 |
Offer In Compromise, Learn How To Settle With The IRS For Pennies On The Dollar!The offer in compromise program or OIC is not new. The IRS has compromised tax liabilities for over 80 years, but historically discourages OICs as seen by the fact so few taxpayers over the years took advantage of the offer in compromise program. Then in 1992, the IRS adopted new policies and procedures to greater promote taxpayer use of OICs and to streamline their handling cases. IRS agents increasingly advise delinquent taxpayers about the OIC program, which is now more lenient. It is not surprising that the IRS has found the OIC more productive when dealing with tax-burdened Americans. Too many long-term installment agreements fell into default and too much IRS effort was lost enforcing those agreements. And the heavy hand of the IRS forced too many taxpayers into bankruptcy or made them impoverished to the point they stayed noncollectable. The offer in compromise program:Now proved a realistic way for the IRS to bring in revenue it otherwise would never collect, or at least not efficiently, while giving the taxpayer a fresh start. The IRS’s new attitude toward offer in compromise is best summarized in their policy statement. The service will accept an OIC when it is unlikely that the tax liability can be collected in full and the amount offered 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 is to achieve collection of what is potentially collectible at the earliest possible time and at the least cost to the government. In cases where an offer in compromise appears to be a viable solution to a tax delinquency the service employee assigned to the case will discuss the compromise alternative with the taxpayer and, when necessary assist in preparing the required forms. The taxpayer will be responsible for initiating the first specific proposal for compromise. The success of the OIC program will be assured only if taxpayers make adequate compromise proposals consistent with their ability to pay and the Service makes prompt and reasonable decisions. Taxpayers are expected to provide reasonable documentation to verify their ability to pay. Acceptance of an adequate offer will also result in creating, for the taxpayer, an expectation of and a fresh start toward compliance with all future filing and payment requirements. Any taxpayer can file an offer in compromise.This includes:
The OIC program also compromises virtually any personal, estate or business taxes, including:
Nor does it matter how old the tax may be. The OIC may extend to old taxes on which collection has been suspended, recent taxes currently placed for collection, or taxes for the present year which have not even been assessed. You may also combine the various tax obligations, regardless of tax type or age, into one OIC. Finally, you can compromise taxes, regardless of amount. There are only two circumstances when an offer in compromise will be considered by the IRS.
Compromises of civil liability do not compromise criminal liability in the same case, and vice versa. Criminal liability may be compromised if:
The IRS policy is to accept an offer in compromise:Only when it is in its best interests, as well as that of the taxpayer. In doubt of collectibility cases, the IRS considers three questions:
Answer no to each question and your offer stands a good chance of acceptance. The IRS has ten years to collect unless you discharge the taxes in bankruptcy, and the IRS frequently gambles it will collect more someday rather than settle for too little today. You can pay the offered amount:
The IRS will settle faster for a lump sum payment and usually for considerably less than under installments. The ultimate goal is a offer in compromise that is in the best interest of both the taxpayer and the service.Have you had enough of working hard to make money ... just to find that your paycheck comes in one day and goes out the next to pay your mortgage, your loans, and your credit card bills? Starting Today you will have the debt elimination knowledge and power in your hands to change your life financially! John Cummuta NOW! Just imagine what you will feel like, when you wake up one morning and absolutely know that all of your debts have been eliminated. You can follow the same proven tips and techniques used by debt elimination and credit repair specialist to eliminate your debts and build the credit rating you really deserve! Start Repairing Your Credit, Today! The IRS - Offer in Compromise Program - authorizes the IRS to compromise outstanding tax obligations with financially burdened taxpayers for less than the full tax due. In essence, the IRS makes a deal with you to pay all you can reasonably afford and forgives any balance.
|
