subject: IRS Tax Debt Resolution Do not Believe All You Hear [print this page] IRS Tax Debt Resolution Do not Believe All You Hear
Tired of running? Thousands of taxpayers across America to have problems with the IRS. It is no surprise, considering how difficult it is to understand the tax, all rules and regulations. However, IRS is not known for their compassion, and believe that ignorance of the law is no excuse. We will do everything it comes to their money. But what about billing? What about all those advertisements that say they can settle the debt for tax"Pennies on the dollar?" Read on and discover the truth about the fiscal management and resolution.
Is this true? If you've seen or heard of the allegations concerning the settlement of debts for "pennies on the dollar, you are probably wondering if it is good to be true. Well, this is the program that these spots are in the Offer Document compromise (OIC) Program. This is a program that the IRS to provide taxpayers with a lower amount than they are guilty, and a percentage oforiginal debt. So it's a program available to the IRS, but are not "paying pennies on the dollar. In fact, over 83% of cases are dismissed each year OIC, mainly because of the devious business people said that qualify for something that is not really the best for them. Here's how the program actually works:
I qualify? Y ou can see a simple formula, if you qualify. It's actually the exact formula that the IRS usesIn deciding whether to take your case. The first part of the formula is the monthly income available, or MDI. MDI is your money each month that you have left after paying the bills. So let's say that after paying bills each month you have $ 100. The IRS has $ 100 and multiply that by 48 months (in this case $ 4,800 U.S. dollars). The second part of the formula is no equity you may have assets, properties, homes, cars, 401Ks, etc. Suppose the only sharesare $ 5,000 USD. Here's what the formula will look like this:
$ $ 4,800 + $ 5,000 = $ 9,800
What does this mean: $ $ 9,800 Your offer to the IRS. So if I owe you $ 9,800 as a compromise, the offer is no less for you. Because here is the bad news, let's say the IRS owes $ 7,000 USD. If you submitted an offer in compromise, and they saw was the result of $ 9,800 dollars, then I would be $ 9,800. It is quite unfair, but the IRShates it when their time is wasted. So if you think about an offer in compromise, speak with a qualified tax professional and see if you really consider.
Trust Who? In the area of tax resolution, there are several companies that you say what you feel just to get your money. The biggest rule is: Never let anyone tell you that you qualify for before you put your finances in detail. Be sure to talkwith a society that generally has good relations with ratings organizations like the Better Business Bureau and Dun & Bradstreet lawyer. The good thing is that now you have the formula so if someone tells you that you qualify for an offer of compromise, you can double check yourself.
