IRS Tax Settlement -
Offer in Compromise
Here's What Our Tax Professionals Can Do For You
An Offer in Compromise
is the Ultimate Tax Settlement - Settle with the IRS
How do I know if an Offer in Compromise is the right tax settlement option for me?
If you cannot pay your income tax debt and need IRS tax debt help, then the Offer in Compromise (IRS settlement) will be the "right option for you".
Should you have IRS tax debt
of $10,000 or more, you meet the first
qualification for an:
This tax settlement can be
the right IRS tax settlement for you.
It is our informed opinion, an Offer in Compromise (OIC) is the ultimate tax relief option available to a taxpayer. Offers in Compromise will allow a taxpayer to settle their taxes for less. Recent tax legislation has given new hope to taxpayers who were disqualified by the old Offer in Compromise procedures. The new tax regulations are known as "the Fresh Start Initiative".
The Internal Revenue Code authorizes the IRS, to accept less than the full amount of a tax liability owed in any civil or criminal case arising under the tax laws before the case’s referral to the Department of Justice. For an Offer in Compromise to be accepted, the taxpayer must establish to the satisfaction of the IRS that he or she either: lacks the means of paying the tax debt, or doesn't owe the tax. You do not have to destitute to be eligible for a tax settlement.
Before 1992, the IRS had been reluctant to settle past due tax debt. In February of 1992, the IRS announced new procedures for settling back taxes. An Offer in Compromise has increased the likelihood that financially distressed taxpayers would be able to settle their liabilities for less than the full amount.
Our experienced Tax Attorneys have extensive expertise with planning, preparing, negotiating, and assisting an appeal of all tax settlement rejections. Our tax professionals have saved millions of dollars for our clients through an Offer in Compromise.
IS AN OFFER IN COMPROMISE REALLY "LEGITIMATE?"
Many people ask, is there a program available with the Internal Revenue Service (IRS) for taxpayers to settle their back taxes for less money than what is owed? Yes, there is a tax settlement program available with the IRS called an Offer in Compromise, but not every taxpayer qualifies for it.
An Offer in Compromise is a legitimate program for “tax relief” with the Internal Revenue Service. The program allows qualifying taxpayers to resolve their federal tax liabilities for less than what they owe if they cannot afford to pay the full tax amount. Internal Revenue Code Section 7122, states that a federal tax liability may be resolved through a “compromise.” The IRS began to formalize the Offer in Compromise program when they issued policy directive [P-5-100 (February 26, 1992)] in the form of the Internal Revenue Manual (IRM) supplement. The IRS set more distinct criteria for evaluating an appropriate Offer in Compromise and integrated the Offer in Compromise into part of its collection review process. Thereafter, in 1998 Congress passed the Internal Revenue Service Restructuring and Reform Act of 1998. The intent of the Restructuring and Reform Act was to provide taxpayers with certain rights and protections about the manner that the IRS collected taxes, including the opportunity for taxpayers to file an Offer in Compromise
Some of our: Offer in Compromise Success Stories
AS AN FYI: OUR IRS TAX ATTORNEYS HAVE VERY FEW OFFER IN COMPROMISE REJECTIONS BECAUSE WE DO THEM RIGHT THE FIRST TIME.
The IRS will accept an Offer in Compromise when it is shown that it is unlikely that the tax liability can be collected in full and the amount of the Offer in Compromise reasonably reflects collection potential. An Offer in Compromise is a legitimate alternative to declaring a case as Currently not Collectible, or to a protracted installment agreement. The goal of the IRS is to achieve collection and to close the case.
OUR GOAL IS TO LOWER YOUR TAX DEBT AS MUCH AS POSSIBLE AND HAVE THE IRS CLOSE YOUR CASE.
If you have little to no assets that you can access, you are eligible for an Offer in Compromise (IRS tax settlement) and this IRS tax relief program may be right for you. you will also need to be IRS compliant with your tax returns.
