If you owe back taxes, it only makes sense to speak to affordable former IRS agents who know the system, we know every possible solution to settle your IRS tax debt on Back Taxes.
We know the system because we have over 65 years of direct working knowledge being former IRS agents. We know every possible system and methodology of the Internal Revenue Service and can help deal with IRS to settle existing tax debt with the Internal Revenue Service.
We know the system inside and out and know the fastest, quickest and most affordable way to completely and permanently relieve you of taxes owed to the Internal Revenue Service on back taxes. We know all the settlement options.
You can call us today for a free initial tax consultation and we can give you a free assessment on your case. Hear the truth from true tax experts.
To lower your tax debt on back taxes and settle with the IRS, the chief tool that must be used is the filing of an offer in compromise. As a former IRS employee, I worked the offer in compromise program, except it offers in compromise and taught the offer in compromise program to lower tax debt to new IRS employees. I know the system inside and out.
Last year there were 78,000 offers in compromise filed, 38,000 of those were accepted for average settlement of $4000 per case.
The sole means of qualification will be your individual documented financial statement.
The Internal Revenue Service will put an extensive review on your financial statement and documentation before they will come up and accept a tax settlement. There is a pre-qualifier tool now available to all taxpayers in firms to make sure you’re acceptable and suited candidate for the offer.
An offer in compromise allows you to settle your tax debt on back taxes for less than the full amount you owe.
IRS consider your unique set of facts and circumstances:, Ability to pay, Income, Expenses and Asset equity.
IRS will generally approve an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time.
Make sure you are eligible to lower your tax debt on back taxes.
Before IRS can consider your offer, you must be current with all filing and payment requirements.
You are not eligible if you are in an open bankruptcy proceeding. Use the Offer in Compromise Pre-Qualifier to confirm your eligibility and prepare a preliminary proposal.
How To Settle With IRS on Owing Back Tax Debt
The taxpayer must understand the guidelines before can settle with the Internal Revenue Service.
As a source tool the Internal Revenue Service uses the 433 a as its general and basic financial statement. IRS before it makes any determinations on settlements or options needs to review the 433A fully complete and fully documented before it makes determinations and recommendations.
With that said, there are generally three buckets of ways that IRS closes their open collection cases.
IRS will either place you into a currently not collectible hardship, put you in a payment agreement or recommend you for an offer in compromise.
The taxpayer must also understand that IRS has national and regional standards it uses as expenses that are allowable in the economy of the Internal Revenue Service. The Internal Revenue Service looks at your income, your expenses and your assets before making a determination.
When you call our office we will review your 433 a explain the different criteria to be placed in each closing method and as a general rule give you a short-term and a long-term solution to your case. The key to settle with IRS is knowing the system, it’s that simple if you do not know the system you are wasting your time contacting the Internal Revenue Service by yourself because you will not find it to be a pleasant experience.
Keep in mind that offers in compromise IRS certainly will do their due diligence. They will check credit reports, Google your name, use the Accuriant search engine and they have a variety of tools they use to make sure you’re telling the truth.
Submit your offer to settle back IRS taxes
You’ll find step-by-step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF).
Your completed offer package will 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 a payment option to lower your tax debt on IRS back taxes.
Your initial payment will vary based on your offer and the payment option you choose:
• Lump Sum Cash:
Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
• Periodic Payment
Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer.
If accepted, continue to pay monthly until it is paid in full.
If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer.
Understand the process to lower your tax debt on back IRS taxes and settle.
While your offer is being evaluated:
• Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);
• A Notice of Federal Tax Lien may be filed;
• Other collection activities are suspended;
• The legal assessment and collection period is extended;
• Make all required payments associated with your offer;
• Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
How To Settle With IRS on Owing Back Tax Debt + Former IRS Agent Explains + Experts Affordable