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Reduce Taxes
by IRS Offer in Compromise
Tax settlements with the IRS can help avoid an unnecessary bankruptcy
and can end the nightmare of bank levies, asset seizures, and wage
executions. An effective Offer can provide a reasonable tax settlement
that will eliminate excessive and burdensome tax payments.
Don't be
fooled by scam artists that promise
"pennies on the dollar"
settlements. Yes, it is true that I have gotten exceptional deals for a
few clients, nevertheless the
determination of the Offer amount is
based upon your assets, liabilities and income.
Special Rules
for
Unemployed Taxpayers
Starting March, 2010, IRS employees will be permitted to consider a
taxpayer’s current income and potential for future income when
negotiating an offer in compromise. Normally, the standard practice is
to judge an offer amount on a taxpayer’s earnings in prior years.
This new step provides greater flexibility when considering offers in
compromise from the unemployed. The IRS may also require that a
taxpayer entering into an offer in compromise agree to pay more if the
taxpayer’s financial situation improves significantly
How to Get
an Offer in Compromise
The Offer in
Compromise process for reducing
tax liability has three basic elements:
- Your tax
attorney prepares a proposal
("Offer")
- The IRS
considers and grants the
settlement request ("Compromise.")
- You must
make a 20% NonRefundable
payment to the IRS.
This difficult and time consuming process of lowering your taxes can be
very valuable.
Click
here for more detail on Compromises.
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Ronald J. Cappuccio, J.D.,
LL.M.(Tax)
Counsellor
at Law
1800 Chapel Avenue West, Suite 128
Cherry Hill, NJ 08002 USA
Phone (856) 665-2121
Fax (856) 665-9005
Email:
Ron@TaxEsq.com
©
Copyright
1996-2010 Ronald
J. Cappuccio, J.D., LL.M.(Tax) All
Rights Reserved
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