Offer in Compromise – Internal Revenue Service – Hardship Settlements – Affordable IRS Settlement Offers

An Offer in Compromise is an IRS settlement that allows a financially struggling taxpayer to settle an income tax debt for less than the full amount owed. An Offer in Compromise may be a legitimate option if the taxpayer cannot pay the full income tax liability, or doing so creates a financial hardship. The IRS must consider a taxpayer’s unique set of facts and circumstances:

  • Ability to pay;
  • Income;
  • Expenses; and
  • Asset equity.

The IRS will generally approve an offer in compromise settlement when the amount offered represents the most that the IRS can expect to collect within a reasonable period of time. The IRS will try and discourage a taxpayer. 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 to help you file an offer, be sure to check his or her qualifications.

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Make sure you are eligible to settle with the IRS:

Before the IRS will consider a taxpayer’s settlement offer, the taxpayer must be current with all filing and payment requirements. You are not eligible if you are in an open bankruptcy proceeding. Call the IRS tax relief team at Flat Fee Tax Service, Inc. for your free and confidential consultation. A consultation call to our team will be the quickest way for a taxpayer to find out their qualifications for an IRS settlement.

Submit an Offer in Compromise Settlement:

A taxpayer can submit an IRS settlement on their own. It is not recommended. Presently, at the time of this writing, the IRS is accepting 40% of the settlement offers that are submitted. Most of the 40% used a tax professional. The clients who use Flat Fee Tax Service, Inc. have had a 90% success rate. 

If you are stubborn and want to do your own settlement, you will find step-by-step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B.  A taxpayer’s completed offer package must 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 payment option:

The taxpayer’s initial payment will vary based on the offer and the payment option chosen:

  • Lump Sum Cash: Submit an initial payment of 20 percent of the total offer amount with the application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
  • Periodic Payment: Submit an initial payment with the application. Continue to pay the remaining balance in monthly installments while the IRS considers the settlement offer. If accepted, continue to pay monthly until it is paid in full.

Should a financially distressed taxpayer meet the Low-Income Certification guidelines, the taxpayer does not have to send the application fee or the initial payment and the taxpayer will not need to make monthly installments during the evaluation of the offer. Check the application package for details.

You Need to Understand the Entire Process:

While a settlement offer is being evaluated:

  • The taxpayer’s non-refundable payments and fees will be applied to the income tax liability (payments can be designated to a specific tax year and tax debt);
  • A Notice of Federal Tax Lien may be filed;
  • Other collection activities  (levies) are suspended;
  • The legal assessment and collection period is extended;
  • Make all required payments associated with the settlement offer;
  • The taxpayer is not required to make payments on an existing installment agreement; and
  • The settlement offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.

IMPORTANT NOTE:

If a taxpayer decides to do their own Offer in Compromise, the settlement offer had better be done correctly the VERY 1st TIME. The reason is this: the IRS suspends the Statute of Limitations during the Offer in Compromise submission process. That means if the settlement offer is rejected for any reason, the IRS has extended the time to enforce collection.

DO IT RIGHT THE FIRST TIME AND AVOID A LOT OF TROUBLE

FLAT FEE TAX SERVICE, INC.:

  1. Guided by our Christian Values which is why we do not have Client Complaints.
  2. Accredited by the Better Business Bureau. A Plus Rating. Check our BBB reviews for yourself.
  3. Experienced IRS Tax Attorneys will work directly with you throughout the process.
  4. Stop, remove and release an IRS wage levy in one day.
  5. 90% of our clients who submit an IRS settlement have received a successful Offer in Compromise.
  6. Low, Affordable Fees. Fees can be stretched out over 10 to 12 months.
  7. Our clients receive positive results.

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“America’s Best & Most Affordable IRS Income Tax Relief Team”

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How Much Money will the IRS Settle For? How Much will a Taxpayer Settle in an Offer in Compromise?

The average amount that the IRS settles for in an offer in compromise is currently $6,629.  Sounds good, does it not? If only an IRS settlement was that easy, every taxpayer would be submitting IRS settlements, right?

These are the facts. In 2014, the IRS received 68,000 offers in compromise from taxpayers. The IRS accepted 27,000 of those settlement offers. The IRS accepted 40% of the settlement offers submitted.

FLAT FEE TAX SERVICE, INC.’S CLIENTS HAVE A 90% SUCCESS RATE 

The total amount accepted in all Offers in Compromise in 2014 was $179 million which is an average income tax settlement of $6,629.

