San Diego Offer in Compromise | California IRS Tax Relief Firm|Flat Fee Tax Service
Updated: May 10, 2019
SAN DIEGO OFFER IN COMPROMISE
If our IRS Tax Attorneys determine you are eligible and qualified for an Offer in Compromise, our tax professionals will prove to the IRS that none of your tax balance can be fully paid within 10 years of the date of assessment, a detailed evaluation is warranted to determine the extent to which an Offer in Compromise (#OfferinCompromise) would work for you. Our tax relief firm has an extraordinarily high success rate with offers (90%) because we perform an intense and detailed analysis of financial information before filing every Offer in Compromise with the IRS on your behalf. We do not "B.S." our clients and file frivolous IRS settlements.
In determining whether or not the IRS will accept your offer in compromise, the IRS will evaluate what it calls your realizable collection potential. This is comprised of two elements, the first of which is equity in assets that you own. This has to do with equity in your residence or other real property that you may own, the value of individual retirement accounts and the value of any other assets that have a substantial value.
The second element in realizable collection potential is what the IRS refers to as future income. The IRS will carefully evaluate your current monthly income, and from that it will subtract what you’re paying for necessary living expenses (subject to certain limitations) and also subtract current taxes you are paying on that income. The figure that is left over is the amount of funds which are available to devote to the payment of back taxes. The IRS will take that figure and multiply it by 12 to determine the value of what it deems to be your future income.
An offer in compromise can be an excellent means by which to free yourself from burdensome tax liabilities, and that when the offer is paid, the IRS will release any tax liens that had previously been filed. Many times touted as a tax debt settlement program that allows taxpayers to settle their debts for “pennies on the dollar,” the professionals at Flat Fee Tax Service, Inc. will be the first to tell you that there is no magic wand for eliminating federal IRS tax debt.
In order to create an even somewhat informed basis for advice, a full financial for the taxpayer should be taken and assessed by a licensed tax professional. Flat Fee Tax Service, Inc. encourages all taxpayers to simply ask the company representatives they are interviewing if they are licensed attorneys or CPA’s. Eight hours of sales training just is not enough to get a taxpayer through this process.
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What Will Be Considered For An Offer In Compromise?
A general overview splits most Offers in Compromise (hereinafter “OIC”) into three groups: wage (W2) earners, self-employed/small business owners, and corporations. The vast majority of all types of Offer’s will require between 10-12 months of time with the Revenue Service (IRS) after submission, and most taxpayers require approximately a month to gather all necessary items. While under consideration, taxpayers remain free from collection actions taken by the Revenue Service (IRS), but balances continue to exist and grow due to interest and penalties. Some items that are typically reviewed by the IRS when you submit an Offer in Compromise package are:
a) Forms 433A or B, or both; b) Form 656;
c) Bank statements;
e) Asset valuation statements (401k or IRA statements);
f) Vehicle ownership statements;
h) Profit and Loss, formatted for year to date information;
i) Medical cost invoices;
j) Internal tax account histories.
California State Tax Offer In Compromise (San Diego)
The state of California Franchise Tax Board also has an Offer in Compromise procedure in place, but is even more onerous than the federal IRS in its requirements in the granting of a successful Offer. The State of California is broke and the Franchise Tax Board will fight "tooth and nail" for every penny.
Filing An Offer In Compromise FLAT FEE TAX SERVICE, INC. APPROX 90% SUCCESS. PER 2016 IRS STATISTICS, 42% OFFER IN COMPROMISE APPROVAL OF THE 80,000 SUBMISSIONS. IF YOU DIY (DO IT YOURSELF), EXPECT APPROX A 30% CHANCE OF SUCCESS. If you are considering undertaking an Offer in Compromise procedure, call the IRS tax relief firm at Flat Fee Tax Service, Inc. now for a complimentary consultation with a tax professional.
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