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Tax Relief Blog

IRS Form 656


The Offer in Compromise is considered the Holy Grail of Tax Relief.  The IRS settles a back-tax debt for less than the total amount owed.  How much less?  Well, that depends on your specific set of circumstances.  Each Offer in Compromise is different, depending on the taxpayer.

One thing that’s consistent about all OICs is the list of prerequisites.

Tax Compliance Top Priority

Make compliance...
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Sometimes carrying the weight of an IRS tax debt can lead to a lonely place.  But, don’t beat yourself up too much.  There are ways to fix the problem.  You’re not a bad person because you owe taxes.  And, you’re not alone, that’s for sure.

The IRS recently released some statistics from their collection of delinquent tax liabilities.In 2016 the IRS added 7,652,000 new tax delinquent accounts for...
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The IRS uses the Collection Financial Standards to help calculate your ability to pay a back-tax liability.These limits on monthly living expenses play a significant role in your ability to qualify for the Offer in Compromise settlement program and your Offer amount.  The Standards are revised each year around the end of March.

Quick IRS Offer in Compromise Tip

If you’re preparing your OIC for su...
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The average IRS Offer in Compromise takes a tax professional about 35 hours to complete from start to finish.  Multiply that by an hourly rate of just $100 and you have a $3,500 fee on your hands.  Good luck finding a tax resolution professional that's any good to work for less than $200 per hour.  And if you're hiring an attorney, that hourly rate is likely to be between $250 and $500. 

A lo...
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Our Specialties

  • Tax Debt Resolution / Tax Relief
  • Offer in Compromise / IRS Settlement
  • IRS Penalty Abatement and Relief
  • Installment Agreement / Monthly Payment Plan
  • Tax Lien, Levy and Garnishment Removal
  • IRS Lien Subordination, Withdrawal, Discharge
  • Enrolled Agents / Tax Debt Specialists

Fresh Start Tax Relief LLC, Taxes - Consultants & Representatives, Chicago, IL

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