IRS TAX RESOLUTION – OFFER IN COMPROMISE
01 AUG 2016

Posted by robbie Categories: BLOG Comments: Post closed for comments

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HAVE YOU RECEIVED IRS NOTICES? NOT SURE HOW TO PROCEED? YOU HAVE OPTIONS:
  • OFFER IN COMPROMISE – NOTE: NOT ELIGILBE IF ALREADY IN TAX COURT
  • SETTLE TAX LIABILITY FOR LESS THAN FULL AMOUNT (REQUIREMENT: INCOME LESS THAN $100K AND TAX LIABILITY LESS THAN $50K)
   
  • 3 TYPES OF OFFERS
  1. DOUBT AS TO LIABILITY (NOT SURE ANY TAX OWED)
  2. DOUBT AS TO COLLECTIBILITY
  3. EFFECTIVE TAX ADMINISTRATION
  • BASED ON ECONOMIC HARDSHIP
 
  1. LONG TERM ILLNESS
  2. CAN’T MEET BASIC LIVING EXPENSES
  3. CAN’T BORROW AGAINST EQUITY
  4. OLD AGE
  5. LIQUIDATION LEAVES YOU PENNILESS
  6. OTHER CIRCUMSTANCES