Of course he got his OIC approved ! He was unemployed when he submitted it. The IRS knows they won’t get their $$$ bc the guy doesn’t work ! Would love to see someone post a video on how to get an OIC approved when Employed and no change in wages. They don’t post a video on it bc it’s not possible to get an approval if you’re making $$ (the same wages you made when you defaulted)
I’m in the same exact situation as the person you helped in this video. Only difference is my debt is about $60K & I am self employed with no assets. I don’t currently own/lease a car & I don’t even currently rent a place in my name. I literally have couple grand in my account give or take. I applied for the Covid credit on my 2021 return (30K) received about $35K on refund & applied for the “fuel” credit on 2022 return but never received it due to audit. Would I be a good candidate for your services? Serious inquiry 😮💨
I would love to say yes, but it really just depends on who gets assigned to your case at the IRS. Really you just need to double check the examiners work to make sure they are doing their job correctly.
Hi Anthony- I know you had mentioned that some of the correspondence from the IRS was a little wonky and took a while for the final verdict, so I wanted to ask if this timeframe is fairly common. I'm thinking of submitting an OIC, but since I'm self-employed and am assuming that my income will be increasing within the next year, it sounds like it could be a waste of time for me. If the IRS finally gets back to me a year later, and needs me to resubmit current information, I may not qualify any longer. Would you recommend only submitting if you expect to be in a similar financial position the following year? Thanks- I appreciate all your helpful videos!
QUESTION: I have attempted OICs twice, and each time, they ask me to pay my quarterlies, usually about $2,600 within a short period of time. This time, like your client, I lost my W-2 job, and I am strictly self-employed. Thus, I am confident that i can get the offer accepted. However, since I have gone from 5 streams of income to 2, how do I convince the IRS that I am not as "rich" as I was when I filed FY 2021 taxes, and the quarterlies should be lower?
Good question. In order to show what your tax liability should be with your current income you will need to prove it with bank statements and a quality profit or loss statement from the business.
Thanks for this video, and congrats on the offer for your client. I wanted to ask what my offer would be towards the end if I have a 0 after adding up my bank accounts in section 3 of personal assets? Thanks in advance!
Hello, you state that there are a lot of downsides if the offer gets rejected. Do you have a video explaining what those are? Also, while I submit this do I need to arrange a payment plan in the mean time or just wait for the IRS to either reject or accept my offer? Thank you in advance!
OK I don't owe anything, have LLC Treasury, OCC, EIN, ANY way Amerprise international along with more sent me for FAIR FUNDS ACT AND SECURITIES AND EXCHANGE ACT. PRIVATE equity $650 million
Very informative video, thanks. If this gentleman had received an increase in income or raise of $10-$20K do you think the offer would still have been approved?
@@eataxresolutions If you had adjusted the info/terms of the OIC given the raise, could it still have a chance at success? And if not, would you just not even attempt an OIC and go straight for the PPIA or CNC?
I can with a consultation: calendly.com/anthony-eataxresolutions/tax-meeting However not with representation of the Offer in Compromise. It just doesn't make sense with my fees.
Line 49 under monthly household expenses: Currently monthly taxes(federal, state, local,etc) is that the taxes listed in an individuals paystubs? Is that considered an expense?
ANOTHER QUESTION: If one has an OIC pending, is it OK to file an extension, then file the taxes by 15 October, or must the taxes be filed by 15 April ?
Short answer, yes. I wouldn't recommend it as if there is any balance due that will need to be paid by April 15th. It will not look good that you are trying to settle back taxes and yet you are not paying your current taxes on time. Highly recommend checking out another one of my videos ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-blhvkOmLY34.html.
GREAT A+ video(s), Anthony! 1. If an actual expense is BELOW the standard, it's best to claim the FULL standard? (Seems so, in this example?) 2. So IRS typically doesn't require credit card statements, only bank statements? INTERESTING! 3. He owned NO furniture for Sec 3 Per Assets? Or, do many typically leave that blank, since IRS doesn't come inspect?
1. It depends on which expense. Check out my other video that addresses this question. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-hy8c-iA9AD4.html at 22:47 there is a cheat sheet 2. Correct, unless you need to verify an expense that is paid for by the CC. 3. Furniture? You mean other valuable items?
@@eataxresolutions #3 The newer version 7/22 of 433-A specifically says, "PERSONAL ASSETS: Include all furniture, personal effects, artwork, jewelry, collections (coins, guns, etc." so when I didn't see any value listed for these, it caught my attention, becuase just about everyone not homeless owns a few thousand dollars worth of furniture, computers/phones/tablets, TV, and other household items. The IRS knows this, but didn't seem to care that it was omitted on your example, perhaps because they can't verify?
Hello, so I got a letter in the mail stating the proposed due amount. And it wants me to agree or disagree. If I'm planing on filing a OIC, do I agree to the amount or do I disagree? How do I respond to this letter?
@@eriklocs1231 great question. This really depends on if you agree to the proposed changes or not. If you would like me to take a look a the notice I offer a free 15 min consult to do so. Use link below to schedule . www.eataxresolutions.com/form-tax-consultation-2
Hello, While in the process of getting OIC reviewed, do we still file taxes amd also if it's acceptable do we go back to collected income taxes as normal after we file the OIC.
Highly suggest listening to the following video which does address your question plus some additional info you will need to know. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-blhvkOmLY34.html You will need to file your tax returns on time while in the process of getting an OIC reviewed. If the offer gets accepted you will just need to abide by the terms of the offer to pay of the remaining tax. (hope that answers your second question)
Love the videos, they are extremely helpful. I make about $3700 a month, paid off car, household of 6. For the dependant section, I live with my girlfriend who has 4 children which I support. Should I include them in the offer?
