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– Joe Mastriano, CPA
Joe is a member of the Sugar Land Rotary, whose mission includes promoting integrity, fellowship, and good will.
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Guidelines For Establishing An Offer In Compromise
By seeking an offer in compromise (OIC), you can put your IRS collection problems behind you while still meeting your basic living expenses.
I had clients who first dealt first with an inexperienced relief agent, agreed to an OIC, yet had their bank account and paychecks levied.
Why?
Once, the general rule was that agreeing to an OIC stopped collections. That has changed.
Collections now don’t stop until the offer is officially assigned to an offer professional. That can happen months later after the IRS corresponds with you for more information.
Don’t fall for the tricks! Don’t believe what you read on the IRS’s website! Contact us for experienced help in OIC negotiations.
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How To Submit An Offer In Compromise
Taxpayers submitting an offer in compromise to the IRS must prepare the Form 433a. This is the IRS Collection Information Statement. On part of that form, the taxpayer includes their monthly income and expenses. The IRS provides tables to use for your living expenses. The purpose of the 433a is to determine how much the taxpayer can pay each month toward their outstanding tax liability.
The IRS uses national and local standards tables to compute the maximum amounts they will give you for food, clothes, rent, utilities, etc. Also there are tables for vehicle expenses, and medical. Most of the time the IRS standards will allow the table amounts without having to show them proof.
The IRS employees have some leeway in allowing expenses above the table amounts. When the offer division examines the 433a for your income and expense items, they tend to be more strict in their interpretation of the limits on your deductions.
Many people don’t use the IRS Living standards guidelines when doing an offer. It is easy to overstate your expenses when doing this. The IRS after reducing your expenses to conform with the guidelines, often will show that you can afford to pay the tax in full. They will then deny your offer in compromise. It is essential that when you do an offer in compromise that you obtain the Form 656 guidebook. It will alert you to using the tables, especially the IRS Living Standards Guidelines.
If you are considering hiring us, call Joe Mastriano, CPA 713-774-4467.
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Getting an offer accepted can be a very trying experience for many taxpayers who “bare their sole” to the IRS. They need to know everything financial about the members of your household. The financial institutions where money is at and the account numbers must be disclosed. The places where each person works, and any assets they own or have an interest in must be disclosed. This causes fear in many people.
That is one reason an experienced professional should be consulted when filing an offer. Please consider our services.
If you are considering hiring us, call Joe Mastriano, CPA 713-774-4467.
Think your IRS matter is handled? Think again!
For your analysis, click here to contact us.