Why Most IRS Offer in Compromise Get Rejected

EA Tax Resolutions Website: eataxresolutions.com/?...
EA Tax Resolutions Phone Number: 800-245-0596
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🤵 IRS Offer in Compromise Consultation ($500) in depth: www.eataxresolutions.com/form...
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In this video we discuss the #1 reason why most IRS Offer in Compromises get reject. We go through
the section of the IRS Form 433-A OIC where the misunderstanding is that causes the rejections. Hope it helps!
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🔴 IRS Offer in Compromise: What is it? Do I qualify to settle my back taxes with the IRS? • IRS Offer in Compromis...
🔴IRS Offer in Compromise Case that got accepted from A to Z: • IRS Offer in Compromis...
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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-...
IRM 5.8.5.22.3 - www.irs.gov/irm/part5/irm_05-...
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).
#IRSofferInCompromise #IRS #tax

[@ransomemckissick8184]

Thanks for the intel, Bro! I am going to be attempting my 3rd OIC later this week!

[@eataxresolutions]

Good luck!

[@giastorm21]

Thank you ! Your videos are AMAZING and informative!

[@eataxresolutions]

Glad you like them!

[@Latvian13]

Thank you! Very helpful.

[@eataxresolutions]

Glad it was helpful!

[@cwebbwash3]

Thanks for the video! I accidentally put an amount on line 46 that was meant for line 45. Is my OIC doomed to fail or will an Officer Examiner hear me out if I explain the situation?

[@rickynunez7367]

Hi Anthony, on line (50) secured debts..student loans/employee retirement/dues. do I add what the amount of what my union takes out for my pension or is that if I took out a loan against my pension? Thank you in advance!

[@bobbycarmichael2562]

Great video man! Question though.... I didn't see it listed on form you covered, unless I missed it. What if a substantial amount of your monthly income goes towards credit card debt, which could be verified on bank statements?

[@eataxresolutions]

Thank you! Unfortunately payments to credit card debt is not included on the form. IRS's stance is that the IRS should be paid before credit cards. This is backed by bankruptcy laws.

[@pannawatphijarnwanit6306]

is it important to attach a cover letter? or it is not necessary?

[@eataxresolutions]

If you are looking to schedule an appointment to go over your case, please use the link below. www.eataxresolutions.com/form-tax-consultation-2

[@richardfourzon5828]

Except mine, right Anothny!

[@eataxresolutions]

Exactly!

[@giastorm21]

I live in TN . If I’m filing separately, but my husband is part of the household , do I use the standard deductions for the household size with 1 person or 2?

[@eataxresolutions]

1 Person

[@brooklynbad5114]

hello good afternoon I have a question how do you know if you qualify for the 433a or the 656. and my next question is when you fill out these forms are you filling it out with the basis on what happened that year or are you feeling it out with what you pay now for example I was living in an apartment that year now I live in the house with major expenses. my second question you said you can't get car transportation in public transportation I work in another state so I dropped my car at 20 miles each way to the train station and then take the train to the next state so how do I justify that. thank you so much for answering

[@abubomom2]

Hi you need to file 433a or 433b if you have a business. Also you file 656 that is the offer. If you can you should use the standard deduction you don’t have to prove those.

[@eataxresolutions]

I have an older video that explains how to know if you qualify. kzbin.info/www/bejne/l5KXf4CleNiphKM If you want me to run through your case to let you know if you would qualify you can use the link below for an appointment: www.eataxresolutions.com/form-tax-consultation-2 You will need to fill out the 433-A OIC with your current information. If it is necessary, you should be able to get both the vehicles expenses and the public transportation. The justification will come from your circumstances.

[@n3wy3ar83]

When giving the IRS my account numbers for the 433-A what am I consenting to I can’t seem to find information on that at all. Do they then have free rein to go through my accounts whenever they want for the rest of my life?

[@eataxresolutions]

The terms of the offer in compromise are in section 7 of the Form 656. Another useful resource is the Form 656 booklet. www.irs.gov/pub/irs-pdf/f656b.pdf

[@Thegiffdog1]

If I have an SCorp, do I also need to fill out a 433-B Non OIC?

[@eataxresolutions]

If you are filing an offer for individual income tax and you own an S-Corp you will need to prepare the 433-B(OIC) to file an offer in compromise in addition to the 433-A (OIC).

[@Thegiffdog1]

@@eataxresolutions i was told as individual 433-B without OIC, 433-B OIC is for business filing

[@trenthamag2979]

If I currently have a payment plan in place, do I include that amount in my monthly expenses?

[@eataxresolutions]

If its an IRS payment, No, as the offer in compromise is an alternative to the payment plan

[@applepietime2]

My debt owed is 8400, but the total value of my real estate is 58396 after market value. Additionally my 403b value is 22000. This means im automatically ineligible for forgiveness correct? 😢

[@eataxresolutions]

correct

[@MsZuby123]

I need help in filling

[@eataxresolutions]

www.eataxresolutions.com/form-tax-consultation-2

[@markcodysr]

I don't understand what you are trying to impart.

[@eataxresolutions]

Trying to make sure you don't make these mistakes if you file an OIC.