How I settled IRS taxes for a client - 433 A OIC and 656 - 2022
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- Опубликовано: 31 июл 2024
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🤵 IRS Offer in Compromise Consultation ($500) in depth: www.eataxresolutions.com/form...
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The IRS Offer in compromise 433 A OIC and 656, Fresh start program, or tax settlement is a program offered by the IRS to settle your taxes for less than you owe.
I go through a case where we got the offer in compromise accepted. We go through the Form 433-A OIC and 656 along with the rejection letter, my response, the amended IRS Form 656, and eventually the golden ticket, offer acceptance letter.
I was engaged by the taxpayer after the offer got rejected. After analyzing the rejection letter, determined the IRS had made some mistakes in their calculation. We submitted a statement stating everything that we disagreed with along with supporting documents. We then got an offer that got accepted.
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🔴 Why Most IRS Offer in Compromise Get Rejected: • Why Most IRS Offer in ...
🔴 How to fill out IRS Form 433-A OIC - 2022: • How to fill out IRS Fo...
🔴How to fill out Form 656 - 2022: • How to fill out Form 6...
Helpful Resources:
IRS Form 433-A (OIC) (Rev. 4-2021)
www.irs.gov/pub/irs-pdf/f433a...
IRS Form 656 (April 2020)
www.irs.gov/pub/irs-pdf/f656.pdf
IRS Financial Collection Standards
www.irs.gov/businesses/small-...
Internal Revenue Manual - Offer in Compromise - Financial Analysis
www.irs.gov/irm/part5/irm_05-...
IRS Withholding Calculator
www.irs.gov/individuals/tax-w...
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
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www.eataxresolutions.com/form-tax-consultation-2
I was denied due to owning a house free and clear
Do not owe any taxes. The state revenue just sent a letter asking questions. Pay well over $10,000 a year.
wait so his new offer is $23750 but regardless they still accept his previous offer of $11734? im confused
if i have a current tax installment agreement, do i include that somewhere in the OIC form?
There is no where to put an IRS installment agreement, however you do include a State installment agreement for tax debt on line 49 of Section 7 of the 433-A(OIC)
Can the IRS take from your pension? In that OIC form, it asks about 401k's and Roth IRAs but I have a 401a (TRS). I cannot touch that money and my employer forces me to use that one. If I count that, it looks like I have money when I really don't have access to any of it unless I quit my current job (which I am not going to do). Do you have any insight on that?
Yes if that is a stipulation of the retirement account (which I have seen) then you would just need to provide proof of that and include the explanation of not including the account in the offer on a cover letter.
I have 2 cars one is paid off and worth $2800, should I sell it before I file 433a OIC
If your married you can take $3450 off each car. So that car would be worth $0 to them and not something they try to get more off of you for ;)