Podcasts about Offer in compromise

What exactly does your financial state need to be in order to qualify for an offer in compromise? Do you have to be broke and out of your luck? Find out now! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_AllecMentioned Video Link:-Celebrity Back Taxes: CHARLIE SHEEN Gets $4,000,000 of IRS Debt FORGIVEN:    • Celebrity Back Taxes: CHARLIE SHEEN Gets $... 

Are you looking to readjust your IRS payment plan via an offer in compromise? Can you do this while in an installment agreement? Find out now!Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_Allec

Are you looking to submit an offer in compromise, but you have equity in your home? Will submitting loan denial letters help? Let's see...Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_Allec

If you are submitting an offer in compromise you should be educated on ALL of the factors that go into submitting it. Head this warning!Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_Allec

Are you looking to submit an offer in compromise to the IRS, but you have cryptocurrency? Here is how and why you have to disclose this information. Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_Allec

Did your income situation change after the IRS accepted your offer in compromise? Should you be worried if they are going to take it back? Listen to today's episode to find out now! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/

The truth about the IRS fresh start program may not be as complicated as you think it is. Do you have to be homeless to qualify? Find out in today's episode!Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_AllecMentioned Video Links:-Here's Why You Likely WON'T QUALIFY For an Offer in Compromise

Are you looking to pay off your tax debt as soon as possible? Consider making payments to the IRS through your OIC, but watch out for this... Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Link:-Offer in Compromise Guidelines + Formula: EXACTLY How Much to Offer to the IRS!:    • Offer in Compromise Guidelines + Form...  -IRS Statute of Limitations on Collections Explained in Full by a CPA

What are the terms and conditions of being in an offer in compromise? You have to stay in tax compliance! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/If you want to see more…-YouTube:    / @loganallec  -Instagram: @ChoiceTaxRelief @LoganAllec -TikTok: @loganallec-Facebook: Choice Tax Relief // Logan Allec, CPA -Reddit: u/Logan_Allec

When submitting an Offer in Compromise to the IRS, what exactly do you have to disclose? Find out now! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Link:-Offer in Compromise Guidelines + Formula: EXACTLY How Much to Offer to the IRS!:    • Offer in Compromise Guidelines + Form... 

Exploring your tax relief options? Which is better an OIC or CNC? Find out in this episode the answer(s) you are looking for!Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Link:-IRS Statute of Limitations on Collections Explained in Full by a CPA:    • IRS Statute of Limitations on Collect... 

Did your Offer in Compromise get rejected by the IRS? Do you want to try again? Watch today's episodeto see if and when you can! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Link:-Why Is It So Difficult to Get an Offer in Compromise Approved?:    • Why Is It So Difficult to Get an Offe...  -Offer in Compromise Success Story - $89,189 to $2,097:    • Offer in Compromise Success Story - $... 

An Offer in Compromise is seemingly hard to get granted by the IRS, but why? Find out today in this episode!Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/

If you own an LLC, how do you fill out your Offer in Compromise? Have no fear, your answer is in this episode! Do you have unfiled tax returns that need filing? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/Mentioned Video Link:-Offer in Compromise Guidelines + Formula: EXACTLY How Much to Offer to the IRS!:    • Offer in Compromise Guidelines + Form... 

Looking to use all of the options available to you? CNC vs. OIC? Find out all you need to know in this video! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/

Have you received some questionable mail promising to solve all of your tax problems? Is it legit? Find out some things to look out for in today's episode! Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/

On this episode of Living the Dream with Curveball, we tackle the often daunting world of tax debt with the expertise of author and tax debt specialist, Morgan Q. Anderson. With 25 years of experience negotiating with the IRS and handling tax debt cases across all 50 states, Morgan shares invaluable insights and practical tips for anyone facing tax troubles. From personal to business tax debt, Morgan breaks down the complexities of tax laws and offers solutions to help you regain control. Tune in for a conversation that promises to shed light on a topic that affects us all, and discover why there's always a solution to your tax debt problems.www.goldenliontaxsolutions.com

Do you owe back taxes but your spouse doesn't? Is this creating strife in your marriage? If so, an offer in compromise may be the solution. Need tips on how to complete an offer in compromise form when you owe back taxes and your spouse doesn't? Find out in this episode!Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/ Mentioned Video Links:- Offer in Compromise: How to Qualify and Submit Your Offer to the IRS:    • Offer in Compromise Guidelines + Form... 

