Tuesday, July 15, 2014

IRS Offer in Compromise Made Easier - Flat Fee Tax Service Your Affordable IRS Relief Team

The IRS has issued new guidance (Fresh Start Initiative) in Offer in Compromise settlements that continues a trend of liberalizing the rules for the settlement of outstanding back tax obligations. The Fresh Start Initiative rules allow for more discounts of asset values and this will lead to you ability to settle with the IRS for less than in the past. The IRS started the Fresh Start Initiative in 2012 and that has resulted in a dramatic increase in the Offer in Compromise settlement rate.

THE ACCEPTANCE FIGURES FOR THE PAST 2 YEARS ARE AS FOLLOWS: 

In 2012 the IRS received 64,000 Offer in Compromise submissions.

In 2012 the IRS accepted 24,000 settlements. (38% approval)

In 2013 the IRS received 74,000 Offer in Compromise submissions.

In 2013 the IRS accepted 31,000 settlements. (42% approval)




The IRS tax relief team at Flat Fee Tax Service, Inc. has had a success rate of 90%. That's right.Our clients have had a 90% approval rate because we do not lie to our clients. We let them know at the beginning if they will be likely to succeed with their Offer in Compromise settlement.

The recent rates are a dramatic improvement over the previous decade. Previously, the IRS approved approximately 25% of the offered settlements.

WHAT IS AN OFFER IN COMPROMISE?

The Offer in Compromise is an agreement between the IRS and a financially struggling taxpayer that will settle the taxpayer's past due tax liabilities for less than the amount owed. The IRS uses a financial formula to determine what they can expect to collect.
The new rules combined with the 2012 changes should result with even higher acceptance rates going forward. The changed policies indicate recognition by the IRS that many taxpayers with balances due of $10,000 or more may never gain the ability to pay those obligations and it is in the interest of the IRS and the struggling taxpayer to reach a reasonable settlement.

THE NEW CHANGES INCLUDE:

  • Revising the calculation for the taxpayer's future income.
  • Allowing greater discounts on the evaluation of personal vehicles and assets used in business.
  • Allowing taxpayers to repay student loans.
  • Allowing a taxpayer to pay delinquent state and local taxes.
  • Expanding the Allowable Living Expense category and amount.
Your Offer in Compromise settlement can be paid in a lump sum or in monthly installments. You should expect your Offer in Compromise to take 10 to 12 months for acceptance.  The IRS must leave you alone during the Offer in Compromise process.

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