IRS Offer in Compromise: What is it? Do I qualify to settle my back taxes with the IRS?

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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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Do I qualify to settle my back taxes with the IRS? What is the IRS Offer in Compromise? These are the 2 questions I go into detail explaining in this video.
The offer in compromise is not something to take lightly and should be done with proper research. If you need help with your offer you can check out our prices on our website, and give us a call to start the process.
00:00 Intro
00:28 What is the IRS Offer in Compromise?
01:11 First step to an IRS Offer in Compromise
02:00 Second step to an IRS Offer in Compromise
03:08 Third step - See if you Qualify for an IRS Offer in Compromise - Assets
03:08 Fourth step - See if you Qualify for an IRS Offer in Compromise - Income Test
06:55 IRS Offer in Compromise Payment Options
08:12 Other Key topic of the IRS Offer in Compromise
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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...
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Resources:
IRS Withholding Calculator
apps.irs.gov/app/withholdingc...
IRS Collection Financial Standards:
www.irs.gov/businesses/small-...
IRS Form 433-A (OIC) (Rev. 4-2020)
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-...
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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).
#EAtaxResolutions #IRS #OfferinCompromise #TaxSettlement #Taxes

Опубликовано:

6 июл 2024

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Комментарии : 40

@flawlezbratt 4 года назад

thank you for posting this, finally simplified explanation.

@kellystover9835 3 года назад

Great video. I like how you broke it down on the white board.

@papichulo23 3 года назад

Very informative

@leddachavez3179 3 года назад

Thank You

@RPetruccione 3 года назад

I really appreciate you spending time on the phone with me today with my unique situation. I see now not is the right time to start a Offer in Compromise. I will definitely be keeping your info close by and contacting you when my situation progresses. Again thank you for taking that time to clear up my confused thinking even though you knew you weren't going to be gaining a client today, that means a lot. Best of luck to you.

@eataxresolutions 2 года назад

Thanks for the support. Pleasure to help you!

@ransomemckissick8184 3 года назад

Will the Offer in Compromise temporarily prevent the IRS from filing a tax lien?

@codylamb9575 3 года назад

You guys wish you had my tax guy

@lostandlooking 2 года назад

I learned about dropshipping back in 2018 and really had no idea what I was doing. I made some money, but i thought because i was living abroad I wouldn’t have to pay taxes and in fact I’ve never seen the tax stubs and have no way of obtaining them. Yesterday my father called me and said I received a CP2000 stating I owe 21K. To put this into perspective I have been homeless/unemployed, living in my car since 2019. Just 3 weeks ago I sold my car. I have no assets and I live in Latin America because I only need to earn about 2 dollars a day to survive here.

@eataxresolutions 2 года назад

I would advise to do your best to respond to the CP 2000 by the due date, to include expenses for your drop shipping business.

@ransomemckissick8184 3 года назад

What forms would you use to submit an OIC to the California Franchise Tax Board?

@LoganAllec 3 года назад

California CPA here. You use Form 4905.

@Jason-ri8th 3 года назад

I was trying to determine the minimum offer amount using form 433-A (OIC) and I noticed that they use your gross wages - expenses x 12. What does gross wages have to do with anything? How can I overcome this inflated minimum. For my special circumstances can I state basic math? Actual money vs imaginary? Is net pay even considered?

@eataxresolutions 3 года назад

Check out a recent video I did going through the 433-a oic. You do not use gross wages to determine your offer there are expenses you can use to arrive at the offer amount. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ASqhcDX3OM4.html

@mrcarpet4u 3 года назад

I lost my job in November 2017, they move to a different state, so they kept asking us what do we want to do out 401K money. In January 2018 I would do my total hundred and thirty thousand. I thought they had deducted the proper amount of taxes out. I recently received a CP2000 letter stating that the additional 10% early withdrawal penalty wasn't deducted. Now they want me to pay almost $13000.00. I haven't worked since then. I only have around $30,000 in my savings. is there anyway I can do a proposal settlement?

@eataxresolutions 3 года назад

If you schedule an appointment I can go voer you situation and answers your questions. www.eataxresolutions.com/form-tax-consultation-2

@DeniiceW03 3 года назад

Do you have to be set up on a payment plan before you can apply for the OIC? I just received paperwork on installment amount.

@eataxresolutions 3 года назад

@kathleenbrowne198 2 года назад

What if you are on social security disability and 1199 disability pension as your income? how can you calculate how much taxes are to be taken out?

@eataxresolutions 2 года назад

SS Disability is nontaxable so no tax is taken, as for the pension, depends how much is withheld from the payments, or what you are liable for. Take a look at your previous years return for reference.

@ransomemckissick8184 3 года назад

I will be finishing my law degree / J. D. in August and taking the February 2022 CA Bar exam. I am thinking about submitting an offer in compromise in August 2022. Will the OIC forms ask about education level? Also, do you recommend making monthly payments on the arrears while the OIC is pending?

@eataxresolutions 3 года назад

Hey Ransome thanks for the question. I highly recommend you book an appointment to answer this question as this is not a simple answer. www.eataxresolutions.com/form-tax-consultation-2

@Legitfya101 3 года назад

I spoke with an attorney overviewing my taxes and he said that I could get into hardship but i had no chance of success with an OIC due being young 25 years old. He says the IRS wont accept because I have many years to pay it back and they are going off of foreseeable income. Thoughts?

@johnejonesea7448 3 года назад

That's not necessarily true. Sure, your future earnings are considered but what are they? There are many things taken into their determination. It's best to have your situation evaluated to see what your options are.

@ladyrocz11210 11 месяцев назад

i checked on the site for your prices but i dont see it, how much is it to hire you for a offer in compromise?

@eataxresolutions 11 месяцев назад

Depends on the complexity of your case. Feel free to call to get a quote 800-245-0596

@martymadrid8950 3 года назад

How far back do they go in your bank account history?

@Melie1111 3 года назад

3 months

@eataxresolutions Год назад

If you are looking to schedule an appointment to go over your case, please use the link below. www.eataxresolutions.com/form-tax-consultation-2

@SharitaBlacknall 4 года назад

Is statute of limitations tolled if you file OIC?

@eataxresolutions 4 года назад

The statue of limitations to collect the debt is extended by the amount of time it takes the IRS to examine your offer and come to a conclusion.

@chanelbag2500 2 года назад

I am a stay at home mom. I am not working and I am on state assistance. Do I qualify for this program?

@eataxresolutions 2 года назад

We would need a lot more information to determine if you qualify. If you would like to go through a consultation to find out please use the following link to schedule and appointment. www.eataxresolutions.com/form-tax-consultation-2