Metro Area- Orlando-Kissimmee-Sanford, FL MSA
The IRS Offer in Compromise is for taxpayers who are not in a position to pay off their tax debt in full. This is a very useful tool for US taxpayers, wherein they can get relief from the problem of back taxes. This can permanently eliminate the tax debt of a taxpayer who do not have the ability to pay in full.
If you owe back taxes to the IRS and you are not in a position to pay it in full, you may be eligible for an Offer In Compromise settlement, if you qualify, you will resolve your tax matters with the IRS for less than you owe.
However, it is under the sole discretion of the IRS to approve or deny offer in compromises as a solution to tax problems. Every year, the IRS rejects tens of thousands of offers in compromise applications and only a few are accepted. That is why, it is very important to hire a professional tax relief expert to handle your offer in compromise settlement. With the help of a professional IRS licensed enrolled agent, CPA or tax attorney, the probability of getting an offer in compromise negotiated with the IRS increases.
Mike Habib, EA is a tax relief expert, he will look into your financial situation, analyze previous tax returns and other tax records and will find out the best settlement option to settle with the IRS on your back taxes.
As tax resolution specialist, Mike Habib, EA will negotiate with the IRS a settlement for the back taxes problem you are facing. We will settle on a specific amount of money, either a lump sum, or monthly payments, which will settle all your tax debt for once and all. For most taxpayers who are in a financial bind, and cannot pay in full, this settlement amount is generally lower than the total amount you owe to the IRS.Who can file an Offer In Compromise?
Individuals, couples, corporations, trusts, businesses, limited partnerships, limited liability companies, associations, foundations and other non-profit organizations and estates can file for offer in compromise.What is the most common reason for large tax liabilities that force taxpayers to file Offers in Compromise?
Large tax liabilities mostly happen due to unpaid 941 payroll taxes. If the tax has been collected from employees but hasn't been remitted to the IRS then the problem occurs. Other reasons of filing an Offer In Compromise, large taxes assessed as a result of an IRS tax audit, not fling tax returns for a number of past years or tax shelter investments that are disallowed.
While applying for an offer in compromise, penalties and interest both can be compromised like the tax liability.How likely is it that the IRS will accept an Offer in Compromise?
In the past, the acceptance chances were just one in four. But with the liberalization of the OIC policies, more legitimate numbers of OICs are accepted now. But you should provide realistic and legitimate OIC to the IRS for a better chance of acceptance.How long does it take for an Offer in Compromise to be approved by the IRS?
Generally, it may take anywhere between 4-8 months. If your OIC gets rejected, you can take it to Appeals to reconsideration. Then it will take longer.
Get expert tax help today by calling Mike Habib, EA at 1-877-788-2937
Tax problem resolution, IRS tax help and tax relief services in Orlando, Kissimmee, Sanford, Tavares, Winter Park, Oviedo, Clermont, Altamonte Springs, Florida State