Are you, a financially struggling taxpayer, at loggerheads with the IRS over a tax return(s) from years ago? Your delinquent tax debt may be weighing on your mind, causing you anxiety and sleepless nights, but there’s a way you can put the matter to rest for good.
Your Fresh Start Strategy: Make the IRS an offer it can’t refuse.
The technical name given by the IRS for such a settlement arrangement is an “offer in compromise” (OIC).
The IRS is willing to go along with a settlement deal, but it won’t budge on the procedures. You must submit a formal settlement which is called an Offer in Compromise.
The IRS Tax Relief Team at Flat Fee Tax Service, Inc. has a 95% success rate because we do not lie to our clients and give them false hope. Our IRS Tax Attorneys know what the IRS will accept as a settlement of your back tax debt.
Here’s the whole story: An Offer in Compromise settlement is an agreement between a financially struggling taxpayer and the IRS. A successful Offer in Compromise will settle for less than the full amount of back tax owed. If the liability can be fully paid through a normal installment agreement or other means, the taxpayer generally isn’t eligible for an Offer in Compromise.
You must be qualified and eligible. You, the struggling taxpayer, must have filed all tax returns, made all required estimated tax payments for the current year and deposited payroll taxes for the current quarter if he or she is a business owner.
An Offer in Compromise Settlement Is A Financial Formula.
The IRS will accept an Offer in Compromise settlement if the amount offered by the taxpayer is equal to or greater than what is termed, the “reasonable collection potential” (RCP).
The RCP includes the value that may be realized from the taxpayer’s assets—such as real property, automobiles, bank accounts and other property—as well as anticipated future income (less certain amounts allowed for basic living expenses).
There Are Three (3) Reasons For An Offer In Compromise.
The IRS says it may accept an OIC based on three grounds.
1. Doubt as to Liability: This ground is only met when there is a genuine dispute as to the existence or amount of the correct tax debt under the law.
2. Doubt as to Collectibility: Doubt that the amount owed is fully collectible: Such doubt exists where the taxpayer’s assets and income are less than the full amount of the tax liability.
3. Effective Tax Administration: This occurs when there’s no doubt that the tax is legally owed and that the full amount owed may be collected, but requiring payment in full would create an economic hardship or be “unfair and inequitable” under the circumstances.
THE ONLY REASON THAT YOU NEED TO BE CONCERNED WITH IS:
DOUBT AS TO COLLECTIBILITY.
When submitting your Offer in Compromise (OIC) based on doubt of collectability, you must use the most current version of Form 656, Offer in Compromise.
Financial Statements: You will need to submit Form 433-A (OIC), Collection Information Statement for Wage Earners and Self-Employed Individuals, and/or Form 433-B (OIC), Collection Information Statement for Businesses.
When the IRS accepts your settlement offer, the IRS expects that you, the taxpayer, will have no further delinquencies and will fully comply with the tax laws. You will be required to file your taxes on time for five (5) straight years. If you owe the IRS any money ($), you will have to pay it with your tax return.
If you, the struggling taxpayer, doesn’t abide by all the terms and conditions of your successful Offer in Compromise settlement, the IRS may determine that your OIC is in default. If the IRS rejects your OIC, the taxpayer will be notified by mail.
Tip: The letter will explain the reason for the rejection and provide detailed instructions on how to appeal.
What does an Offer in Compromise cost?
Generally, a taxpayer must submit a $186 application fee for an OIC. Don’t combine this fee with any other tax payments. However, there are two exceptions to this requirement.
1. No application fee is required if the OIC is based on doubt as to liability.
2. The fee is not required if the taxpayer is an individual (not a corporation, partnership, or other entity) who qualifies for the low-income exception.
The latter exception applies if the taxpayer’s total monthly income falls at or below 250% of the poverty guidelines published by the U.S. Department of Health and Human Services.
Tip: You may choose to pay the offer amount in a lump sum or through installment payments.
The IRS, in the past two (2) years, has expanded the Offer in Compromise program and has been accepting more settlements than ever before. The new rules for a successful Offer in Compromise are contained in the IRS Fresh Start Initiative.
NOW IS THE TIME TO SETTLE WITH THE IRS FOR LESS.
ARE YOU QUALIFIED AND ELIGIBLE?
Call Flat Fee Tax Service, Inc.: 1-800-589-3078.
GET OUT OF DEBT WITH THE IRS.
Flat Fee Tax Service, Inc. will stop an IRS Levy (usually in 2 hours) and prepare your Offer in Compromise settlement for $1900.00:
1. Initial Fee of $190.00
2. 09 Monthly Fee Payments of $190.00
3. Total For Work: $1900.00
NO ONE CAN BEAT OUR AFFORDABLE FEES, MATCH OUR EXPERTISE AND MATCH OUR RECORD OF SUCCESS.
