Flat Fee Tax Service has an impeccable record regarding the successful acceptance of our clients IRS Offer in Compromise submissions.
WHY IS THE IRS TAX RELIEF TEAM AT FLAT FEE TAX SERVICE SO SUCCESSFUL?
Our IRS Tax Professionals will only submit an Offer in Compromise for a client after we have had an in-depth consultation with our client and they provide us with the information necessary to be successful.
A LUMP SUM OFFER IN COMPROMISE SETTLEMENT:
A financially struggling taxpayer may choose the lump sum offer, which is defined as a settlement offer where the taxpayer makes five or fewer installment payments within 24 months after the offer is accepted. If a taxpayer submits a lump sum offer, the taxpayer must include with the Form 656, Offer in Compromise a nonrefundable payment equal to 20 percent of the amount. This payment is required in addition to the $150 application fee (IRS.gov, Topic 204 – Offers in Compromise, 8/22/2013). Under the offer in compromise requirements, the nonrefundable amount cannot be returned to the taxpayer if the offer is either rejected or accepted. Instead, it will be applied to the taxpayer’s liability.
MONTHLY PERIODIC PAYMENT PLAN:
The periodic payment offer is defined as a settlement offer where the taxpayer makes six or more monthly payments within 24 months after the offer is accepted. When the taxpayer submits the offered settlement, he or she must also submit the proposed installment payment along with IRS Form 656. This payment is required in addition to the $150 application fee. Similar to the lump sum cash offer, the twenty-percent first installment payment is nonrefundable. While the IRS is evaluating a periodic payment offer, the struggling taxpayer must continue to make the installment payments provided for under the terms of the offer in compromise. These amounts are also nonrefundable. The first and successive installment payments are all applied to the back tax liabilities. The taxpayer has a right to specify the particular tax liabilities to which the periodic payments will be applied.
APPEALING A REJECTED OFFER IN COMPROMISE SETTLEMENT:
In the event that the IRS rejects an offer in compromise, the taxpayer is notified by mail. In the letter, the IRS will explain the reason for the rejection and will provide also detailed instructions on how the taxpayer may appeal the decision to the IRS Office of Appeals.
All appeals must be made within 30 days from the date of the letter. Some offers in compromise are returned because the taxpayer failed to provide necessary information specific to filing for bankruptcy, failed to pay the application fee, or failed to file tax returns and/or pay the current tax liability. In this case, returns are different from rejections. The taxpayer has no right of appeal when the application is returned.
TOP TIPS FOR A SUCCESSFUL OFFER IN COMPROMISE:
A larger number of the submitted offer in compromise applications are returned because they are incomplete. The 1st step in the Offer in Compromise process is that the IRS will look for any reason to reject a submitted Offer in Compromise. The IRS has a word for a procedural rejection. The IRS word is “unprocessable.”
DON’T BE REJECTED.
The IRS will not process an offer if it is missing elements specific to applications and related documentation. To be eligible, all filers must not have an open bankruptcy case, must have filed all federal tax returns at issue, must have filed payroll tax returns and deposits at issue for the last two quarters, must pay the required application fee ($150), must complete and submit Forms 656, 433-A, and/or 433-B (if necessary), and must be current with estimated taxes and income tax withholding for the current year.
The most important tips for a successful offer in compromise is to pay the offer amount; file all tax returns on time; allow the IRS to keep any tax refunds, payments, and credits to reduce your tax liability; and continue to let the IRS keep any tax refunds payable to you even after the offer in compromise is approved.
MOST IMPORTANT TIP: DO NOT TRY AND DO YOUR OWN SETTLEMENT OFFER.
DO NOT TRY AND DO YOUR OWN SETTLEMENT OFFER.
Do not be “penny wise and a pound foolish.” Choose a tax professional to help you with the offer in compromise requirements. Because of the complexity of the IRS process, taxpayers should hire a tax professional, who has a track record, who is knowledgeable about the dynamics of the program. You want a tax professional that is experienced and knowledgeable about this area of tax law and truly understands your offer in compromise requirements.
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