Can You Finance A Car With A Tax Id Number How to File a Successful Offer in Compromise With the IRS

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How to File a Successful Offer in Compromise With the IRS

Filing an Offer in Compromise is a great way to significantly reduce your delinquent taxes with the Internal Revenue Service. However, it is not as simple as filling out a few forms. To be successful with an Offer in Compromise, you must plan ahead and pay close attention to detail.

The first step to success is to really determine if you qualify for this program. I know this sounds simple, but determining your eligibility is not a simple matter. Since it can take an individual more than 20 hours to determine if they simply qualify for the program.

To determine if you qualify, you may need to complete IRS Form 433 or 433-A, and these forms can take a long time. These forms require you to disclose all of your financial information. This includes all of your bank account information, such as names, addresses and account numbers for all of your bank accounts. In addition, you must provide statements for three months in each account.

You’ll also need to disclose information about your vehicles, such as your VIN number, fair market value, and your auto loan balance. In addition, if you own any real estate, you will also have to disclose the fair market value of your real estate and the balance of your home mortgage.

This is just a sample of the information you have to provide to the Internal Revenue Service that they will use to determine if you even qualify for the Offer in Compromise Program.

However, before you submit an offer to the tax authorities, you should know whether you even qualify or not because there are steps you can take to qualify.

For example, take John Smith, who owes the government $25,000 in back taxes. John owns a home or has some investments, but he has $23,000 in a savings account and a 10-year-old vehicle that has 128,000 miles on it. If John simply submitted an offer to the IRS with the above information, they would not approve the offer and take the full $23,000 from John’s bank account.

However, if before submitting the offer, John purchased a new vehicle for $30,000 by using the $23,000 in his savings account and taking out a $7,000 auto loan. This would allow John to shield a large percentage of his asset from the offering in the commitment calculation and John would be a more favorable candidate to be approved for an OIC.

Preparing a successful offer in compromise is time-consuming and technical in nature. If you have delinquent taxes with the IRS and want to settle them by making an Offer, you should seek professional assistance from an experienced professional like the author of this article.

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