The above statistics do not mean that a financially struggling taxpayer will settle with the IRS for that amount, or that there is a 40% chance your IRS settlement offer will be accepted.

The IRS uses a very specific and complicated formula in determining the settlement value of an Offer in Compromise and whether or not to accept or reject it.  Your success depends on how a taxpayer fits into the IRS formula.

The IRS Offer in Compromise program formula works like this:

  1. The IRS will figure out how much they think that a taxpayer can pay them every month in an installment agreement. They do this by asking for your pay stubs or, if you are self-employed, a recent profit and loss statement from your business.
  2. The IRS wants to know about your monthly living expenses.  Some of those expenses such as your housing and utilities, car payment(s) and food/clothing will subject to IRS limitations. The IRS calls these limitations Collection Financial Standards, often referred to as allowable living expenses. The IRS is trying to create more cash flow than the struggling taxpayer will actually have by limiting the expenses to amounts the IRS thinks are reasonable.

The taxpayer’s monthly income, minus the allowable living expenses, equals the taxpayer’s monthly cash flow.  The IRS is going to put a value on the cash flow for purposes of determining the Offer in Compromise settlement value.

If the taxpayer can pay the IRS the offered settlement within five months after acceptance, the IRS values your monthly cash flow by multiplying it by a factor of 12. $200 of monthly cash flow will equate to an offered settlement valuation of $2,400.

If the taxpayer is unable to pay the settlement in full within five months, the IRS will grant you 24 months payment terms. However, your monthly cash flow ($200/month in our example) would be multiplied by a factor of 24, increasing the settlement offer to $4,800. The IRS will give the taxpayer a discount for paying the IRS the offered settlement sooner rather than later.

After determining the value of the settlement offer, the IRS will then turn to a valuation of the taxpayer’s assets, and add that to the value of your cash flow.  How much is your “stuff” worth?  Your car, house, retirement plan?  Subtract any loans to arrive at equity, and in most cases, reduce that by 20% to get to your IRS valuation.

Add your cash flow (multiplied by a factor of 12 or 24) to your asset value, and you have your proposed IRS settlement amount.

The taxpayer’s success with an offer in compromise is based on a full understanding of the IRS investigative process into the income, living expenses and assets of the taxpayer. It is not a one size fits all situation. The amount of one taxpayer’s settlement has no bearing on the success of another taxpayer.  The IRS does not have a set percentage of settlement to the amount owed.  

The taxpayer’s settlement offer depends on convincing the IRS that your financial situation is dismal and that the IRS will never get paid after applying their internal guidelines.

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FLAT FEE TAX SERVICE, INC.:

  1. Guided by our Christian Values is the reason we do not have client complaints.
  2. Accredited by the Better Business Bureau. A Plus Rating. Check our testimonials on the BBB website.
  3. Experienced IRS Income Tax Attorneys work directly with you.
  4. Stop, Remove, Release an IRS wage levy in one (1) day.
  5. 90% of our clients who have submitted an IRS Offer in Compromise has received a successful IRS settlement.
  6. Low, Affordable Fees. 10 to 12 months to pay our fees.
  7. Our Clients Receive Positive Results.

“America’s Best & Most Affordable IRS Income Tax Relief Team”

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Have an Income Tax Debt? Do You Owe the IRS Back Taxes? Make the IRS an Offer They Won’t Refuse

The IRS (Internal Revenue Service) has been accepting more partial settlement payment offers. The IRS settlement process can be long and involved, generally requiring taxpayers to show they’re unable to pay the full amount.

The Internal Revenue Service (IRS), through their Fresh Start Initiative, has made it easier for delinquent taxpayers, who are struggling financially, to cut the amount they owe on back taxes.

The IRS has a settlement program called an “offer in compromise,” which develops partial payment plans for taxpayers who can demonstrate that they face problems involving the ability to pay.

The burden of proof rests with the taxpayer. It is the struggling taxpayer who needs to make a legitimate partial payment offer. Although the IRS is free to reject a settlement offer, the IRS has a financial formula that guides their decisions. While it is easier than it once was to have an offer accepted, filling out the forms is no picnic.

The average acceptance rate for taxpayers’ settlement offers, which was under 25 percent as recently as 2010, rose to 42 percent in 2013, according to the IRS. If you are qualified and eligible for an IRS settlement, then you need to take advantage of the Offer in Compromise program while you can.

