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The Licensed Tax Professionals at Legacy Tax Partners have an extremely high success rate in settling our clients’ tax debt via the IRS Offer in Compromise
Given that the IRS only accepts 24% of all submitted offers, it is advisable to consult a Tax Professional with expertise in this area. We specialize in IRS OIC.
What’s the Difference between The IRS Fresh Start Tax program and an Offer in Compromise?
OIC BASICS
An Offer in Compromise allows a taxpayer to settle their past-due back tax liabilities for less than the full amount owed. It is a great option for taxpayers suffering from financial hardship.
The factors considered by the IRS include the following:
• The taxpayer’s ability to pay;
• The taxpayer’s income;
• The taxpayer’s expenses; and
• The taxpayer’s asset equity.
Generally, the IRS will approve an Offer in Compromise when the amount offered represents the most the government can expect to collect within a reasonable period (usually it’s 5 years).
Legacy Tax Partners have an extremely high success rate in settling our clients’ tax debt via the IRS Offer in Compromise
Given that the IRS only accepts 24% of all submitted offers, it is advisable to consult a Tax Professional with expertise in this area.
We specialize in IRS OIC. have extensive experience successfully representing clients through the entire Audit process including defense of the filed tax returns, protection from assessment of additional tax liabilities, and resolution on an appeal where necessary.
The IRS conducts over ten thousand audits per year. The audit process involves a review of the individual and/or business tax return(s) and supporting documents to confirm that information has been reported correctly and that the tax due is correct.
There are different kinds of audits. Some are in person (office or field audits) while others are done via mail (correspondence audits).
If subject to a correspondence audit, the taxpayer will receive a letter in the mail asking for more information about certain items on their tax return such as income information, expense information and itemized deduction information
Taxpayers can resolve disputes with the IRS without going to Tax Court through the IRS independent Office of Appeals which offers an impartial forum wherein the Appeals Officer is precluded from siding with the Auditor or Collection Agent in any dispute.
Understanding the Appeals Process
IRS Tax Audit The 30-Day Letter
If your tax return was selected by the IRS for examination, within a few weeks after your closing conference with the Auditor and/or Supervisor, you will receive a package that includes:
• A letter (known as the 30-day letter) notifying you of your right to appeal against the proposed changes within 30 days.
• A copy of the examination report explaining the examiner’s proposed changes.
• A copy of the examination report explaining the examiner’s proposed changes.
• An agreement or waiver form.
You generally have 30 days from the date of the 30-day letter to tell the IRS whether you will accept or appeal the proposed changes. The letter will explain what steps you should take, depending
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If you do not file a return, the IRS will file a return for you. In doing so, they will make a tax and then try to collect that tax.
If you do not have records to file returns, you can retrieve your income records directly from the IRS. This includes W-2 and 1099 information. With this information, it is important to prepare returns as quickly as possible even if other additional information is not available.
If you do not have records to file returns, you can retrieve your income records directly from the IRS. This includes W-2 and 1099 information. With this information, it is important to prepare returns as quickly as possible even if other additional information is not available.
If you call the IRS, they will usually suspend collection activity for a while to give you a chance to prepare the missing or unfiled returns.
Back Taxes – What Are They?
Back taxes refer to delinquent taxes which are overdue. Your record is researched to determine where you stand with the IRS, what you owe, what years are unfiled, what years are necessary to file and to acquire documentation to file those returns. Back taxes come into existence in a few different ways.
• If a taxpayer fails to file returns for a number of years, the IRS will file returns for the taxpayer and thereby assess the tax.
• If a taxpayer is Audited and the IRS determines more tax is due, a “back tax” is then also assessed against the taxpayer.
• When a taxpayer files a return but is unable to pay the tax due, then a back tax is assessed against the taxpayer.
The IRS will consider a taxpayer’s current financial situation when determining whether they should be required to make payments toward an outstanding tax debt.
If a review of the monthly household income and expenses of the taxpayer suggests that they do not have excess monthly income and making a payment to the IRS would cause a hardship, the IRS will allow their account to be placed in not collectible status.
While in not collectible status, the IRS will not pursue enforcement action such as bank levies or wage garnishments while the statute of limitations continues to run (tax liabilities generally expire after ten years), and the taxpayer is not expected to make any payments toward the debt for a period of at least two years.
IRS TAX HELP iRS TAX PROBLEM EXPERTS
Helping Thousands of clients with IRS Tax Income Problems.
If you have IRS Tax Problems. We are Legacy Tax Partners the Tax Experts that can help to eliminate any tax issues that you and your family are experiencing.
INDIVIDULE TAXES | BUSINESS TAXES | CORPORATE TAXES
WE HELP IN ALL 50 STATES | STATE INCOME TAXES & IRS INCOME TAXES
We offer a FREE IRS Tax Appeal Consultation. Call Today or make an appointment tomorrow.
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We have an in-depth understanding of the intersection of personal, corporate, state and federal IRS tax laws enables us to help our clients take advantage of big savings in fines & penalties for you. We know what it takes to work successfully with individuals and businesses seeking to minimize tax burdens and offer you tax relief.
