Case 5: Offer in Compromise for $50.00 on $8,863.19 in debt
Tax Debt of $8,863.19 resolved with an Offer In Compromise of $50.00
A husband and wife reached out to us very concerned with their tax situation. The couple was already set up on a monthly payment plan with the IRS. However, they stopped making the monthly payments to the IRS due to them having low funds.
Our enrolled agent began the investigation immediately and discovered more issues regarding their case. When the couple stopped making their monthly payments, the IRS canceled the monthly payment arrangement which meant the IRS would become aggressive with the collection of the debt. For example, the IRS was in the process of sending the couple levy threat notices. In addition, the IRS was applying a penalty for a withdraw that the couple made from their individual retirement account (IRA) in 2009. The total amount in tax debt was $8,863.19 and included penalties and interest. The enrolled agent went over the couple’s financial situation and saw a great possibility to submit an Offer In Compromise to the IRS.
Our enrolled agent gathered the necessary documents such as bank statements, pay stubs, utility bills, etc. This was all sent to the IRS along with the Offer In Compromise request which was forwarded to an IRS examiner for review. After several correspondences between our enrolled agent and the IRS examiner, the Offer In Compromise was finally approved. The couple was very happy with the outcome and most importantly, the tax debt was resolved with $50.
OIC was applied for and accepted with the IRS as follows:
Total amount owed: $8,863.19
Resolution: Offer In Compromise
Settled Amount: $50.00
Phases worked: Investigation and Resolution
This example is an actual example of a client who enrolled in the tax program. Every case is unique and this is not an extension that you will receive the same resolution as they will. Your situation is unique, as are all tax cases. The team has extensive experience, has former IRS employees, special officers, enrolled agents, tax attorney, and CPA’s. Our tax team will work diligently with a flat fee to solve the tax issue you have for the best possible resolution for you. That means doing all possible to ensure you pay the lowest amount of taxes legally required based on your situation, allowable deductions, finances, and other factors.