Articles Posted in Offer In Compromise – OIC

Offer in compromise to settle your backlogged taxes – get an EA, CPA for Back Taxes

Nothing can be more stressful and alarming than to face the dark side of the IRS. It can be a case were you owe back taxes following an audit, or taxes due in the current year or the previous years, or employment 941 payroll back taxes. A CPA, EA or tax attorney can be of much help with delinquent taxes and secure a tax settlement (IA, PPIA, OIC, CNC).

IRS offer in compromise fresh start tips for:

Unfiled tax returns, unpaid back taxes, 941 payroll issues, wage garnishment release, bank levy release, tax lien release or withdrawal, RO revenue officer help, IRS audits, IRS appeals, audit reconsideration if you have not addressed your audit initially, penalty abatement and various tax resolution options.

Get a free evaluation of your case at 1-877-788-2937.

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IRS has announced that beginning this month, it will start to send letters to notify “a relatively small group of individuals” with overdue federal tax that their accounts have been assigned to one of four private collection agencies (PCAs). The assignments were authorized by legislation enacted in 2014.

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Dealing with tax debt is stressful, especially because of the aggressive methods IRS tends to employ for collecting the taxes owed to the government.

These range from assessing multiple penalties on late payments, levying your bank accounts, garnishing your wages and sending an IRS Revenue Officer to padlock your business, to forcing your employer to sign into wage garnishments and deducting a sizable percentage of your pay the IRS.

If you can not pay your back tax debt, you should consider an OIC offer in compromise settlement, the IRS has an OIC calculator to help you see if you qualify.

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IRS Small Business/Self-Employed Division memorandum, Calculation of Reasonable Collection Potential in Certain Offers in Compromise Cases (Apr. 28, 2016)

IRS’s Small Business/Self-Employed Division (SB/SE) has instructed its Collection employees not to reject offers in compromise (OICs) by persons in the Cannabis / marijuana business, in states where marijuana sales are legal, merely on public policy grounds.

Offer in Compromise— OICs. Code Sec. 7122(a) authorizes IRS to compromise a taxpayer’s income tax liability. Code Sec. 7122(d)(1) gives IRS wide discretion to accept compromise offers and to prescribe guidelines “to determine whether an offer-in-compromise is adequate and should be accepted.” IRS will consider an OIC where: (1) the taxpayer is unable to pay the tax; (2) there is doubt as to the taxpayer’s liability for the tax; or (3) a compromise would promote effective tax administration because collection of the full amount of tax would cause economic hardship for the taxpayer, or compelling public policy or equity considerations provide a sufficient basis for compromising the liability. (Reg. § 301.7122-1(b)) There is doubt as to collectibility “in any case where the taxpayer’s assets and income are less than the full amount of the liability.” (Reg. § 301.7122-1(b)(2))

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Owe unpaid back taxes, penalties and interest? Wondering what type of help is available?

If you cannot pay your entire tax debt, then a negotiated tax settlement, OIC – offer in compromise would be a great option for you. This allows you to resolve your tax matter and pay less than the entire amount owed. OIC gives you a fresh start, it’s a viable alternative when you are unable to pay your complete tax liability because of your financial hardship.

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When a taxpayer decides to resolve and pay back the owed amount using any one of the IRS payment programs/filings/settlements, it is called a tax settlement. Internal Revenue Service or IRS offers a tax settlement if the concerned taxpayer is struggling to pay back the tax debts or if there is a valid reason to nullify the penalties. In fact, the IRS offers more than one way for taxpayers to settle their tax debts. While the debate about whether you will get a settlement or not depends upon your financial situation, the type of settlement you will be allowed to opt for is dependent on the severity of your monetary and financial situation / troubles. Even though the IRS prefers that every individual or business pays his/her taxes completely, they can make some exceptions if the situation arises.

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The trust fund recovery penalty (TFRP) can be applied to any responsible person who willfully fails to collect or pay trust fund taxes. The penalty amount is equal to the total amount of the tax that was not paid, up to the full amount. This is why it is sometimes known as the 100% penalty. The penalty is separate from the tax and the employer’s liability for such taxes.

Get professional IRS representation. Our firm represents taxpayers before all administrative levels of the IRS.

Please call us at 1-877-788-2937 or email us to schedule an appointment.

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If you haven’t paid back taxes, penalties, or interest – you may be able to work with us to apply for an Offer in Compromise (OIC) with the IRS in order to get compliant, alleviate your issues with the IRS collectors, and move forward. An OIC is an agreement to settle your tax liabilities for less than the full amount owed. The good news is that it may be easier than you think. In the spring of 2012 the IRS modified their offer in compromise guidelines, in an effort to work with struggling taxpayers, making it much more favorable to the taxpayer.

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Offer in Compromise

Often we feel a strange sense of desperation creeping in to our body, mind and soul that turns into a full scale panic attack. The reason…tax debts. It is not an uncommon fact; you are one of the millions of people each year who find that they owe taxes to the IRS. Tax professionals when asked for advice suggest “Offer-in-Compromise” as one of the ways to get relief from the taxes that one owes to the IRS.

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HOW TO GET TAX DEBT RELIEF

One of the most inevitable and obligatory duty and yet most disliked one, of the American citizens is paying taxes. Even though it is disliked by many, refusal and negligence in doing so can be held accountable; in the harshest manner. Taxes are unavoidable. Period. They have to be paid. Turning a blind eye to pay taxes and filing income tax returns, is why the problem of taxes arises. If such problem arises, running from pillar to post will not help you. You will need a solid professional help in tackling tax debts. It is then people will most likely need a tax debt relief.

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Client Reviews
★★★★★
Mike has given us peace of mind! He helped negotiate down a large balance and get us on a payment plan that we can afford with no worries! The stress of dealing with the IRS is huge and Mike helped us through it all. The peace of mind is invaluable, thank you Mike!April S.
★★★★★
Mike Habib - Thank you for being so professional and honest and taking care of my brothers IRS situation. We are so relieved it is over and the offer in compromise process went just as you said. Mike is very professional and will give you honest answers to the OIC process and you can really trust him. You won't be sorry you chose him!Joe and Deborah V.
★★★★★
Mike is a true professional. He really came thru for me and my business. Dealing with the IRS is very scary. I'm a small business person who works hard and Mike helped me see that they are not that scary after all. He was always there with the answers I needed and was very good about calling me back which I appreciated since your first reaction is to freak out and ask a million questions. He solved a messy case and worked very hard to resolve it. His rates are VERY reasonable for the amount of work he does! I give him my highest recommendation!Marcie R.
★★★★★
Mike was incredibly responsive to my IRS issues. Once I decided to go with him (after interviewing numerous other tax professionals), he got on the phone with the IRS immediately (as in the same day I signed with him) to squash an impending issue. And he worked directly with them to quickly come to a resolution I am very happy with. I'd highly recommend reaching out to Mike to see if he can help you with any IRS issues. I'm very satisfied!Marshall W.
★★★★★
I’ve seen and heard plenty of commercials on TV and radio for businesses offering tax help. I did my research on many of them only to discover numerous complaints and unresolved tax issues. I found Mike Habib through my own online search and contacted him. He was very professional with great communication, always answering my questions and concerns. Mike resolved my complicated tax problem just as he said he would. I would definitely recommend his services to family and friends.Nancy & Sal V.

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