After taking into account your "allowable expenses" (rent, mortgage, utilities, food and clothing, car payments, support payments, etc.) from your paycheck, and you have little to no money to pay the IRS, you are eligible for an Offer in Compromise.
What are the National and Local Standards
and how are they used for an
Offer in Compromise. Where can they be found?
The National Standards are the amounts allowed by
IRS for food, clothing, and other items.
IRS National Standards are a major factor in your receiving IRS tax relief.
You are allowed the total National Standard amounts for your family size and income level, without the IRS questioning the amount you spend. Note: Alaska and Hawaii have their own National Standards tables.
The Local Standards are the amounts allowed for housing and utilities, transportation, child support, health insurance, term life insurance, etc.
The Local Standards are limited to the amounts you spend per month or the standard amounts, whichever is less.
National and local standards are guidelines. If the agency determines that the standards would not cover basic living expenses in a particular case, then deviations are allowed.
You may ask, "what are my "chances" of receiving a successful
Offer in Compromise?
FLAT FEE TAX SERVICE CLIENTS HAVE SAVED, ON AVERAGE,
95% OF THEIR TAX DEBT AND HAVE A
96% IRS SETTLEMENT SUCCESS RATE.
FLAT FEE TAX SERVICE HAS THE HIGHEST OFFER IN COMPROMISE SUCCESS RATE NATIONWIDE.
Don’t let anyone tell you that there’s no hope of getting a
tax settlement if you can’t afford to pay your tax debt.
PER 2016 IRS STATISTICS, THE I.R.S. APPROVED APPROX. 42% OF THE 80,000 OFFER IN COMPROMISE SUBMISSIONS.
YOU HAVE APPROXIMATELY A 30% CHANCE OF
OFFER IN COMPROMISE SUCCESS
IF YOU DO IT YOURSELF (DIY).
How affordable will my Offer in Compromise be if I select Flat Fee Tax Service for my IRS tax debt settlement? The short answer is: very affordable but go ahead and click below.
Do I need to keep paying my Installment agreement while my Offer in Compromise is being processed?
No. You will stop making your IRS Installment payments. If you have an installment agreement in place, you do not have to make payments while your Offer in Compromise (settle IRS debt) is being processed.
Will a Federal tax lien be filed?
During the Offer in Compromise process, the IRS may file a Notice of Federal Tax Lien (NFTL). This is a public notice to creditors that you owe a tax debt. However, an NFTL will not normally be filed until a final decision has been made on your settlement offer.
Can the Federal tax lien on my account be removed?
The federal tax lien will be released after your Offer in Compromise is accepted and the agreed-upon IRS settlement agreement has been paid in full.
Our IRS Tax Attorneys have never failed to have a tax levy stopped and released. Our tax professionals routinely have an IRS garnishment stopped and released in one (1) day.
What happens if the IRS accepts my Offer in Compromise?
You must pay the IRS settlement per the terms of your Offer in Compromise. Furthermore:
The IRS will keep any tax refund, including interest due, as the result of an overpayment of any tax or other liability due through the calendar year the IRS accepts your Offer in Compromise. You may not designate a refund and/or overpayment to be applied to estimated tax payments for the following year. This condition does not apply if the Offer in Compromise is based on doubt as to liability only.
You will waive your right to contest in court or otherwise, the amount of tax liability.
If a Notice of Federal Tax Lien has been filed against you, the IRS will release it when the payment terms of the Offer in Compromise have been completed.
You must remain in compliance with the filing and payment of all tax returns for a period of five years from the date the Offer in Compromise is accepted, including any extensions. If you do not pay the IRS settlement agreement on time and remain in compliance during the five years after the offer in compromise is accepted, including any extensions, your offer will default.
The tax professionals at Flat Fee Tax Service have provided valuable IRS tax debt help at very affordable fees for more than a decade. Our teams are located in San Diego, California, and Clearwater, Florida. This allows us to be available to our clients and the IRS from 8 A.M. Eastern to 6 P.M. Pacific time.
CALL 1-866-747-7435 FOR YOUR
FREE CONSULTATION - OFFER IN COMPROMISE
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