IRS Tax Relief – Tax Options for Tax Relief
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IRS Tax Relief – Tax Options for Tax Relief
IRS offers multiple options for tax relief to those who owe money. However, eligibility requirements apply to each program. Typically, an individual’s financial state is assessed using forms 433A and 433F to determine which program provides the optimal resolution. Once the necessary financial statement is submitted, the IRS can take the case off of the enforcement computer and provide the taxpayer with immediate relief. However, before permanently closing any case, the individual must file all outstanding tax returns.
THE IRS FINANCIAL STATEMENT
The IRS Financial Statement is the key to resolving all IRS collection cases. Your peace of mind hinges on the accurate completion and full documentation of this statement, which IRS-trained personnel will thoroughly assess for the government’s benefit, not yours. Remember, the IRS prioritizes its interests over your tax relief.
- Form 433-F is utilized by the ASC Unit in Regional Service Centers or call centers. You’ll need to fill out the financial statement and then fax or mail all the necessary documents to the Service Center handling your case. It’s advisable to contact the IRS once all documentation is ready and be prepared to fax all supporting income and expenses directly to the Agent managing your case. These cases can be handled in any of the 14 Regional Call Centers across the U.S.
- Form 433-A is reserved for local Revenue Officers closest to your home or business. If the case hasn’t been resolved at the ACS Unit in the Regional Offices, it is forwarded to the local Revenue Officers. These seasoned and highly trained IRS Agents will scrutinize the financial statement with a critical eye, often leading to a more in-depth tax investigation. Once a case reaches this stage, it’s essential to seek the assistance of a tax professional. IRS Tax Relief can be just a phone call away if you reach out to our offices.
How Internal Revenue Service will close your case. IRS Tax Relief options;
Once your case is in any IRS que, your case must be closed off the IRS enforcement computer whether it be at the Service Center or at the local office. Here are the available options to close your case. After this process you will finally have IRS Tax Relief.
After IRS has fully received a documented financial statement there will be a obvious solution to resolve your IRS case. IRS will either close your case via a ;
- Hardship. This simply means you can not afford to pay the IRS at this time. Cases usually go into a 3 year suspended status because of an inability to pay. This is also called currently non-collectible. Your case will go into a hardship status because you do not have the income coming in to meet your current expenses and your assets are few or non existent. The IRS will use the National Standards Program to assess hardship.It is necessary for you to pull up the National Standards in your region to find out the means tests that IRS will use to qualify your case. Most cases these days are closed via this method and can bring immediate tax relief.
- Payment Agreements. Cases can be closed with agreed monthly installment payments to the IRS. You can enter into a streamline payment. If you owe under $50,000 and you can pay the liability off within 5 years the IRS will generally expect a payment agreement. If you cannot pay within 5 years IRS will review your financial statement and determine your monthly payment based on the national standard in your area or region you live.
- Offer in Compromise – The IRS may accept an Offer in Compromise based on three grounds:
- Doubt as to Collectibility – Doubt exists that the taxpayer could ever pay the full amount of tax liability owed within the remainder of the statutory period for collection.
- Doubt as to Liability – A legitimate doubt exists that the assessed tax liability is correct. Possible reasons to submit a doubt as to liability offer 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 / Exceptional Circumstances – There is no doubt that the tax is correct and there is potential to collect the full amount of the tax owed, but an exceptional circumstance exists that would allow the IRS to consider an OIC. To be eligible for compromise on this basis, a taxpayer must demonstrate that the collection of the tax would create an economic hardship or would be unfair and inequitable.
- 4. The Filing of a Bankruptcy. If your personal income taxes are three tax years or older , your taxes have been filed for at least two years and your tax return has been assessed on the IRS computer system for more than 240 days you can discharge your debt in a Chapter 7 Bankruptcy. There are other rules that apply and you must check with a tax professional to ensure you can qualify for IRS tax relief thru filing of a bankruptcy, Professional Tax Representation.
While most taxpayers think they can represent themselves they will find many trapped doors that the IRS will spring open and use against them. IRS conducts a thorough review on all financial statement, it is much liken to a IRS tax audit.
Taxpayers should be advised that the IRS will review all bank deposits made over the last year, look for underreported income, check with DMV, pull credit reports, conduct Google searches on your name, look at charge account applications for hidden assets and will also ask Accutiant for all records of your complete financial status over the past ten years.
IRS Tax Relief – Tax Options for Tax Relief
It is best to hire a professional firm especially if you have loose ends. If you have a simple case there is nothing wrong with you making the call to IRS yourself.
How Dreis Tax Services, tax professional, can get you tax relief. How we settle and negotiate your case with the Internal Revenue Service:
1. We promptly send a power of attorney to the IRS, informing them that we are now your tax representative. You will never have to converse with the IRS. We handle all communications. Having worked for the IRS, we are familiar with all the terminology and the tax procedure for achieving tax relief.
2. We will ensure that all your tax returns are filed and up-to-date. If your tax returns are not current, the IRS will decline to process your case. This is a leverage they utilize to ensure your compliance. We can access tax transcripts, file, and prepare your tax returns within days, even if you’ve lost your tax records.
3. We will prepare the necessary IRS financial statement (either form 433-A or 433-F), validate the income and expenses, and negotiate a settlement agreement. The IRS will insist on a specific closing settlement method for each case.
4. We consult with our clients to determine how they want to settle their case. We then secure an agreement and tax relief tailored to their current financial situation.
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