Episode 49:  In this episode, Timalyn continues the discussion began in Episode 48.  Today, she's explaining how to qualify for an offer in compromise.  She'll also provide information regarding how to apply for it. NOTE:  Click here to listen to Episode 48. What Is the IRS Considering when You Apply for an Offer in Compromise? Remember, the offer in compromise allows you to settle your tax debt for less than you actually owe.  The IRS doesn't approve this option for every tax payer who applies.  The IRS provides a pre-qualifier tool to see help you see if you qualify.  The IRS is considering 4 factors: Your Ability to Pay Your Income Your Expenses Your Assets When it comes to your ability to pay the IRS also considers your age. Your medical condition and medical history also comes into play.  Do you have a disease or condition that might prevent you from working? This, along with your level of education all impact what the IRS considers to be your ability to pay. The IRS will analyze your earned and passive income.  Earned income is produced as a result of an action or activity you perform or something you did to in the past. Passive income considers  investment income, dividend income, and interest income. Your expenses can be subjective.  What you consider a necessary expense may not be allowed by the IRS. If this is the case  you may have to increase your initial offer.  Remember, the IRS provides national standards that are used to determine an individual's ability to pay.  In Episodes 38 and 39, Timalyn discussed using IRS Form 433-F.  This form helps to calculate your disposable income, for an installment agreement.  You'll can use IRS Form 433-A (OIC) for the offer in compromise.  Are You Eligible for an Offer in Compromise? Before you pursue this route, you need to have all of your required tax year returns filed.  Timalyn comments that this commonly refers to the last 6 years of returns.  Employers must also have all of your IRS Form 941s filed.  These are the Employer's Quarterly Federal Tax Return forms.  The same goes for your 940 FUTA (Employer's Annual Federal Unemployment Tax Return).  You also need to be up-to-date on your required estimated payments (listen to Episode 21). Additionally, you can't be in an open bankruptcy proceeding.  If you're applying for an offer in compromise for the current year, you need to have filed a tax extension, if it's tax season.  Timalyn stresses that you need to make sure you have all of the above completed and filed before you even begin the offer in compromise process. Substantiation of Your Expenses Along with the 433-A (OIC), you must provide all of the information necessary to substantiate your expenses.  This includes, mortgage information showing your required monthly payment amount and where you are on those payments.  If you are leasing (renting), you'll need to supply a copy of the lease and proof of payments.  Form 656-B This is the booklet you'll use in applying for your offer in compromise.  It includes important information about additional documents, including IRS Form 656 and the non-refundable $205 application fee.  Make sure you are using the most current version of these forms. You'll also need to include the initial payment for each Form 656 you are submitting.  It's important that you have a separate check or money order for each one.  The application fee is also a separate check.  Designate Your Payments The application fee and the initial payment(s) will be applied to your tax debt.  Timalyn recommends designating payments to a specific tax year and tax debt.  It's going to take several months (maybe 6-9), to find out if the IRS has accepted your offer in compromise.  If they reject it, you won't receive the money back, so at least you'll know where it's going.    The IRS Can Still File a Lien Against You It's possible for the IRS to file a tax lien while they're reviewing your offer.  In Episode 3, Timalyn explained what this is and how it might impact you.  The IRS will suspend other tax debt collection efforts (including garnishing your wages, levying your bank account, etc.).  What If the IRS Rejects Your Offer in Compromise? If this happens, your assessment and collection period will be extended.  If you were hoping your CSED (Collection Statute Expiration Date) would lapse, that's not going to happen.  They'll add the time it took to process the offer.  Make all required payments detailed in your offer during the time the IRS is processing (i.e. evaluating) your offer.  One option is the lump sum cash payment.  This is 20% of whatever amount you were offering.  The remaining balance due must be paid in 5 or fewer payments.  Again, be sure to make those payments while you're waiting for a written response from the IRS. The other payment option is to make periodic payments.  Basically, continue to pay the same amount as you sent for your initial payment, each following month.  If they accept your offer, simply continue paying your monthly installments until the tax debt is fully repaid.  You only have 24 months to pay the debt in full, using this option.  Those 24 months have to be before the CSED lapses. A failure to make the required payments nullifies your offer, even if the IRS was going to accept it.    Timalyn points out that during this process, you don't have to make payments on an existing installment agreement.  The 2-Year Automatic Acceptance Your offer is automatically accepted if the IRS doesn't make its decision in a period of 2 years, from the date they receive your offer and supporting documentation.  Timalyn strongly recommends you mail correspondence to the IRS using certified mail.  The post office will return a receipt with a specific date the IRS received the offer.  This is the date you use in determining your 2-year window.    Remember, before you go down this road, it's important that you determine if you even qualify for an offer in compromise.  Again, refer to the beginning of this episode during which specific forms were explained. You should really consider working with an experienced tax professional who handles tax relief cases.  An offer in compromise is extremely complicated and isn't something most people should do on their own.    In addition to all of the filings, if the IRS actually accepts your offer, you MUST meet all of the offer terms listed in IRS Form 656, Section 7.  The IRS won't release any existing tax liens, until your offer terms are satisfied.  Need Tax Help Now? If you need answers to your tax debt questions, book a consultation with Timalyn via her Bowens Tax Solutions website.  Click this link to book a call. Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either.  As we conclude Episode 49, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode.  For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.   Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

