IRS Tax Relief - An Offer in Compromise

The ultimate IRS tax relief program is the offer in compromise that allows you to settle your IRS tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship. The IRS will consider your unique set of facts and circumstances:
  • Ability to pay;
  • Income;
  • Expenses; and
  • Asset equity.
The IRS generally will approve an offer in compromise when the amount offered represents the most that the IRS can expect to collect within a reasonable period of time. The IRS will expect that a taxpayer will explore all other payment options before submitting an offer in compromise. The Offer in Compromise program is not for everyone. If you hire a tax professional (IRS Tax Attorney) to help you file an offer, be sure to check his or her qualifications.

THE IRS TAX RELIEF TEAM AT FLAT FEE TAX SERVICE, INC. NOT ONLY IS ACCREDITED BY THE BBB, WE ALSO MAINTAIN AN A-PLUS RATING.

FLAT FEE TAX SERVICE, INC. HAS A 95% OFFER IN COMPROMISE SUCCESS RATE.

2016 IRS STATISTICS: THE IRS APPROVED 42% 
OF THE OFFER IN COMPROMISE SUBMISSIONS IN 2016. 


Make sure you are eligible.

Before the IRS can consider your Offer in Compromise, you must be current with all filing and payment requirements. You are not eligible if you are in an open bankruptcy proceeding. Use the Offer in Compromise Pre-Qualifier to confirm your eligibility.

Read More: https://www.flatfeetaxservice.net/blank-3/2018/04/18/IRS-Tax-relief---Tax-Negotiation-Tax-Settlement

Submit your Offer in Compromise

Your completed Offer in Compromise package will include:
  • Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
  • Form 656(s) - individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
  • $186 application fee (non-refundable); and
  • Initial payment (non-refundable) for each Form 656.

Select an Offer in Compromise payment option

Your initial payment will vary based on your offer and the payment option you choose:
  • Lump Sum Cash: Submit an initial payment of 20 percent of the total offer amount with your application. If your offer is accepted, you will receive written confirmation. Any remaining balance due on the offer is paid in five or fewer payments.
  • Periodic Payment: Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.
If you meet the Low-Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer. See your application package for details.

Understand the Offer in Compromise process. The IRS has a complicated financial formula for an Offer in Compromise.

While your Offer in Compromise is being evaluated:
  • Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);
  • A Notice of Federal Tax Lien may be filed;
  • Other collection activities are suspended;
  • The legal assessment and collection period is extended;
  • Make all required payments associated with your offer;
  • You are not required to make payments on an existing installment agreement; and
  • Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.

If your IRS settlement is accepted

  • You must meet all the Offer Terms listed in Section 8 of Form 656, including filing all required tax returns and making all payments;
  • Any refunds due within the calendar year in which your offer is accepted will be applied to your tax debt;
  • Federal tax liens are not released until your offer terms are satisfied; and
  • Certain offer information is available for public review at designated IRS offices.

If your offer is rejected, Flat Fee Tax Service, Inc. will file the appeal

  • You may appeal a rejection within 30 days using Request for Appeal of Offer in Compromise, Form 13711 (PDF).
  • The online self-help tool may provide additional assistance on appealing your rejected offer.

Notification

Beginning with Offer in Compromise applications received on or after March 27, 2017: The IRS will return any newly filed Offer in Compromise application if you have not filed all required tax returns. Any application fee included with the OIC will also be returned. Any initial payment required with the returned application will be applied to reduce your balance due. This policy does not apply to current year tax returns if there is a valid extension on file.

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