IRS Form 433 A OIC & 656 - IRS Offer in Compromise Example - accepted

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EA Tax Resolutions Website: eataxresolutions.com/?...
EA Tax Resolutions Phone Number: 800-245-0596
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🤵 IRS Offer in Compromise Consultation ($500) in depth: www.eataxresolutions.com/form...
🤵15 min Tax Help Consult: (Free) www.eataxresolutions.com/form...
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In this video we go through all the forms filed and the letters received from the IRS to get an actual IRS offer in compromise accepted. This is a more basic example that got processed in about 9 months. Was a $30k tax debt that we ended up settling for $7k.
00:00 Intro
00:18 Promo to Professional Tax Help
00:31 Summary of Offer in Compromise Case - Accepted
01:00 IRS Form 433-A OIC used to get IRS Offer in Compromise accepted
07:43 IRS Form 656 used to get IRS Offer in Compromise accepted
09:03 List of Documents included in IRS Offer in Compromise
10:21 Additional Documents requested to complete Offer in Compromise
10:54 Letter - IRS Offer in Compromise got accepted
11:12 Letter - IRS Offer in Compromise payment provision has been met
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Helpful Resources:
IRS Phone Number: Individuals
800-829-1040
7 a.m. to 7 p.m. local time
IRS Form 433-A (OIC) (Rev. 4-2021)
www.irs.gov/pub/irs-pdf/f433a...
IRS Form 656 (April 2020)
www.irs.gov/pub/irs-pdf/f656.pdf
IRS Financial Collection Standards
www.irs.gov/businesses/small-...
Internal Revenue Manual - Offer in Compromise - Financial Analysis
www.irs.gov/irm/part5/irm_05-...
IRS Withholding Calculator
www.irs.gov/individuals/tax-w...
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Other Helpful Videos:
🔴 How the CSED can affect your IRS Offer in Compromise: • How the CSED can affec...
🔴 How to make quarterly tax payment:
• Self Employment - Payi...
🔴 IRS Form 433-A (OIC) Offer in Compromise Example - numbers used that got accepted by IRS.
• IRS Form 433-A (OIC) O...
🔴 IRS Form 433 A OIC & 656 - Offer in Compromise Example of Offer that was accepted: • IRS Form 433 A OIC & 6...
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
#IRS #OfferinCompromise #TaxSettlement #Taxes

Опубликовано:

3 июл 2024

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Комментарии : 33

@GarrettMorrow 3 года назад

Best tax info resource on youtube

@ebonycuevadiaz 3 года назад

Please continue to post videos. I am a tax preparer and want to learn about tax resolutions for my clients

@jacobmatthews1459 3 года назад

No better CPA in the business!

@margom.8901 2 года назад

Very informative, Thank you! 433-A (OIC) says, Wage Earners and Self-Employed Individual. What if income is only Social Security? Is this the form used or do you qualify?

@eataxresolutions 2 года назад

Glad to help! Yes this is the form you use for social security income as well.

@andria9746 3 года назад

What if you’re in the negative after filling out the form 433 and doing your lump OIC? Thank you!

@eataxresolutions 3 года назад

Then you decide the offer! It has to be something though.

@ang6941 2 года назад

@@eataxresolutions what is the lowest that it could be if you dont have any income left over after the necessary living expenses?

@abubomom2 2 года назад

@@ang6941 I have the same question. I’m guessing at least 10% plus filing fees and tax return for next year.

@audram869 Год назад

Question: if I have equity in my home would I have to sell it before OIC? Could I use equity without selling home? (Equity would not satisfy irs/state-CA debt how would that work?

@eataxresolutions Год назад

There is a lot to this question. To simply answer though, there is no need to sell the home BEFORE the OIC. You could use the equity without selling ie refinance. If you want a more depth analysis to your situation and how all of this would work for you please schedule a consultation. calendly.com/anthony-eataxresolutions/tax-meeting

@davidlennear3112 3 года назад

Do you have an example with the new form

@mixedberrypunch Год назад

What if your calculation from section 8 comes to 0?? You can't enter 0 so do you pick a random amount?

@eataxresolutions Год назад

More or less, yes. Keep in mind this is an offer so the more you put the more likely the IRS is to accept.

@ssmith2141 2 года назад

Do you have any approval for married couples with a home ? No kids plz n ty great content . New subscriber

@eataxresolutions 2 года назад

Not yet, I have one we are currently working on. Once it gets finished with the IRS, I will post on it.

@Jessiesconsulting 2 года назад

Hello, If it’s for a spouse back taxes prior to marriage, do we include both incomes? Cars, etc?

@eataxresolutions 2 года назад

Here's a video of an offer in compromise that got accepted that goes through this exact issue. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-g4O_Nh9XRzY.html I do provide a consultation to go over the specific case for $250. Use the following link if you are interested. eataxresolutions.com/back-tax-expert-in-orange-county/

@obxguy1 2 года назад

Great video! I am currently submitting my OIC. I am currently unemployed, however, I do Doordash to make money to live on. is that considered self employed or a Business? Thank you

@eataxresolutions 2 года назад

If you file schedule c, which most drivers for doordash do, then this would be considered self-employed.

@davidlennear3112 3 года назад

What happens when a person has a 401k and has loans on it and the fund will not allow an additional loan... meaning that money is not accessible.... What would a person put on line 3b on the form ?

@eataxresolutions 3 года назад

You will need to follow the form instructions, Amount in 401k, minus the current loan, times .8. The IRS is looking to see how much they are able to get if you withdraw the money. The IRS is not going to consider the additional amount you can get as a loan.

@davidlennear3112 3 года назад

The 2021 form is different

@eataxresolutions 3 года назад

An example with the new form is to come. However the form is essentially the same. There are not many differences from the 2018 to the 2021 forms.