Episode 48:  In this episode, Timalyn explains an option some people have in resolving their tax debt.  This option is referred to as an offer in compromise.  Understand that not every tax payer qualifies for this, but you hear commercials about it all the time. Note:  This is a complex topic and deserves more than a quick, 15-minute episode to fully explain it.  The plan is to cover this topic in 2 separate episodes.  The next episode will explain how you qualify for an offer in compromise, while this episode explains what an offer in compromise is. While not every taxpayer will qualify for the offer in compromise, the vast majority (90%+) would actually qualify for an installment agreement (Episode 10).  This may be the better option for many people.  An important reason Timalyn is covering this topic is so that you can understand “WHY” you may or may not meet the criteria for an offer in compromise option.  Regardless of what you may have seen on the Internet, filing on your own is not something you should do, if you're in serious tax debt.  When you hire someone for tax representation, that person takes on the responsibility of speaking on your behalf before the IRS.  Offer in Compromise – Doubt as to Collectability This is an agreement that settles your debt for less than the amount owed.  Again, this is the hook used by many of the commercials you may have heard.  The partial pay installment agreement would do the same thing without exposing your assets to a potential liquidation requirement.    The IRS will not accept your offer if there's a chance the liability can be paid in full, in a lump sum or in an installment agreement.  The streamlined installment agreement typically has a 72-month pay-off term.  If you've already been working to get yourself in a better situation to be able to pay your taxes, and you owe $10,000 or less, you may have the option of a guaranteed payment plan.  Even though you might think you can't repay your debt via an installment program, remember, the IRS has some additional discretion, because they are limited by the CSED (the Collection Statute Expiration Date).  However, if they determine you would be able to pay off your tax debt before the CSED, they would reject an offer in compromise.  Owe $100,000 or more in Tax Debt? Getting an offer in compromise approved will require an additional level of authorization.  This would be granted by the IRS District Counsel.  Some people refer to the Offer in Compromise as the fresh start initiative. The program began in 2011.  It changed the computation for a taxpayer's future income.  It also extended the amount that can be repaid for student loans, as an allowable expense.  Episode 38 goes into more detail as Timalyn discusses IRS Form 433-F.  Offer in Compromise – Doubt as to Liability You would submit this when there's a genuine dispute as to the existence of a tax debt, or the amount of the tax debt.  It's used when there's a likely error by the IRS in assessing the tax debt.  The offer must be greater than $0 and based on the amount you believe is the correct amount of tax liability (not what the IRS is claiming you owe).  The Doubt as to Liability option will require you to submit IRS Form 656-L.  The Doubt as to Liability option is typically used after an audit was performed and tax was assessed.  However, you had incomplete documentation at the time.  Now, the supporting documentation you've found shows you really don't owe the amount indicated by the IRS.    Offer in Compromise – Effective Tax Administration This is when the amount owed is not in dispute.  There are assets that could be liquidated to pay the debt, but exceptional circumstances exist that would result in an undue economic hardship, if full payment of the debt would be required.  The same would exist if paying the full tax debt would be unfair or unequitable. Timalyn provides an example of an elderly individual living on a fixed income.  Even if this person owned his/her home, selling the home to pay the taxes would make it very difficult from a financial standpoint, assuming the person were to live another 10 years, or more.  Social security retirement benefits are really not enough to live off of, given today's inflationary environment.  The cost of living is relatively expensive, so adding a rent payment would make it nearly impossible.  In the above example, this individual might be an ideal candidate for the offer in compromise – effective tax administration option.  Need Tax Help Now? If you need answers to your tax debt questions, book a consultation with Timalyn via her Bowens Tax Solutions website.  Click this link to book a call. Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either. As we conclude Episode 48, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.    Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

