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In this video I'm giving you the exact offer in compromise formula you need to submit your doubt as to collectibility offer in compromise to the IRS. I start with explaining what the IRS is looking for (i.e. your reasonable collection potential), then discuss how to value your assets for offer in compromise purposes, then discuss how to determine your monthly income and expenses for offer in compromise purposes per the IRS Collection Financial Standards, and finally put it all together to help you determine your offer in compromise amount. This offer in compromise training is over an hour long, so be sure to take notes!
⬇️ More Tax Relief Videos:
My Previous Offer in Compromise Video: • Offer in Compromise 20...
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⬇️ IRS Resources:
- IRS Form 656: www.irs.gov/pub/irs-pdf/f656.pdf
- IRS Form 433-A (OIC): www.irs.gov/pub/irs-pdf/f433a...
- Internal Revenue Manual 5.8.5 Financial Analysis: www.irs.gov/irm/part5/irm_05-...
- Collection Financial Standards: www.irs.gov/businesses/small-...
- National Standards for Food, Clothing, and Other Items: www.irs.gov/businesses/small-...
- Local Standards for Housing and Utilities: www.irs.gov/pub/irs-utl/all_s...
- Local Standards for Transportation: www.irs.gov/pub/irs-utl/all_s...
➡️ My M1 Finance Review: • M1 Finance Review | Pr...
Table of Contents:
0:00 How Much to Offer in Compromise to the IRS
1:26 Reasonable Collection Potential
4:08 Equity Component and Income Component
6:05 Calculating Cash Value
7:30 Calculating Investments at 80% Quick-Sale Value
8:40 IRA Example (After Taxes and Penalties)
12:45 A Note About Quick-Sale Value
13:58 Valuing Life Insurance Policies
15:22 Valuing Real Estate
20:05 Doubt As to Liability With Special Circumstances
21:26 Effective Tax Administration
22:15 Calculating Vehicle Value
23:40 Calculating Miscellaneous Valuable Items Value
24:33 Calculating Furniture and Other Personal Items Value
25:43 Adding Your Assets Up
25:58 Hiding Assets From the IRS (Don't Do It)
28:34 Self-Employed and Business Information
29:28 Calculating the Income Component
31:35 Calculating Gross Monthly Income
33:05 Calculating Monthly Household Expenses
33:14 National Standard Expenses
35:11 National Out-of-Pocket Health Care Expenses
37:05 Local Expenses
37:43 Local Standard Expenses for Housing and Utilities
40:08 Local Standard Expenses for Transportation
48:03 Health Insurance Premiums
48:21 Putting Zero vs. Leaving Blank
48:48 Court-Ordered Payments (Alimony, Child Support, etc.)
49:52 Term Life Insurance Premiums
50:10 Current Monthly Taxes
50:44 Secured Debts
53:07 401(k) Loans
53:39 Other Expenses (Student Loans, Mandatory Retirement, Tuition, etc.)
56:24 Delinquent State and/or Local Tax Payments
57:50 Final Reasonable Excess Monthly Income Calculation
58:18 Determining Your Future Income Multiplier (12 or 24)
1:00:01 Calculating Your Final Offer in Compromise Amount
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