NO ONE DOES IT BETTER.
Flat Fee Tax Service, Inc.:
1. No Client Complaints.
2. Accredited by the Better Business Bureau.
3. Maintain an A Plus Rating with the Better Business Bureau.
4. Experienced IRS Tax Attorneys will work directly with you.
Our Consultations Are Free And Confidential: 1-800-589-3078
Flat Fee Tax Service, Inc. is the nationwide leader in having an IRS Levy stopped within 1 to 2 business days. The key is being determined to get through to the IRS, which can take hours, and find that IRS agent who will “listen” to your plea. Being diligent, determined are 2 attributes needed to achieve an IRS Levy release within 1 to 2 days. It also helps to know a “few tricks of the trade”. Flat Fee Tax Service, Inc. gets results.
What is an IRS Levy? An IRS Levy is a legal seizure of your property to satisfy a tax debt. If you do not pay your taxes (or make arrangements to settle your debt), the IRS may seize and sell any type of real or personal property that you own or have an interest in.
An IRS Levy actually takes property that you hold (such as your car, boat, or house), or the IRS could levy property that is yours but is held by someone else (such as your wages (paycheck), retirement accounts, dividends, bank accounts, licenses (medical), rental income, accounts receivables, the cash loan value of your life insurance, or commissions) to satisfy the tax debt. The IRS could seize and sell property that you hold (such as your car, boat, or house), or the cash loan value of your life insurance, or commissions.
The IRS will usually levy only after these three requirements are met:
1. The IRS assessed the tax and sent you a Notice and Demand for Payment;
2. You neglected or refused to pay the tax; and
3. The IRS sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (IRS levy notice) at least 30 days before the IRS levy. The IRS may give you this notice in person, leave it at your home or your usual place of business, or the IRS could send it to your last known address by certified or registered mail, return receipt requested. Please note: if IRS executes a levy on your state tax refund, you may receive a Notice of Levy on Your State Tax Refund, Notice of Your Right to Hearing after the IRS levy.
The IRS only has to send a notice once. You may not have actually received the IRS Notice to Levy.
An IRS Levy on your wages (paycheck), or federal payments (think Social Security or Social Security Disability / SSDI) or your bank account (this could be brokerage as well) will end:
1. The IRS levy is released (that’s where Flat Fee Tax Service comes in),
2. You pay the IRS your tax debt (if you had the money to pay, you probably wouldn’t be in this mess),
3. The time to collect the back tax expires for legally collecting the tax (Statute of Limitations).
A Bank Levy: If the IRS executes a levy on your bank account, your bank must hold funds you have on deposit, up to the amount you owe, for 21 days. This period allows you time to solve any problems from the IRS levy. After 21 days, the bank must send the money plus interest, if it applies, to the IRS. You could “discuss” your case with the person whose name appears on the Notice of Levy. If you do that, we will “wish you good luck”. The IRS has your money why would they give it back to you, an uninformed taxpayer? What would you tell them to “win your point”? Flat Fee Tax Service knows the points to argue.
Federal and State Levy Programs. An IRS Levy on your federal payments through the Federal Payment Levy Program :
Under the Federal Payment Levy Program (FPLP), the IRS may levy (take) monies from the following federal payments that you may receive: retirement from the Office of Personnel Management, social security benefits / social security disability (SSDI), federal vendor payments, federal employee salaries, or federal employee travel advances and reimbursements. This program will electronically levy your federal payments paid through the Department of Treasury, Financial Management Service (FMS). If the IRS executes an electronic levy on your federal payments, the levy will take 15% from each of the payments until the account is resolved.
Manual IRS Levy (yes, the IRS can take your entire check).
The IRS is not limited by IRC 6331(h) to taking 15% of your paycheck, your Social Security or your Social Security Disability (SSDI) benefits. The IRS can issue a manual levy that can continuously take ALL of your Social Security / Social Security Disability (SSDI) benefits as well as your paycheck / wage under Internal Revenue Code section 6331(a), which permits an IRS Levy on all your wage, salary or other income [which would include Social Security / Social Security Disability (SSDI)]. The 15% automatic IRS Levy provision is a supplement to the manual IRS Levy power. The IRS can choose the manual approach if it deems fit and attempts to collect more than the automated 15%.
The IRS Can Execute an IRS Levy on your State Income refund and if you are from Alaska, they can take that “Permanent Fund Dividend” of yours.
Once the IRS Levy is Released, then what? You still have an IRS tax debt. Are you qualified for an Offer in Compromise or Penalty Abatement? Are you Currently Uncollectible? Will amending your Tax returns reduce your tax debt? These are questions that Flat Fee Tax Service can answer for you.
Your Flat Fee Tax Service “I need stop an IRS Levy” Hotline:
1 – 800 – 589 – 3078
“America’s Best & Most Affordable IRS Income Tax Help Team”