If the IRS forgives your tax debt, is that considered TAXABLE INCOME under the tax code, thereby giving rise to MORE TAX LIABILITY? Do you really have to pay MORE taxes if the IRS settles your tax debt for less than you owe through an offer in compromise? In this episode, I answer these questions, showing you what the IRS says about this issue...and why!Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/⬇️ Free E-Book:- 7 Secrets About Your Tax Debt the IRS Doesn't Want You to Know: https://choicetaxrelief.ac-page.com/s...

If you're upside down on your car — meaning that you owe more on the car than it's worth — you may be wondering how that affects your offer in compromise or other IRS tax resolution options. The answer is fairly simple, and I get into it in this episode!Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/⬇️ Free E-Book:- 7 Secrets About Your Tax Debt the IRS Doesn't Want You to Know: https://choicetaxrelief.ac-page.com/s...

Do you have tax debt? Call us at 866-8000-TAX or fill out the form at https://choicetaxrelief.com/In order to qualify for an IRS offer in compromise, you'll likely have to prove to the offer examiner or offer specialist that you have very little net monthly disposable income. This is very difficult (if not impossible) to do if you aren't actually paying for your basic living expenses, such as rent or a mortgage. While exceptions exist, it probably doesn't for the asker of today's question, who makes $130,000 a year and lives with his parents.Watch All My Tax Relief Videos (Playlist): https://youtube.com/playlist?list=PLH...

