Offer In Compromise

Tag Archive for Offer In Compromise

27 Mar 2018

Taxpayers Who Owe Taxes Have Multiple Payment Options

Ronald Marini, Tax Advisor, Tax Blog, Miami, Florida, USA, TaxConnections

The Internal Revenue Service reminded taxpayers that there are several easy options to pay taxes electronically. For those unable to pay on time, the IRS offers a variety of ways to take care of a tax liability.

This is the fifth in a series of nine IRS news releases called the TaxTime Guide, designed to help taxpayers navigate common tax issues.

This year’s tax-filing deadline is April 17. Taxpayers who owe taxes can choose among the following quick and easy electronic payment options: Read more

No comments | Tags: Florida, IRS, Miami, Offer In Compromise, Ronald Marini, Tax Advisor, Tax Blog, Tax Deadlines, tax forms, tax liability, TaxConnections, taxpayers, USA

18 Dec 2017

Written by Danielle Harris | Posted in IRS • TaxConnections

IRS Debt Settlement- Scams Vs. The Real Deal

All over the television, and in your spam email box, there are advertisements for IRS settlements. These companies can help you lower your IRS debt for a fee, customers say they paid a minimal amount, blah blah. Is this a scam? Well, most likely. There is a possibility of a settlement for your IRS debt, but you definitely do not need to pay horrendous fees to a company to do it for you.

Here are some tips:

1.An IRS settlement is called an Offer in Compromise.

2. The IRS cannot accept a settlement if you can actually afford to pay your bill. If you know this is you, check out the payment plan options on the IRS website.

No comments | Tags: Danielle Harris, debt settlement, IRS, IRS scam, Offer In Compromise, scam, Tax Advisor

01 Jun 2017

Written by Ronald Marini | Posted in IRS

How To Get The IRS To Accept Your Offer In Compromise

Do you owe a substantial amount of taxes to the IRS?

If so, you’ve likely looked into establishing a payment plan.

What if you are simply unable to pay your tax balance?

In this case, you might consider requesting an offer in compromise, which is a last-resort option that allows you to settle your account for literally pennies on the dollar.

One comment | Tags: Offer In Compromise, reasonable collection, tax balance

18 Apr 2017

Written by Ronald Marini | Posted in Tax Filing

Choices for Taxpayers Who Can Not Pay Their Tax Bill(s)

Ron Marini, tax deadline, installment agreements, offer in compromise

As the April 18th deadline for filing 2016 income tax returns draws near, practitioners may encounter some clients who don’t have cash to pay the balance due on their returns. Clients can avoid penalties but not interest if they can get an extension of time to pay from IRS. But such extensions merely postpone the day of reckoning for the period of the extension (generally, six months).

No comments | Tags: alternatives, Installment Agreements, Offer In Compromise, Tax Returns

31 Mar 2017

Written by Barry Fowler | Posted in Tax Filing

You Owe The IRS And May Qualify For An Offer-In-Compromise

Barry Fowler, offer-in-compromise, late tax filing

If you’re squeamish about filing your taxes because you owe back taxes and aren’t in a position to pay in full, you might be able to qualify for an Offer-in-Compromise (OIC). Depending on how much you owe, you could potentially save thousands of dollars in taxes, penalties, and interest by qualifying for an IRS offer-in-compromise settlement.

No comments | Tags: IRS, Offer In Compromise, OIC

26 Nov 2015

Written by Ronald Marini | Posted in Offer In Compromise

Everything You Wanted to Know About an Offer in Compromise

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship. We consider your unique set of facts and circumstances:

• Ability to pay;
• Income;
• Expenses; and
• Asset equity.

The IRS will generally approve an offer in compromise when the amount offered represents the most which they can expect to collect within a reasonable period of time. Explore all other payment options before submitting an offer in compromise. The Offer in Compromise program is not for everyone. Read more

No comments | Tags: Offer In Compromise

14 May 2015

Written by Ronald Marini | Posted in IRS

Everything You Wanted To Know About An Offer In Compromise

Offer in Compromise

ALERT

Please use the most current revision of Form 656-B in preparing and submitting your Offer in Compromise. Use of outdated forms and instructions may cause a delay in the processing of your offer application.

No comments | Tags: Form 656-B, full tax liability, IRS, Offer In Compromise, Ronald Marini, tax debt, TaxConnections, worldwide tax blogs

06 Mar 2015

Written by Milton Boothe | Posted in Individual • IRS • Tax Controversy

If The IRS Sends You A Bill That You Can’t Pay… Please Don’t Have A Heart Attack!

A few years ago, a client came to me almost at the point of a nervous breakdown. He had been recently audited by the IRS and subsequently received a tax bill in the mail for over $180,000! After briefly perusing the documents he brought in, I quickly realized that something was significantly amiss with this tax bill. So I advised him not to panic, but to leave his documents with me. After comparing the audit adjustments with his documents, I decided that we had to go and pay the IRS a visit.

A couple weeks later, we were sitting down with the officer who had conducted the audit and his manager, and after reviewing the audit adjustments together, the amount originally assessed was eventually cut in half. The audit officer, who appeared to be a rookie, had apparently done a very poor job. Read more

No comments | Tags: audit, eBook, Offer In Compromise, OIC, Tax Bill

06 Mar 2015

Written by Barry Fowler | Posted in Individual • IRS • Tax Controversy

Are You Eligible For An Offer In Compromise?

You just heard or saw a commercial that promises, “If you owe the IRS $10,000 or more we can settle your tax debt!” Don’t fall for it. Even when you hear the announcer say “Yes, no problem! We can settle your tax debt no questions asked.” If you called and you’re on the phone with a sales person, listen to your instincts and hang up right away!

An Offer In Compromise (OIC) is what is being hinted at in these commercials. An Offer In Compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or when doing so creates financial hardship. However, there are many things that must be considered and questions that any respectable professional will ask prior to saying they can settle your IRS Tax debt for less than the full amount of the debt. Read more

No comments | Tags: IRS Tax Debt, Offer In Compromise, Owe The IRS, tax debt

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