Tax Relief Services Settlement
Do you qualify for an Offer in Compromise?
Determine if you qualify (Note, no personal info is requested) Settle Your Tax Debt Now
What is an Offer in Compromise (OIC)?
An Offer in Compromise (OIC) is a program established by Congress to help taxpayers who owe more than they could ever afford to pay, the opportunity to pay a small amount as a full and final settlement and get a fresh start. This settlement could potentially include specific payroll tax liabilities, ALL back tax liabilities, penalties and interest. If a settlement is approved and the settled amount is paid in full, tax liens may be removed.
So why would the IRS or State enter into such an agreement? The IRS or State would enter into such an agreement only if it is viewed that the agency would actually be saving money by accepting a lower amount now, from a taxpayer, rather than incurring additional internal administrative costs by trying to collect over a prolonged period of time when they know the taxpayer will never be able to pay them back in full before the statute of limitation expires (generally 10 years) on collection.
If you qualify, we can help you qualify for the Offer in Compromise program and save thousands of dollars in back taxes, penalties and interest.
How to Obtain Tax Relief Through the IRS Offer in Compromise Program
Unfortunately a few of the less than reputable tax resolution firm, have lead people to believe that the Offer In Compromise program is a right. They make people believe that All people have a right to settle for “pennies on the dollar”. While it is possible to receive a substantial tax settle through this program, if you qualify, it is a privilege.
Why You Need Specialized Tax Relief Experts to Help You.
An Offer In Compromise application requires that in your present your financial situation that the IRS or State believes it is in their best interest to settle the debt for or a lower amount. Understand having expert representation can greatly improve your chances of successfully negotiating tax settlements on all types of liabilities, including specific payroll taxes, back tax liabilities, penalties, and interest. In 2007, nationally, 46,000 Offers were submitted with only 24% being accepted. At Legacy Tax & Resolution Services, LLC, we currently enjoy a high 90% acceptance rate for those clients that we allow to retain us. That is more than 3.5 times (approximately 85%) the national average. Why? We will only with client that have a significant chance of success. While other firms will submit frivolous offer with little to no hope of success, just to make money, we will ONLY accept clients that are a viable candidate for the program. Understand, just because you are not a candidate for this program means you need to give up. This is but one tool in our arsenal.
Eligibility for an Offers In Compromise
Before the IRS or State will accept you must meet specific requirements;
1) You must have filed ALL returns legally required to be filed,
2) Make ALL required estimated payment,
3) Make ALL required federal payroll tax deposits
4) NOT be active in a bankruptcy filing.
Types of Offers in Compromise
A Doubt as to Collectability (DATC) Offer in Compromise is negotiated on the basis of a taxpayer's inability to pay and takes into account the taxpayer's current financial position including the taxpayer's equity in assets.
Compromise- Doubt as to Liability (DATL) Offer in Compromise program also allows taxpayers that do not agree that they owe the tax or feel that the tax has been incorrectly calculated, an opportunity to file an Offer in and have their tax liabilities reconsidered.
Effective Tax Administration (ETA) Offer in Compromise is a program where there is no doubt that the liability is correct and that the amount could be collected. Collection of the full liability will create economic hardship within the meaning of Treasury Regulation 301.6343-1; or, Regardless of the taxpayer's financial circumstances, exceptional circumstances exist such that collection of the full liability will be detrimental to voluntary compliance (DVC).
Methods of paying the Settlement
Lump Sum-Cash Offer- Must be paid in 5 or fewer installments from the date of acceptance.
Short Term- Deferred Periodic Payment- Must be paid within 24 month from the date of application.
For more information on Offers In Compromise, see Frequently Asked Questions- Offer In Compromise
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Do you qualify for an Offer in Compromise?
Determine if you qualify (Note, no personal info is requested) Settle Your Tax Debt Now
If you feel that you can handle this on you own but perhaps need some guidance, check out our DIY site for the
DIY Offer In Compromise- Should I tackle this on my own Guide
If you feel like you’re in over your head and need representation, check out the link below. There you will be able to reach out us for one of our Tax Resolution Specialists to take this burden off your hands
If you would like to engage our services, give us a call at 800-829-7483.
Stop the stress and resolve your problems!
We Offer Financing for Our Tax Resolution Fees
If you would like to engage our services, give us a call at 800-829-7483.
Call 800-829-7483 for a FREE Consultation
Offer in Compromise proposals are a very detailed and document driven process. Legacy Tax and Resolution Services tax experts will review your situation and propose a path forward for IRS Tax Debt Relief.
See our Tax Help Video Library
Also See
What Is Your Tax Resolution Services Guarantee?
Who Qualifies For The Pennies On The Dollar Settlement?
Will The IRS Garnish My Wages and What Should I Expect?
Will The IRS Pursue Collections From My Spouse?