Episode 46:  In this episode, Timalyn discusses 4 various options you have to handle your IRS debt, if you cannot pay it in full.  While you need to pay your tax debt, there are ways to do it so that you're not overly burdened.  In addition to the lump sum payment, she'll explain the offer in compromise, installment agreements, currently not collectible status, and bankruptcy.  Have You Received an IRS CP504 Notice? If this is a letter you've already received, then you know the IRS is notifying you of their intent to levy.  The reality is you're now in a tough situation.  While you haven't been able to pay your tax debt, you most likely haven't communicated with the IRS about your particular situation.  Now, the IRS is going to have the right to access your bank account(s) and decide how much they are going to take.  The Offer in Compromise You've probably heard about commercials claiming you can settle your tax debt for pennies on the dollar.  In reality, many people won't qualify for this option.  This is sometimes referred to as the Fresh Start Program, which was implemented by Congress.  However, the Fresh Start Program isn't just about the Offer in Compromise.    There are ways to qualify for the Offer in Compromise.  You may be able to claim the debt doesn't actually belong to you.  This is “Doubt as to Liability.”  Unfortunately, this may be very difficult to prove.  “Debt as to Collectability” means the IRS probably won't be able to collect the debt from you.  “Effective Tax Administration” is another claim you may be able to use to qualify. The IRS has a pre-qualifier tool on its website, so you can see if you might be able to qualify for the Offer in Compromise resolution.  In Episodes 39 and 40, Timalyn discussed IRS Form 433-F.  By completing this form, you'll have a good idea of whether you'd qualify for the Offer in Compromise option.  The form will help to prove your ability to pay or lack thereof. It also takes into consideration your health, age and education.  These are factors the IRS will use to determine if you qualify.  Any offer you make will have to include a certain percentage of the equity you have in specific assets.  If you have a lot of equity in your home or other assets (including your retirement portfolio), the IRS could require you to sell one or more of the assets to create funds available to pay your tax debt.  So, if that's your situation, the Offer in Compromise might not be the preferred option for you.  It's important for you to consider working with a qualified professional who will help you to best represent your situation to the IRS.  Installment Agreements Timalyn discussed this option in Episode 10.  These are generally various payment plans you can have with the IRS.  There are 3 popular options:  Streamlined, Regular and Partial Pay.  Timalyn prefers the Partial Pay Installment Agreement because it looks at your assets, but focuses on your income and your expenses.  Assuming you can't pay off your tax debt before the Collection Status Expiration Date (CSED), the IRS will still want as much as they can get from you.  Establishing an installment agreement may be a good option, based on your specific situation.  Currently Not Collectable Status Timalyn explains that this option temporarily puts your tax account on hold.  You'll still complete the IRS Form 433 to prove that you really have nothing left after calculating your income and deducting the allowable expenses.  The IRS cannot put you in a financial hardship to pay your taxes.  There may be a difference in what you consider a necessary expense and what the IRS considers.  These would include your rent/mortgage and monthly car payment.  Now, this does not mean you never have to pay the tax debt.  Interest will continue to accrue during the period of not collectable status.  But as Timalyn discussed, the IRS only has the option of collecting the debt before the CSED.  The IRS will not levy you during the Currently Not Collectable (CNC) period.  Once the period has passed, the IRS can require you to submit documentation to see if you should still qualify.  If this sounds like a good option for you, listen to Episode 18, where Timalyn explains how to temporarily put your tax account on hold. Bankruptcy Now, admittedly, this won't be the right choice for everyone.  However, if you qualify, you can use this to eliminate certain types of debt.  Timalyn cannot provide legal advice about bankruptcy, because she is not an attorney.  She does have relationships with bankruptcy attorney to whom she can refer you, if you need this option. There is a 3-year, 2-year and 240-day rule, you need to understand. You can't have any fraud claims, no taxes related to a trust and no Substitute for Return (SFR) on your account.  The tax debt you're trying to discharge must be at least 3 years old.  It must have been filed with the IRS for at least 2 years.  Additionally, no other tax assessments can have been made by the IRS during the past 240 days.  Assuming you meet the above qualifications, that tax year is eligible for bankruptcy.  However, if there is a tax lien, even if you bankrupt the tax debt, you'll still have to repay the amount covered by the lien.  Again, this may not be the best option, but depending upon your situation, it may be the option you can use.  Final Words of Advice As Timalyn has advised in previous episodes, it's important to remember to breathe.  She invites you to contact her to see if she would be able to represent you.  The majority of her clients come owing 6-figures or more to the IRS, they may be facing an audit or even worse, they are actively being levied by the IRS.  Don't wait for that to happen to you.  Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either. As we conclude Episode 46, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.    Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.    Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

If you owe back tax debt, book a FREE tax relief consultation here: https://calendly.com/choice-tax-relie...Many college students — especially those that attend later in life — who have racked up significant tax debt before going to school think that they will be a great candidate for an offer in compromise since they don't make a lot of money while going to school. While this may be the case, those in this situation could be aware of a trap the IRS may set for them in the form of a future income collateral agreement. Learn more in this episode!

