Do You
Owe IRS???

 

 

 

FREE 2008 Tax Return Review Details
CPA Moms - Services Offered
Tax Preparation
Electronic Filing
Do Your Own Taxes - Fee from Refund
Enrolled Agents
Tax Moms
Cash from Western Union
CPA Moms
Representation before IRS
Non Profit Tax Services
Accounting
Bookkeeping
CPA Loan Letter
Bankruptcy
Claiming Social Security Disability
Divorce & Taxes
Offer in Compromise
Installment Payment for Taxes
Credit Reports
Social Security
Deliquent Tax Returns
Garnishment
Installment Tax Payment Home Page
Latest IRS Payment Method
Articles on Paying IRS
Additional Resources
Want to Join the Moms?
Questions for CPA Moms?

  • Library Will Have Some IRS Forms Soon (El Campo Leader-News)
    The IRS has placed 2008 tax guide and forms for individuals on irs.gov. But for those not comfortable with computers and downloading, staff at the El Campo branch of the Wharton County Library are ready to help. Some forms will be available for pickup after Jan. 1, El Campo library worker Ruthie Buzek said, adding these include 1040s and 1040As.



Death & Taxes

We have Information to Help You with Either


Got Question for a CPA Mom?


IRS wants you to retire Financially Free!     We will answer your questions and give you options about how to become Financially Free when you retire

Tax answers/options when you sell your Home.      We will answer your questions about the tax free home sales and give you options on tax free exchanges

So, You got a letter from IRS?  We can help.    Letters from IRS are scary. We will answer your questions at no charge.

S-Corp, LLC, C-Corp, Partnership - Your Choice?    Selecting the correct Business Entity is confusing.  We will give you the tax options of each Business Entity.

How not to pay taxes when you sell income property.    We will explain how to do a tax free exchange & not pay taxes when you sell your income property.

To pay for Services - Please click on Paypal Logo below



 

 

 

 



10 Thoughts on Tax Offer in Compromise
Kirt Durst

Beware of advertisements that claim to settle tax debts for
"pennies on the dollar". Check the Offer In Compromise
requirements to see if it is right for you.

1. If you are unable to pay a tax debt in full, if the taxpayer
establishes to the satisfaction of the IRS that he either: has
no means of paying the tax, or does not actually owe the tax--
and an installment agreement cannot be worked out--the IRS
strives to resolve the taxpayer's tax debt.

2. Under certain circumstances, you may be able to take
advantage of the offer in compromise (OIC), but there are
hurdles to overcome before the Internal Revenue Service accepts
less than full payment. To date, taxpayers who have gone
through the Offer in Compromise program to settle their tax bill
have saved millions of dollars.

3. An OIC delinquent tax settlement is an agreement taxes owed
for less than the full amount of taxes due. It's a complex
decision and a tax attorney is needed for his extensive
expertise in planning, preparing, negotiating and even appealing
rejections.

4. IRS Code Sec. 7122 gives the IRS power authority to settle--
compromise--federal tax liabilities. Exceptional circumstances
sometimes exist that allow the IRS to consider an OIC program
for the taxpayer. For example, a taxpayer must demonstrate that
collection of the tax would create an economic hardship or would
be unfair and inequitable.

5. Very few offers were accepted in the past, because the
standards were almost impossible to meet before a tax debt was
legally compromised. Recent tax legislation has given new hope
to taxpayers who were previously disqualified.

6. In the past the IRS really did not want to encourage OIC's.
Prior to 1992 the IRS has been reluctant to settle tax
liabilities, but with mounting uncollected taxes, the IRS has
decided to go easy on the growing number of cases it sees.

7. Today, the OIC program is one of the best tax resolution
tools available to taxpayers. The IRS will accept an OIC when
it looks unlikely that the taxes will be collected; but before
that happens a good tax person must know and carefully navigate
virtually every key regulation involved.

8. After all taxpayer avenues are explored and different
available payment options are reviewed, the IRS makes a
"business" decision: they want to collect a partial payment
rather than nothing at all. The IRS is thinking, "Is there is
doubt that the taxpayer will ever pay the full amount of tax
owed?"

9. An OIC amount "offered" by the IRS is the amount that they
feel that they can reasonably expect to collect after reviewing--
and exhausting--the taxpayer's ability to pay. The IRS weighs
the doubt as to liability and doubt as to whether the tax
assessed is correct.

10. Beware of advertisements they claim to settle tax debts for
"pennies on the dollar", allowing taxpayers to settle their
taxes for less, or often much less than you owe (or what the
government claims you owe). The IRS resolves less than one
percent of all balance due accounts through an OIC agreement.


is dedicated to offering news, articles, and
instruction on tax. You have a definite choice in organizing
your financial affairs. Visit href="http://www.aidtax.com/">http://www.aidtax.com for more
information.



Privacy Policy .... About Us  ....  Disclaimer .....   Copywrited 2005  - 2006 & Developed by  Tax Net Inc