What to offer the IRS in a tax settlement?

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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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What should I offer the IRS when trying to settle my taxes in an Offer in Compromise? Well in this video I go over just that. The IRS has financial guidelines to give us the amount to offer, which states it must be your net equity in assets plus your future income. We go over what those mean and the IRS form 433-A OIC, which is what is used to calculate the amount of your offer.
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00:00 Common IRS Offer in Compromise Question
00:41 IRS Offer in Compromise Formula Summarized
01:04 Net Equity in all Asset - Calculation (IRS Form 433-A OIC)
05:35 Future Income - Calculation (IRS Form 433-A OIC)
11:56 How much to offer the IRS in an Offer in Compromise settlement?
13:13 IRS Offer in Compromise Caveats
16:07 IRS Offer in Compromise Formula Recap
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Helpful Resources:
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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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 #IRSOfferinCompromise #TaxSettlement #Taxes

Опубликовано:

14 июл 2024

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Комментарии : 22

@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

@ajt7125 2 года назад

Your calculation of the QSV at 2:45...shouldn't that be FMV of home times 80% BEFORE doing the subtraction of what's owed on it (not before like in the video)?

@eataxresolutions 2 года назад

You are correct, that was an error on my end. Good catch

@WutNthyHEL 2 года назад

My taxes are a mess. I have not filed 2019 -2021. I want to amend 2011 - 2018 (if possible). I would like to explore OIC but I’m confident that I will not qualify. I need to get it together.

@kendrabonds6901 Год назад

It's called zero

@sju6310 2 года назад

Thanks Anthony for education. I am thinking of using your services but can you tell me if I am on a monthly payment plan with IRS and California, can I really afford to pay you on monthly basis? Is the payment towards your service whether you help me for OIC or Payment Installment Plan deductible from the allowable expenses that we need to show to IRS and California?

@eataxresolutions 2 года назад

There is a way to deduct my fee as a living expense to calculate disposable income. Not sure if you are able to afford my services, would need some more details. 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

@chs6776 2 года назад

hello, Thank you for very useful information.I have on going back tax that I owe , at the same time me and my wife are broke up. Can I process divorce or I need to wait till all these back tax paid off? Do divorcing during this time making thing go worst?

@eataxresolutions 2 года назад

Glad I could help! Divorce is a legal issue, so I am going to default to asking an attorney.

@sju6310 2 года назад

Can you claim dependent parents or other dependents living outside USA even if the taxpayer is still in USA? I generally don't claim in tax returns because I have extra money to send over. But now if I don't have money, can I add them as dependents in OIC or Collection Statement form?

@eataxresolutions 2 года назад

Dependents have to be on your tax returns, and if they are, you can claim them in an offer in compromise.

@cosmo1kramer Год назад

So basically you are saying that the IRS will throw me on the street, take my car and ask me to earn for them my entire life.

@eataxresolutions Год назад

definitely not. The IRS offer in compromise program is there for to make sure you don't end up homeless due to back taxes.

@eataxresolutions Год назад

800-245-0596

@sju6310 2 года назад

If I get Restricted Stock Units (RSU) on a quarterly basis as a part of wages and I dont know the future stock price or value of that, how do I take that into equation on how much I can pay IRS when filing Offer In Compromise or Installment plan?

@eataxresolutions 2 года назад

You just need to put the current market value of the RSUs

@sju6310 2 года назад

@@eataxresolutions Wouldn't that be wrong if I say I can potentially make in future $5000 in RSU in next quarter but by the time comes for vesting, the value could be $3000 or $7000? If its higher its okay, but its lower, wouldn't that jeopardize the payment plan? Also, if I loose job in that time frame, I would have nothing vested and $0. Where do you generally enter RSU related potential earnings in the collection/finance form?

@eataxresolutions 2 года назад

@@sju6310 Check the below link for how the IRS determines "future income" IRM 5.8.5.20 www.irs.gov/irm/part5/irm_05-008-005r