If you owe back tax debt, book a FREE tax relief consultation here: https://calendly.com/choice-tax-relie...If you have equity in your home, you may be wondering if having this equity will prevent an offer in compromise from being successful. The answer is more complicated than you may think, and I answer it in this episode, including an example of how two different taxpayers may BOTH have $100,000 of tax debt and may BOTH have $200,000 of equity in their home but only ONE of them would qualify for an offer in compromise.

Offer In Compromise Eliminates Tax Debt by Ken Gross

Call 866-8000-TAX or visit https://choicetaxrelief.com/free-cons... to book your FREE tax relief consultation!The IRS rejects the majority of offers in compromise, and for good reason — most people simply don't qualify. In this episode, I dig into why. That said, there may be other tax relief options for you even if you don't qualify for an offer in compromise! I get into these as well in this episode.Watch All My Tax Relief Videos (Playlist):    • TAX RELIEF 

Attorney Merrell Bailey details the steps for cleaning up a hot mess with the IRS and making your Offer in Compromise (OIC).

If you need to settle your back taxes, an IRS offer in compromise just might be the ticket to fixing your tax problems and settle with the IRS.  Unfortunately, however, many taxpayers — and tax professionals — don't know what they're doing when submitting an offer in compromise to the IRS.  So in this episode, I go over my seven top IRS offer in compromise tips so you can qualify for an offer in compromise and submit yours with the best odds of success!⬇️ More Tax Relief Videos:- Offer in Compromise Guidelines and Formula:    • Offer in Compromi...  - Haven't Filed Taxes in Years?  Here's What To Do:    • Haven't Filed Tax...  - IRS CP14 Notice Explained:    • CP14 Notice From ...  - My Offer in Compromise Basics Video:    • Offer in Compromi...  - IRS Installment Agreements Explained:    • IRS Installment A...  - IRS Currently Not Collectible (CNC) Status Explained:    • Currently Not Col...  - My Tax Relief Videos Playlist:    • TAX RELIEF  

Tax Time & Eliminating Tax Debt with the Offer in Compromise by Ken Gross

Call 866-8000-TAX today for your FREE tax relief consultation!The IRS REJECTS the majority of offers in compromise submitted — 56% to be exact!  However, the truth is that many of these rejected offers in compromise were submitted by taxpayers or even tax professionals who quite frankly didn't know what they were doing.  But I don't want that to be you!  I want the IRS to accept your offer in compromise with flying colors!  So in this episode, I tell you the steps you need to take to get your offer in compromise accepted by the IRS!⬇️ Free E-Book:- 7 Secrets About Your Tax Debt the IRS Doesn't Want You to Know: https://choicetaxrelief.ac-page.com/s...⬇️ Other Videos Mentioned:- Offer in Compromise Explained: https://youtu.be/tR3uaqJE86o- Offer in Compromise Formula: https://youtu.be/1jDj6yHnjMI- All My Tax Relief Videos: https://youtube.com/playlist?list=PLH...

Call 866-8000-TAX or visit us at https://choicetaxrelief.com/ for your FREE tax consultation!In this episode I'm giving you the offer in compromise timeline and answering questions like, "How long does an offer in compromise take?" and, "What is the OIC IRS review timeline?"  Although I can't tell you to the day how long your offer in compromise will take, I give you some general guidelines on what to expect.  Then, at the end of the video, I give you some tips on how to get your offer in compromise processed as quickly as possible!⬇️ Free E-Book:- 7 Secrets About Your Tax Debt the IRS Doesn't Want You to Know: https://choicetaxrelief.ac-page.com/s...⬇️ Other Videos Mentioned:- Offer in Compromise Explained: https://youtu.be/tR3uaqJE86o- How to File Back Taxes: https://youtu.be/l4nj4ceBz_o- All My Tax Relief Videos: https://youtube.com/playlist?list=PLH...