FLAT FEE TAX SERVICE, INC. HAS A 90% SUCCESS RATE

Choosing an IRS tax resolution firm can feel like a daunting task. Finding a reputable IRS tax relief team that will get you through the complicated IRS Offer in Compromise program and get you the Fresh Start that you need and deserve may feel confusing to you. It need not be. Do your research. Google the company that you are looking at. Check their Better Business Bureau record and reviews. Are their fees fair and reasonable? Will the IRS tax help team that you are considering let you extend the fee payments over 10 to 12 months?

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Taxpayers, who are struggling financially, who demonstrate that their income tax bills cannot be collected must show the IRS that they are, to put it gently, financially challenged. To receive a successful IRS settlement agreement, the taxpayer must acknowledge a tax liability and demonstrate an inability to pay all of it. You are telling and showing the IRS, “Look, you can’t get blood from a turnip.”

Your Offer in Compromise cannot be guaranteed. But, if you cannot pay your tax debt and do not have the funds to pay your income tax liability, then it becomes a matter of proving to the IRS that you deserve a Fresh Start. When the IRS does agree to an Offer in Compromise, your settlement may amount to “the deal of a lifetime.”

Our latest IRS success story had our client, from Murrieta, California, settling her $24,000 income tax debt for a grand total of $400 which was paid in 4 $100 monthly installments.

The easing of the IRS criteria for settlement offers has come in the last few years. In 2012, the IRS changed the way it calculated how much income has to go to repayment. Last year, the formula for figuring the worth of assets, which must also go toward a payment of back taxes. was liberalized.

TAKE ADVANTAGE OF THE CURRENT OFFER IN COMPROMISE RULES BEFORE IT’S TOO LATE

There has never been a better time to make an offer of settlement to the IRS. Our IRS tax relief team has seen reasonable offers, particularly ones in which the government was forgiving less than $50,000, being accepted pretty consistently.

ARE YOU READY TO FIX YOUR IRS INCOME TAX PROBLEM?

CALL: 1-800-589-3078 FOR YOUR CONSULTATION

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FLAT FEE TAX SERVICE, INC.:

  1. Guided by our Christian Values.
  2. Accredited by the Better Business Bureau. A Plus Rating. Check our BBB Reviews.
  3. No Client Complaints. Can Any Other Tax Relief Company Make That Same Claim?
  4. Experienced IRS Tax Attorneys Work Directly With You.
  5. IRS Wage Levies Stopped, Released and Avoided. Same Day Service.
  6. 90% of our Clients, Who Submitted an Offer in Compromise, Have Successfully Settled with the IRS.
  7. Our Clients get Positive Results.

Settle Your Income Tax Debt For Less – Flat Fee Tax Service the Affordable IRS Tax Help Team

There are as many reasons for a financially struggling taxpayer to fall behind on their past due income taxes as there are stars in the sky. You may have had medical emergencies; loved ones unexpectedly pass away; car and house repairs drain the savings account. You may have gone through a divorce or loss of a job. You may have had to dip into your 401K or IRA retirement fund to keep from “drowning”. It can be anything that wipes you out financially or even emotionally. And for some of us, once that deadline passes, it is so much easier to forget about it.

The IRS will not forget about you. The IRS will not forget about your unfiled missing tax returns. The IRS will not forget your unpaid income tax. IRS budget cuts may mean fewer audits of average taxpayers, but they do not mean that missed payments or unfiled missing tax returns will slip through the cracks. The IRS will demand that you pay your back income tax debt.

THERE IS GREAT NEWS FOR FINANCIALLY STRUGGLING TAXPAYERS.

The great news is that, should you be a financially struggling taxpayer, the IRS will take what it can get and settle for less. There are times when taxpayers simply cannot pay the full amount due, and the agency is not in the business of bankrupting taxpayers. It wouldn’t make sense.

It does make sense that the IRS dispatch the matter (your income tax debt) quickly so both you, the financially struggling taxpayer, and the federal government can move on.

This is where the offer of compromise works to your benefit. The IRS settlement program is all about the taxpayer and the IRS agreeing to a reduced tax settlement based on the taxpayer’s ability to pay their overdue income tax debt.

An IRS Offer in Compromise is not a settlement that is available to everyone. The taxpayer cannot be in an open bankruptcy, for example. The taxpayer must be up-to-date with all filing of tax returns. You must be “compliant.” The taxpayer must prove that his situation warrants the successful Offer in Compromise settlement.

