Perhaps the IRS’s best-kept secret is that you can be forgiven of tax debt you owe but cannot pay. There are several programs of tax debt forgiveness and the tax professionals at Flat Fee Tax Service have been providing very affordable tax relief for more than a decade.
PROGRAM ONE – “The Life Jacket” – Currently not Collectible
If you owe taxes but are either unemployed or underemployed and cannot make a payment, you can request what is referred to as “hardship status.” This is the process the IRS uses to freeze the collection account. The IRS ceases all attempts to enforce collection in order to give you time to get back on your feet financially.
It may not a permanent fix to your tax problem, it does help greatly by stopping wage levies, bank levies, and property seizures. Being in Currently not Collectible status will last approximately 18 to 24 months. Athe end of that time, you can re-apply for the IRS hardship or you will need to find another type of resolution. During the hardship, although the IRS will not be seizing your wages or bank account, the IRS will place a tax lien. A tax lien is a very passive collection tactic.
To obtain Currently not Collectible status, you need to file a financial statement on Form 433A for individuals, and Form 433B for businesses. The financial statement shows the IRS that all the money you earn is needed to provide the necessary living expenses for your family. IRS hardship status helps you to stay afloat until you are able to pay the tax or apply for forgiveness under another program. The Statute of Limitations will continue to run out on your tax debt.
PROGRAM TWO – “Cents on the Dollar” – Offer in Compromise
Using this tax settlement program, the tax professionals at Flat Fee Tax Service have settled countless cases for less than 10 cents on the dollar. The Offer in Compromise program is a tax settlement of your tax debt.
Under the Offer in Compromise program, you settle your tax debt for less than you owe. The tax settlement amount is determined on the basis of what you can afford to pay. For example, suppose you owe $50,000 but you can afford to pay just $10,000. In that case, you’d settle for 20 cents on the dollar.
This process has saved taxpayers literally billions of dollars in taxes, penalties and interest they could never otherwise have paid. This allows them to get back on track as productive, taxpaying citizens free of IRS enforcement and the nagging presence of IRS liens.
There are three different Offer in Compromise programs. The most common and the one you should concentrate on is based upon your ability to pay. It’s a settlement offer based upon doubt as to collectibility. Under this Offer in Compromise program, you settle for what you are able to pay, rather than what you owe.
Under the second program, you’re able to challenge the amount of the actual debt and settle for what you actually owe, not what the IRS says you owe. This is called an offer based upon doubt as to liability. This is especially helpful for victims of a bogus tax audit.
The third program allows you to pay a lesser amount if full payment of the tax would put you into a position of financial hardship in the future. This is called an effective tax administration offer. This is very helpful in cases where you have sufficient equity in your house to pay the tax, but full payment would wipe out all your resources and make it difficult or impossible to provide for future living expenses.
FLAT FEE TAX SERVICE HAS A 95% OFFER IN COMPROMISE
SUCCESS RATE – 1-866-747-7435
SUMMARY – TAX FORGIVENESS – OFFER IN COMPROMISE
I am Dave Rosa and I will provide you with a thorough consultation that will provide you with all of tax forgiveness options.
Our conversation will be 20 to 30 minutes. Time well worth having.
The vast majority of people who owe taxes are honest people in financial trouble through no fault of their own. They need tax debt help. They need a way to solve their tax problems. Continued levies and seizures don’t solve the problem. It just drives people underground. When you force people to make a choice between paying taxes and feeding their family, they will feed the family every time.
Remember this: the IRS wants to do 2 things. Collect money and close files. An Offer in Compromise accomplishes both of these objectives for the IRS.
By offering a reasonable tax forgiveness program, these people are brought back into the system as productive, taxpaying citizens. This is far more desirable than hiding in the underground economy or living on government assistance.
On the threshold of establishing these programs, the IRS Commissioner at that time, Shirley Peterson stated that “you can’t get blood from a turnip, and when we’re dealing with turnips, we’re better off cutting our losses and moving on.“
FLAT FEE TAX SERVICE – 1-866-747-7435
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