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IRS Offer In Compromise (OIC) Prequalification Evaluation Support Help Oceanside San Diego service launch. Find out more here https://taxdebtreliefsandiego.com/helpwith/taxissues/nearme/oceanside-san-diego-county-92054/. (https://taxdebtreliefsandiego.com/helpwith/taxissues/nearme/oceanside-san-diego-county-92054/.)

Hey, it's Michael Rozbruch here, Creator of the Tax Resolution Domination System and Toolkit and Founder of Roz Strategies. Never let a client hire you only for an Offer In Compromise (OIC). Look, only 30 to 35% at most of your tax resolution clients will qualify for an Offer In Compromise because there are stringent requirements to be eligible. So most of your clients are going to be Installment Agreement (IA), Partial Pay IA, Innocent Spouse Relief and Currently Not Collectible (CNC) clients.    Here's the thing. When a client comes to you, and they're a great candidate for an Offer In Compromise, you've got to remember that you can't guarantee anything. You can't ensure what you're going to settle the case for and the outcome because the IRS is the final arbiter, and they have the last word. So when a client comes to you, and you've determined after you've taken them through a financial consultation that they're a good Offer In Compromise candidate — write in your engagement letter and put a couple of these paragraphs.    Prepare, submit and negotiate an Offer in Compromise "OR" (that's the keyword here) an Installment Agreement and paragraph number three, add Penalty Abatement. In this way, if the client doesn't qualify, the IRS rejects or returns your request for an Offer in Compromise, the clients don't get upset. They're not asking you for a refund because you have determined and spoke to them that hey, if you don't qualify for an OIC or if we're not successful at the end of the day, we're also going to prepare an Installment Agreement or a Penalty Abatement.   Because the client is hiring you to resolve their case on a permanent basis and hiring you for representation, don't forget to include the "OR" after the Offer in Compromise paragraph for Installment Agreement and Penalty Abatement. And that's the tip for today. We'll see you in the next video.  If you want to learn more about the lucrative nature of tax resolution, click on the link below for some free training resources that I'd like to provide to you—tax resolution as a way for you to generate profits and cash flow all year round. And on this free training, I teach you where to find clients that have tax problems, how to attract them to you, how to take them through the initial consultation, what to charge for certain resolution alternatives, and how to collect that money all on this free training. So if you want to learn more, if you want to gain more profits, more cash flow during the year and stop doing just cheap tax returns, click on the link below, and I'll see you on the other side. https://www.rozstrategies.com/live-training #taxresolution #oic #offerincompromise

