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What is an Offer in Compromise?
Jack Evans • November 5, 2019
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship.
The IRS considers your unique set of facts and circumstances namely:
-Ability to pay
-Income
-Expenses
-Asset equity
Filed Under: Uncategorized
An SFR, (Substitute for Return), is what the IRS will file for you if you do not file. It is usually NOT in your favor. If you hear that one has been filed for you by the IRS, you need to act and know all the details. It is past time to get the correct tax return prepared…act now! Know this…once the tax is assessed by a filed return or an SFR…you will get a billing notice and then a series of nasty letters will progress into liens and levies. Do not ignore notices and letters…book an appointment today/yesterday! https://go.thryv.com/site/JaxTax/online-scheduling?action=mhmx2cfpk9d0b450
Prior to Covid-19, there were 10,000,000 non-filers. Now the IRS expects that to climb to 25,000,000. The IRS knows and will come-a-knocking. Are you behind? Book a time to chat today!
You say, “I have this tax lien…can you get it taken-off?” Maybe…let’s talk! https://go.thryv.com/site/JaxTax/online-scheduling?action=mhmx2cfpk9d0b450
Worried about paying for my time? When you book a 15-minute initial phone conversation, I do not charge for that time. Book a time today!
IRS collection statute of limitations…does not begin until you file your return…the 10 year clock is not ticking until you file or the IRS files an SFR for you
will come via certified mail and will explain many things. The letter will include a re-file deadline which means…that that date is the date that the lien will be released from your property, unless re-filed by the IRS by the re-file notice of lien date listed. The Lien will be filed at county land records where you reside and Sec. of State. *Won’t be filed for less than $10,000 owed
Don’t let Covid-19 win! Let’s get your tax issues resolved, safely
There is no longer any deduction for work related expenses you must carefully read your employer’s handbook to see if they offer a reimbursement program for job-related expenses like licenses, dues, uniforms, supplies, etc.
When you bring your tax and consulting business to Jax-Tax…we’ll need your tax transcript to really get to know your situation. Jax-Tax will have you sign an authorization to do it for you on form 8821 or you can get it ahead of time at the link below https://www.irs.gov/individuals/get-transcript
If you have a small business, the current odds of an audit are less than a few years ago, due to IRS staffing. However; a business on a Schedule C return is almost 3 times more likely to be audited…not considering obvious oversights and flag items. S Corp .2% Partnership .2% Individual 0.59% Taxpayers will continue to see more and more automated letters from the IRS. At least that’s how I’d do it.