The IRS is looking in particular for information about the struggling taxpayer’s ability to pay, income and assets, and your “allowable” expenses.

The most important thing to remember is that the IRS looks at the whole picture to determine eligibility. Low income, for example, will not be as persuasive an argument if the taxpayer has several million dollars in a savings account. If you are struggling to make ends meet, you are probably eligible and qualified to settle your back income tax debt.

This is a bare-bones rundown of an IRS settlement offer.

WE RECOMMEND THAT YOU CONTACT: FLAT FEE TAX SERVICE, INC.

Why? Because 90% of the IRS Offer in Compromise settlements submitted by the IRS tax relief team at Flat Fee Tax Service, Inc. have received a successful IRS settlement.

That’s why our IRS tax resolution team have been called “America’s Best & Most Affordable IRS Tax Relief Team.”

FLAT FEE TAX SERVICE, INC.:

1. Guided by our Christian Values.
2. Honest, trustworthy and Hard Working.
3. No Client Complaints.
4. Accredited by the Better Business Bureau. A-Rating. Check out our BBB Reviews for yourself.
5. Experienced IRS Tax Attorneys Handle your IRS Tax Debt Resolution.
6. Your IRS Wage Levy Stopped in One (1) Day.
7. 90% of our Clients who have Submitted an IRS Offer in Compromise has had a Successful IRS Settlement.
8. Low, Affordable Fees Stretched Out Over 10 Months.
9. Our Clients Get Positive Results.

WHEN YOU NEED THE BEST IRS TAX RELIEF TEAM, CALL THE BEST:

FLAT FEE TAX SERVICE, INC. 1-888-875-4506

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Need IRS Levy Release – Stop IRS Garnishment In One Day – Flat Fee Tax Service

An IRS wage garnishment (IRS Levy) is an order from the IRS sent directly to your employer instructing them to withhold a percentage of your paycheck until the tax debt is satisfied. The amount that is to be withheld is calculated on a formula from the IRS based on your exemption amount. The national average is approximately 80-85% of your net income.

YOU CAN’T AFFORD TO HAVE THE IRS TAKE YOUR PAYCHECK.

NO ONE CAN FOR VERY LONG.

An IRS garnishment (IRS Levy) is a continuous levy that will last until the tax debt is paid in full, the IRS garnishment or levy is released, or the statute of limitations expires.

A “continuous levy” means that the IRS will continually (week after week) to take your hard-earned wages until your entire tax debt is paid in full.

STOP YOUR IRS GARNISHMENT IN ONE (1) DAY.

How Do You Stop An IRS Garnishment (IRS Levy)?

CALL FLAT FEE TAX SERVICE, INC. AT 1-888-875-4506 TODAY.

Free & Confidential Consultation. Find Out How We Can Protect You.

If you try to stop an IRS Garnishment on your own, the IRS will require you to be compliant with any required tax filings before releasing your garnishment or levy.

FLAT FEE TAX SERVICE, INC. HAS HAD GREAT SUCCESS STOPPING IRS LEVIES PRIOR TO FILING YOUR MISSING TAX RETURNS.

If there is a tax liability that you cannot pay in full, the IRS will require that the account be resolved. This can be done through an Installment Agreement, Offer In Compromise or Currently Not-Collectible status if there is a hardship. A knowledgeable and experienced tax professional can greatly expedite the process.

America’s Best & Most Affordable IRS Tax Relief Team.

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FLAT FEE TAX SERVICE, INC.:

1. Guided by our Christian Values.
2. Honest, Straightforward and Hard Working.
3. Accredited by the Better Business Bureau. A-Rating. Check out our Reviews for Yourself.
4. No Client Complaints.
5. Experienced IRS Tax Attorneys Will Handle Your IRS Problems.
6. Stop Your IRS Garnishment (IRS Levy) in One (1) Day.
7. 90% of our Clients who have Submitted an Offer in Compromise Have Received a Successful IRS Settlement.
8. Low, Affordable Fees Stretched Out Over 10 Months.
9. Our Clients Get Positive Results.

WHEN YOU WANT AND NEED THE BEST, GET THE BEST TO REPRESENT YOU.

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Flat Fee IRS Tax Relief – Affordable IRS Levy Help: IRS Wage Levy Secrets – Painless IRS Garnishment Release – Flat Fee Tax Service

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Flat Fee IRS Tax Relief – Affordable IRS Levy Help: IRS Offer in Compromise – You Can Get A Fresh Start – Are You Eligible – Flat Fee Tax Service

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