Hey, it's Michael Rozbruch, Founder of Roz Strategies and Creator of the Tax Resolution Domination System and Toolkit. And there are five ways to settle your client's IRS tax debt. OK, let's take one of the ways, which is an Offer in Compromise. An Offer in Compromise is a legal binding written agreement between the taxpayer and the IRS that settles your taxpayer's debt in full for a fraction of what's owed in many, many cases. It's done on form 433 A OIC or Form 656. Another way to settle your clients IRS tax debt is through an Installment Agreement. An Installment Agreement is an agreement between the taxpayer and the IRS that fully pays your client's tax liability over time, generally over 72 months. It's very similar to a commercial installment loan type process. Another way to settle your client's tax debt, this third way is a Partial Pay Installment Agreement, which I like to refer to as the new Offer in Compromise or the Backdoor Offer in Compromise. A Partial Pay Installment Agreement is an agreement between the taxpayer and the IRS that partially pays back the IRS amount over time. Now, what's really interesting about a Partial Pay Installment Agreement is that a lot of times, the IRS is not concerned with looking towards the net equity in assets to determine what the monthly payment amount is. And it could be a lot more beneficial than an offer in compromise because the IRS is only interested in collecting that amount over the remaining life of the ten year collection, Expiration Statute.  Another way, the fourth way to settle your client's IRS tax debt is through a currently not collectible situation. Now, this could be a temporary Band-Aid, if you will unless you have elderly clients on a fixed income, it's a very good permanent way to settle their tax debt. But I use the currently not collectible or 53 status as a stepping stone to an Offer In Compromise or a stepping stone to a Partial Pay Installment Agreement. And then the last way to help settle your client's IRAS tax debt is a Penalty Abatement Request. You can either do a first-time penalty abatement verbally over the phone, or you can do a written formal penalty abatement based on reasonable cause and ordinary business care and due diligence. Those, my friends, are the five most common ways to settle your client's IRS tax debt. I hope you got some tips from this video, and we'll see on the next one. If you want to learn more about the lucrative nature of tax resolution, click on the link below for some free training resources that I'd like to provide to you—tax resolution as a way for you to generate profits and cash flow all year round. And on this free training, I teach you where to find clients that have tax problems, how to attract them to you, how to take them through the initial consultation, what to charge for certain resolution alternatives, and how to collect that money all on this free training. So if you want to learn more, if you want to gain more profits, more cash flow during the year and stop doing just cheap tax returns, Click on the link below, and I'll see you on the other side. www.rozstrategies.com/live-training

The IRS announced new policies for the Offer In Compromise program. on a recent blog post titled "IRS Initiates New Favorable Offer In Compromise Policies" The National Taxpayer Advocate announced that the offer in compromise refund recoupment process will no longer be applicable for tax periods included on the Form 656. And second, while refunds may still be offset during the time an OIC is pending, the IRS agrees that taxpayers may seek an OBR during this period. What does this mean to the average taxpayer in collection? Absolutely nothing. The cold hard facts are - almost no taxpayer gets an Offer in Compromise as a way to settle their IRS Collection Case. In 2020, the last year statistics are available, the IRS settled 7.4 million IRS Collection Cases. Of those settled cases, only 14,288 offers were accepted. That's right - less than 1/4 of 1% are settled with an Offer in Compromise. And the second change - the offset bypass refund for pending offers - is only available to those "qualifying taxpayers experiencing financial hardship." --- Send in a voice message: https://anchor.fm/steven-leahy1/message

In a quick and concise episode, Eric explains what an Offer-in-Compromise actually is and why so many taxpayers and practitioners fail to appreciate how it works. Want to build an IRS Rep Practice? Join Tax Rep Network at www.TaxRepLLC.com Call the IRS in under three minutes with ENQ by signing up here: https://callenq.com/trn/ Want software to pull transcripts and do all your resolution forms? www.TaxHelpSoftware.com. Use TAXREPTRIAL for a free 2-week trial, and use TAXREP10 for a 10% discount if you purchase!

During this week's podcast, Eric will discuss what a “dissipated asset” is and why it almost always means the end of your client's Offer-in-Compromise. Eric will discuss how to identify potential dissipated assets and what you can and cannot do to deal with the issue. Want to join Tax Rep and build your practice now? Go to www.TaxRepLLC.com? Looking for the deal on Call ENQ? Click here for the special member deal! https://callenq.com/trn/ Want a deal on having the Tax Help Software platform run your resolution practice? Go to www.TaxHelpSoftware.com and use the code TAXREPTRIAL for a free 2-week trial, and TAXREP10 for a 10% discount off the purchase of the software! Want to check out Receipt Bank? https://info.receipt-bank.com/trn

Author and tax litigation specialist, Dan Pilla, joins Jim Paris Live to discuss how to settle IRS debts. Can you wipe out tax debts in bankruptcy? What options are available for payment plans? What about the IRS' new powers to revoke passports? What options of relief are there for 'innocent spouses?' Can the IRS pursue you for your taxes for the rest of your life? What options are there for people that have not filed a tax return in several years? Tax refund identity theft, the latest scams, and much more.