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Tax Relief Blog


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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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We get this question a lot from clients and those that are simply seeking information.  Sometimes its less of a question and more of a statement, something like –

“I’m not paying it until they take away the penalties!”

That’s fine, but you may not get too far that way.

The basic answer to the question is… pay it, then ask for relief.  If you can’t pay it all at once, set up a monthly Installment A...
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Last month, January 2018, the IRS started reporting taxpayers with “Seriously Delinquent Tax Debt” to the State Department.  In this case, seriously delinquent means $50,000+ adjusted yearly for inflation.  So, if you fit the criteria below, your passport could be denied, revoked or limited.
  • Owe $50,000+
  • Notice of Federal Tax Lien has been filed, or
  • A levy has been issued
What’s the solution?  Here...
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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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If you meet the Low Income Certification requirements, you will not be required pay the IRS $186 Offer in Compromise (OIC) application fee, nor will you be required to send in your first monthly payment or make monthly payments while your OIC is under review.  See the table below and IRS form 565 for more information.



*Taken from IRS form 656 revised 01.2014

When you hire Fresh Start Tax R...
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An IRS tax lien affects different people in different ways depending on a lot of different circumstances.  One concern we come across quite often is whether or not a delinquent taxpayer with an IRS tax lien can sell or refinance their home.  Although a Notice of Federal Tax Lien makes it very difficult to do either, it's possible. 

If you have an IRS tax lien that you cannot satisfy with a lu...
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Categories: uncategorized

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If you have a formal Installment Agreement with the IRS and are tired of sending in checks each month, one solution is the Payroll Deduction Agreement.

If your employer will agree to it, use IRS form 2159 to have your monthly IRS Installment Agreement deducted directly from your paychecks.  This may decrease your chances of submitting a late payment or missing a payment altogether.

Contact Fr...
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The IRS Quick Sale Value multiplier on most assets is 80%.  In other words, the Service will value a $100,000 home at $80,000 for Offer in Compromise purposes.  But, 80% isn't used for all assets.  And, some assets have exclusion amounts that will be subtracted from the Quick Sale Value.

Retirement Accounts are valued at 70% by the IRS for Offer in Compromise purposes while the current cash va...
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Categories: Offer in Compromise

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 IRS Refund Statute Expiration Date and Penalty Relief


Did you know that the IRS has something called the Refund Statute Expiration Date (RSED)? 

The IRS is prohibited from issuing a refund of abated penalties and interest on a full paid account if the RSED has passed.

The Internal Revenue Manual section 25.6.1.10.1.1(6) states:

a claim for credit or refund must be filed within 3 years from t...
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Blog Articles

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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