Why Your Offer in Compromise Got Rejected: Understanding IRS Collection Financial Standards

⚠️⚠️Do you owe back taxes to the IRS or State?⚠️⚠️
So you owe back taxes and you filed an Offer in Compromise but the IRS rejected it. Why? It might be because of something called the Collection FInancial Standards. The IRS might have disallowed some of your actual expenses which increases the amount you have to offer OR could cause your offer to be rejected all together. In this video I explain the Collection Financial Standards and how they can ruin a good offer.
Would you like to learn how to get the tax collectors off your back without paying your taxes? Even if you cant afford to make any monthly payments at all?
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IRS Collection Financial Standards: www.irs.gov/businesses/small-...
📝Contact Corey Hankerson JD, EA📝
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NOTE: Legacy Tax is a tax resolution firm. Legacy Tax helps individuals and businesses with tax and accounting issues. Legacy Tax is not a law firm and does not offer legal services or legal advice. If you need legal services or legal advice please consult an attorney.

[@anonymoususer8046]

Brother... I truly appreciate you for these vids man. 🙏🏾 😌

[@CWHankerson]

Thank you and thanks for watching. Please subscribe abd hit the like button if you havent already done so. I would really appreciate it. New vids coming tomorrow. Stay tuned!

[@abdielperez5810]

Really enjoying your channel. Truly part of my professional development 👍🏼

[@CWHankerson]

Thank you and thanks for watching

[@ConsciousCrypto]

I respect the hustle my man 💪

[@dejondabeast2]

Great way of explaining. Subscribed.

[@CWHankerson]

Thanks and welcome aboard!

[@annatrujillo9009]

Did you ever do the video that helps us to get IRS to accept our real life expenses? I’ve searched and haven’t seen it?

[@mz.maxismith8289]

Excellent information Mr Hankerson!

[@CWHankerson]

Thank you! And thanks for watching.

[@bryanrobertson7836]

10:39 was another video created talking about the "real numbers?" If so, please provide the link/title to the video.

[@torantiebigsharks8743]

This is Gold people pay that debt off aggressively

[@Jason-ri8th]

I fyou claim less than the irs standards for Local Standards: Housing and Utilities do you have to provide documentation like a lease? I am asking because I pay rent in cash and have no official lease. Thanks.

[@CanIGetAHellYeah]

what if your expenses exceed your income using the standards?

[@danamccorkhill1954]

Will the straight decline it or counteroffer?

[@benjaminmerriman7704]

Where in the code does it say we have to pay to begin with?

[@EIPepe305]

Do you have to count Veteran disability and Social Security Disability as income?

[@pannawatphijarnwanit6306]

if youre real expenses is lower than IRS standard should you put in IRS standard or your real expense?

[@latangelahigginbotham293]

To many advertisement when u dial 1800 number.

[@mightypaws2645]

I want to know if your office can fill the forms for me for OIC and how it approx takes to here back from them.

[@CWHankerson]

Hello Thanks for watching the video and YES we can help with your OIC. Please give me a call at 1(877)LEVY-KING or schedule an appointment at www.legacytfp.as.me and I will call you. Talk to you soon.

[@grimlock_rsv4634]

My oic was rejected. I owe 20k and have no assests. I fit exactly into this

[@CWHankerson]

Hello datdamnzx10. Why was your offer rejected? I'd love to help you. Schedule a Free appointment by going to: legacytfp.as.me

[@meldun5423]

Does your company help people fill out Offer of Compromise applications?

[@CWHankerson]

Hello Mel Dun. Yes, we do help with the Offer in Compromise. Pleas give me a call at 1 (877) LEVY-KING or schedule an appointment by going to www.legacytfp.as.me and I will give you a call on the date and time you select. Talk to you soon.

[@mlfitness67]

Would you mind if I called you for help on doing my OIC? How much do you charge?

[@Melie1111]

Are IVF medical expenses allowed to use for an OIC?? I spent 30,000 dollars for IVF treatment and soon after got a 16000 tax debt

[@CWHankerson]

Interesting. Im not sure. Are the IVF treatments medically necessary? If so, maybe.

[@Melie1111]

@@CWHankerson ivf is due to infertility. As far as insurances are concerned it is elective even if infertility is due to not having Fallopian tubes.

[@CWHankerson]

@@Melie1111 Im not sure if those expenses would be allowed.

[@ViVega94]

If I submit an appeal can i offer Irs larger amount that it was in offer?

[@CWHankerson]

You can...but you dont need to appeal to increase your offer amount. An appeal is usually filed when IRS wants to increase the RCP and you want it decreased.

[@ViVega94]

@@CWHankerson what is RCP?

[@CWHankerson]

@@ViVega94 RCP stands for Reasonable Collection Potential. Its the minimum amount that the govt is willing to settle for.

[@mooncycle.]

Can you submit my offer in compromise?

[@CWHankerson]

I'd love to help you. Please give me a call at 1(877)538-9546 or schedule an appointment at www.legacytfp.as.me and I will give you a call. Talk to you soon.