St Louis MO: Nuts and Bolts of an Offer in Compromise.

By
Education & Training with Arch Tax Resolution

I represent tax payers in the greater St. Louis area and the state of Missouri who have issues with unfiled tax returns and outstanding tax liablities.

So what is the secret to getting a successful outcome when you submit an offer to the goverment to accept less than what is owed?

There is a provision in the Internal Revenue Code that sets guidelines to determine when you make an offer (OIC) that it should be accepted.

Issues that should be considered are some of the following:

1. Hardship.

2. Public Policy: Yes believe or not the IRS does care about people, it's business not personal.

The most common offer is Doubt to collectiblity. This is where the formula comes into play. Determined by an individual or companies inablilty to pay in full.

Financial guidlines set forth by the IRS are as follows.

Gross monthly income- Allowable versus actual expenses. Depending where you live impacts what some allowable expenses are. As example Housing allowances are determined local by county. 

Food, clothing and misceallaous expenses are given a national standard. Automobile ownership is the lesser of Acutal or the National standard. 

Health insurance is determined by the actual expense. Court ordered payments are allowed in determining what is available for the offer as well as secured debts.

There are many variables that go into the equation and each individual situation is different. 

Health issues come into play as well as life altering events like a divorce or even filing bankrupcy.

If you or someone you know are having IRS or State Tax issues please feel free to reach out to me by email @steveshapiroea.com or call me @ 636-397-2759 or text me @636-866-4554. Enrolled agents are licensed by the Treasury department and are federal practioners.

                                                         Arch Tax Resolution

                                                        620 South Benton Street

                                                        St. Charles, MO 63301

                                                 (P) 636-397-2759 (F) 636-397-6312

                                                      www.archtaxresolution.com

                                                      www.steveshapiroea.com

 

 

 

 

 

 

Comments (2)

CANDACE (Candy) STEVENS, EA
Number Cruncher LLC - Overton, NV
Helping Taxpayers Resolve IRS problems

Great Summary!  

Have a Happy Day!

Feb 02, 2021 07:54 PM
Steve Shapiro
Arch Tax Resolution - Saint Charles, MO
Tax Professional helping taxpayers

Thanks.

 

How is that test coming along?

Feb 02, 2021 08:32 PM