENTLY NOT COLLECTIBLE (IRS STATUS 53)?

When it comes to being declared Currently not Collectible, the IRS has a number of important qualifying factors. The IRS will look at a taxpayer's ability to pay their tax debt after factoring in your basic living expenses which includes: your rent / mortgage, food and clothing, your utilities, your car payment, upkeep of your auto, term life insurance, health insurance, secured loans as well as court ordered payments such as alimony payments and child support payments.

The IRS will require that you you prove your expenses as well as income. You will need to provide the IRS with a 433-F form, which is an in-depth financial analysis of your income, your assets and your monthly expenses. The IRS will require that you provide documentation such as your pay stubs and bank statements.  

OPTIONS WHEN YOU ARE

CURRENTLY NOT COLLECTIBLE

Although it is possible that a taxpayer may be declared to be Currently not Collectible until their tax debt has expired through the Statute of Limitations, non-collectible status is not considered to be permanent. There is a review process that comes periodically at the discretion of the IRS. It is for that reason that the IRS tax relief team at Flat Fee tax Service, Inc. recommends that anyone who is declared to be Currently not Collectible look at settling their tax debt through the Offer in Compromise program. If the IRS is already conceding your inability to pay off your tax liability, why wouldn't you take this one step further and settle your tax debt once and for all. 

FREE CONSULTATION

CALL ME:

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EMAIL ME:

dave@flatfeetaxservice.com


I am Dave Rosa, the V.P. of Client Relations at Flat Fee Tax Service, Inc. I will be providing you with your free and confidential consultation. During our time on phone, I will review with you what your allowable expenses as well as income and determine whether or not you are eligible and qualified to pursue an Offer in Compromise. I can also let you know if you are a candidate to be declared Currently not Collectible by the IRS. Because we are guided by our Christian Values, you will receive an honest, straightforward evaluation. As your IRS tax relief team, our first job is to have any levy on your wages stopped and released. Our initial evaluation will let us know if pursuing an Offer in Compromise or Currently not Collectible status would be in your best interest.

AFFORDABLE IRS TAX HELP

If you owe the IRS between $10K and $100K; pay only a total of $20500 for full IRS tax relief work which includes: Prepare 3 tax returns, IRS Levy release / Stopping IRS Wage Garnishment and an IRS Offer in Compromise and/or Currently not Collectible status.

AVAILABLE CREDIT

If you were not struggling financially, you would not be here reading this Blog. All of our clients are struggling taxpayers. Every single one of them is having a hard time meeting there everyday expenses. That is why we, at Flat Fee Tax Service, Inc., have, not only, made our overall fees both fair and reasonable but also convenient by offering monthly fee installments. 

WE START WORKING FOR YOU IMMEDIATELY

PROFESSIONAL IRS HELP

IS NOT FREE

BUT 

FLAT FEE TAX SERVICE, INC.

OFFERS THE BEST 

IRS TAX RELIEF SERVICE

AT THE MOST AFFORDABLE FEES

THE VALUE OF FLAT FEE TAX SERVICE, INC.:
  • Guided by our Christian Values
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  • Affordable IRS Tax Relief
  • Credit Available to all of our Clients
  • Immediate IRS Tax Representation
  • Experienced IRS Tax Attorneys 
  • Reliable, Credible and Thorough
  • Positive Results


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1 comment:

  1. If you are unable to pay the IRS, you may be eligible for a second chance and a fresh start. Contact Flat Fee Tax Service, Inc. for your free and comprehensive consultation. Our website is: http://www.flatfeetaxservice.com Our informative blog is at: http://www.affordableirshelp.com and our updates are seen by Twitter. Follow us at: http://www.twitter.com/flatfeetaxsvc

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