PRLog - Jul. 24, 2010 - Your Tax Attorney at Flat Fee Tax Service will answer your question, “Can I Settle the IRS for Less?”
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You can file an Offer in Compromise (OIC) which may reduce your debt owed to the IRS by as much as 95%. There are legitimate ways to reduce your tax debt to the IRS and by far the most common and effective way to reduce your debt is with a process called the Offer in Compromise (OIC).
The Offer in Compromise (OIC) process determines the amount you owe based entirely on your ability to pay. As mandated by Congress, the Offer in Compromise is entirely based on a formula and it allows you to legally reduce your tax debt, sometimes as much as 95%.
For example, if you owe the IRS $60,000 but the IRS Offer in Compromise formula shows that you can only afford to pay $4,000, then you only pay $4,000. It's that simple. If you have received a tax lien or you are being threatened with a bank levy or wage garnishment, the Offer in Compromise may help to stop these actions as well.
The Offer in Compromise (OIC) is a series of different forms which are combined together to complete the IRS tax settlement. Unfortunately, an Offer in Compromise submitted to the IRS may fail, including the ones submitted by high priced services. This is because a proper qualification analysis is rarely done.
Before you even start submitting your Offer in Compromise (OIC), you first need to find out if you qualify.
The Offer in Compromise (OIC) is for people who can't pay their back taxes. First, you need to make sure all missing returns are filed. It is actually common for taxpayers who need an Offer in Compromise (OIC) to have unfiled tax returns.
Fortunately we have a solution for solving this problem. If you have unfiled returns, FLAT FEE TAX SERVICE will file your unfiled tax returns. Second, be sure that you have the proper withholdings from you paycheck if you're an employee. If you are self employed, you need to be current with your estimated tax payments. Third, you may not apply for an Offer in Compromise (OIC) if you are currently in a bankruptcy.
While you can file an Offer in Compromise yourself, the process can be daunting, lengthy and intimidating.
The problem with an inexperienced person filing their own Offer in Compromise is that they fail meet IRS standards. Years of experience at Flat Fee Tax service have gone into unlocking the secrets of the IRS standards and algorithms.
Everyone can receive professional tax help to resolve their IRS problems.
Flat Fee Tax Service makes the Offer in Compromise (OIC) affordable to everyone who needs Tax Relief.
Option 2 - Full Service - Tax Help – Offer in Compromise
If you owe the IRS between $10K and $100K; pay only $1900 for full tax service which includes IRS Levy/IRS Wage Garnishment removal, IRS Offer in Compromise or IRS Penalty Abatement and up to 3 years of tax returns.
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FLAT FEE TAX SERVICE guarantees to stop an IRS wage garnishment with 1 to 2 business days or you don't pay.