IRS Tax Help. What You Must Know Before You File an IRS Offer in Compromise.

April 21, 2010 - PRLog -- An IRS Offer in Compromise ( also known as an OIC ) is an excellent way to receive IRS Tax Relief and Settle your IRS Tax Debt with the IRS for much LESS than what you currently owe.

Stop the Threats of an IRS Wage Levy / IRS Wage Garnishment against your assets and paycheck.

Stop the IRS from Executing an IRS Wage Levy / IRS Wage Garnishment against your assets and paycheck.

Stop the IRS from an IRS Wage Levy against your Social Security or Social Security Disability (SSDI) benefit.

An IRS Offer in Compromise ( also known as an OIC ) is an excellent way to receive IRS Tax Relief and Settle your IRS Tax Debt with the IRS for much LESS than what you currently owe. This form of IRS Tax Relief Settlement of your IRS Back Tax has been commonly known, in the past, as "pennies on the dollar".

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Taxpayers seeking IRS Tax Help and IRS Tax Relief, who do not have enough assets to sell or liquidate to satisfy your back IRS Debt, should seriously look at the IRS Offer in Compromise program.

Taxpayers seeking IRS Tax Relief, who do not have enough assets to sell or liquidate to satisfy your back IRS Debt, should seriously look at the IRS Offer in Compromise program.
At least one of three conditions must be met to qualify a taxpayer for IRS Debt Relief consideration of an IRS Offer in Compromise (OIC) Tax Settlement:

Doubt as to Collectibility — You, the Tax Debtor, can show that the IRS Tax Debt is likely uncollectable in full by the IRS under any circumstances. Doubt exists that you, the taxpayer, could ever pay the full amount of your tax liability owed within the remainder of the statutory period for collection.

Doubt as to Liability — You, the Tax Debtor, can show reason for doubt that the assessed tax liability is correct. A legitimate doubt exists that the assessed tax liability is correct. Possible reasons to submit a doubt as to liability Offer in Compromise include: (1) the examiner made a mistake interpreting the law, (2) the examiner failed to consider the taxpayer’s evidence or (3) the taxpayer has new evidence.

Effective Tax Administration — You, the Tax Debtor, do not contest your IRS Tax Debt liability or collectibility but can demonstrate extenuating or special circumstances that the collection of your IRS Tax Debt would "create an economic hardship or would be unfair and inequitable." This IRS Offer in Compromise (OIC) program is available for you, the taxpayer, but is primarily used by individuals that are elderly (Social Security), disabled ( Social Security Disability / SSDI), or have special extenuating circumstances.

An IRS Offer in Compromise (OIC) will have no effect upon a IRS Tax Lien. The IRS Tax Lien will remain in effect until your IRS Offer in Compromise is accepted by the IRS and the full amount of the Offer in Compromise (OIC) has been paid in full.

An Offer in Compromise will stop your IRS Wage Garnishment / IRS Wage Levy / IRS Bank Levy under section 301.7122(g)(1) of the US Federal Tax Regulations. That regulation states that the IRS will not Execute an IRS Wage Levy / IRS Wage Garnishment upon your wages / paycheck or property while a valid Offer in Compromise is pending and, if rejected, for thirty days after an Offer in Compromise rejection. If you, the taxpayer appeal the rejection, the IRS cannot Execute an IRS Wage Levy / IRS Wage Garnishment while the appeals process is ongoing.

Under Federal Tax Regulations,
1. The IRS will not Execute an IRS Wage Levy / IRS Wage Garnishment or Levy against the property or rights to property of a taxpayer who submits an IRS Offer in Compromise,
2. The IRS will not collect the liability that is the subject of the IRS Offer in Compromise (OIC), during the period the Offer in Compromise is pending,
3. The IRS will not proceed with collection for 30 days immediately following the rejection of the IRS Offer in Compromise, and for any period when a timely filed appeal from the rejection is being considered by Appeals.

Once the IRS decides that your IRS Offer in Compromise (OIC) is processable for IRS Tax Relief and that the IRS Offer in Compromise includes all the paperwork and forms properly filled out, the IRS must stop IRS Wage Garnishment / IRS Wage Levy / IRS Bank Levy actions under §6331.

Paying Your IRS Offer in Compromise.
In general, a taxpayer must submit a $150 application fee and initial payment along with the Form 656, Offer in Compromise. Taxpayers may chose to pay their offer in compromise in one of three payment options:

1. Lump Sum Cash Offer - Payable in non-refundable installments, the offer amount must be paid in five or fewer installments upon written notice of acceptance. A non-refundable payment of 20 percent of the offer amount along with the $150 application fee is due upon filing the Form 656. If your IRS Offer in Compromise will be paid in 5 or fewer installments in 5 months or less, the Offer in Compromise amount must include the realizable value of assets plus the amount that could be collected over 48 months of payments or the time remaining on the statute, whichever is less. If your IRS Offer in Compromise will be paid in 5 or fewer installments in more than 5 months and within 24 months, the offer amount must include the realizable value of assets plus the amount that could be collected over 60 months of payments, or the time remaining on the statute, whichever is less. If your IRS Offer in Compromise will be paid in 5 or fewer installments in more than 24 months, the offer amount must include the realizable value of assets plus the amount that could be collected over the time remaining on the statute.

2. Short Term Periodic Payment Offer - Payable in non-refundable installments; the Offer in Compromise amount must be paid within 24 months of the date the IRS received the Offer in Compromise. The first payment and the $150 application fee are due upon filing the Form 656. Regular payments must be made during the Offer in Compromise investigation.

3. Deferred Periodic Payment Offer - Payable in non-refundable installments; the Offer in Compromise amount must be paid over the remaining statutory period for collecting the tax. The first payment and the $150 application fee are due upon filing the Form 656. Regular payments must be made during the investigation.

Low Income Exemption and Guidelines:
The application fee is waived if your (not a corporation, partnership or other entity) income falls at or below IRS Low Income Guidelines. Qualifying taxpayers are also exempt from making any OIC payments while your Offer in Compromise is being investigated.

Five Year Compliance
If your IRS Offer in Compromise is accepted, you must timely file all tax returns and timely pay all tax for five years or until the offered amount is paid in full, whichever period is longer. Failure to adhere to these terms will result in default of your IRS Offer in Compromise and the IRS may then collect the amounts originally owed plus penalties and interest.

Have a DWK Tax Attorney represent you. Protect yourself. It will be well worth it.

DWK TAX RELIEF FEE FOR AN IRS OFFER in COMPROMISE: $1,950.00.

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To Inquire via the Internet, Visit the DWK TAX GROUP Website at:
http://dwktaxgroup.com/offer-in-compromise.html

http://dwktaxgroup.com: Your Nationwide Internet Tax Resolution Company provides all 50 States, including Hawaii and Alaska, with IRS Tax Relief representation. We Guarantee to Stop Your IRS Wage Garnishment / IRS Levy within 1 to 5 Business Days.

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http://dwktax.com: Your Nationwide Internet Tax Resolution Company provides all 50 States, including Hawaii and Alaska, with IRS Tax Relief representation. We Guarantee to Stop Your IRS Wage Garnishment / IRS Levy within 1 to 5 Business Days.