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Are You Eligible For An Offer In Compromise | Flat Fee Tax Relief | Miami | Florida

Updated: Aug 11

This article is brought to you courtesy of the tax professionals at Flat Fee Tax Relief. Our teams are located in Clearwater, FL, and San Diego, CA. Flat Fee Tax Relief provides valuable IRS tax debt at a very affordable fee.

Before the IRS will consider an Offer in Compromise, you need to: (1) file all income tax return you are legally needed to submit, (2) make all needed estimated tax payments for the current year, and (3) make all needed federal tax deposits for the existing quarter if you are an entrepreneur with employees. In addition, you are not eligible if you are in an open personal bankruptcy proceeding.

The OIC program (#OfferinCompromise) is an alternative for taxpayers who are not able to pay their tax amounts in a swelling sum or through an installation arrangement and have actually exhausted their search for other payment plans. To have a tax settlement accepted into the OIC program, taxpayers need to have the ability to demonstrate and prove that their tax quantity can not be settled under either a swelling sum or installation arrangement for starters.

All other payment options must be thought about before sending an offer in compromise. The Offer in Compromise program is not for everyone. If you have large assets that can be applied to your tax debt, you are not eligible. You do not need to be destitute, but you have to show the IRS that payment of the tax debt is not possible.

The IRS may legally jeopardize a tax liability for among the following factors:

Doubt as to Liability: There is doubt as to whether or not the evaluated tax is appropriate. Doubt as to Collectability: There is doubt that you could ever pay the total of the tax owed. In these cases, the overall amount you owe must be higher than the amount of your possessions and future earnings. Effective Tax Administration: There is no doubt that the examined tax is proper and no doubt that the amount owed could be collected, however you have an economic challenge or other unique situations which may allow the IRS to accept less than the balance due. Lump Sum Cash: Must be paid within 5 or less installations within 5 or less months from notice of approval. Short Term Periodic Payment: Must be paid within 24 months (2 years) from the date the IRS receives the OIC.

Usually, the IRS will not accept a settlement offer if you can pay the tax debt completely through an installment arrangement or a lump sum.

It is necessary to note that penalties and interest will continue to accrue during the Offer in Compromise assessment process.

Flat Fee Tax Relief has a 96% Offer in Compromise success rate. Free Consultations. BBB Accredited and have mainted an A-Plus Rating for a decade.



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