Dec. 17, 2024

Tax Solutions 201

Tax Solutions 201

Owe the IRS? Looming for a solutions or want to try DIY? Taxation Solutiosn provides Free conslutations. TaxTalk4U discusses IRS Offer in Compromise OIC how to file what are the rules to follwo when filing an Offer to settle your tax debt. Do you...

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Owe the IRS? Looming for a solutions or want to try DIY? Taxation Solutiosn provides Free conslutations. TaxTalk4U discusses IRS Offer in Compromise OIC how to file what are the rules to follwo when filing an Offer to settle your tax debt. Do you qualify for an Offer in Compromise. Find out what forms you need 433A 433B 656 OIC forms. Settle Tax Debt with an Offer in Compromise. OIC

Tax Talk 4 U is broadcast live Mondays at 10AM ET and Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Tax Talk 4 U is viewed on Talk 4 TV (www.talk4tv.com).

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WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests, and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Barry G.

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Fowler EA brings you tax talk for you right here

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on W four CY Radio and talk for TV. As

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an enrolled agent and a national leader in tax resolution

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as well as Trucker bookkeeping and tax planning. With over

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thirty years of experience, Barry will break down taxes, bookkeeping,

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tax planning, and tax relief for individuals and businesses just

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like you. So let's have some tax talk for you

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with your hosts.

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Barry G.

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Foul Hey, welcome, it's another good day to talk about

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tax problems tax solutions. You know what does it take

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to get an offering compromise? Hey, I'm just glad to

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have made this show this morning. I know, we promised

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talking about tax solutions to a one and you know,

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how do you get the offering compromised? But you know,

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we were before the show talking to a friend of

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mine and we were talking about, you know, clients that

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we do tax planning for, and sometimes they're just headstrong

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and obstinate, kind of like moving cattle today this morning

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out here in the ranch, we're trying to get cattle

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around that up so we can take them over and

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get the artificial insemination done on them, second step in

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the in the process. But sometimes clients are just that

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same way. You know, it's hard to get them moving

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in the right direction and get them going. Once you do,

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you know, everybody's happy. And you know, so we do

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tax planning right now, and as we're planning and helping

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our clients plan for the taxes that they're going to

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owe for twenty twenty four and even starting to put

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the planes together for twenty twenty five, it's sometimes having

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that open mind and going ahead and following the herd

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of hey, what's the best thing to do and the

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easiest way to save money on taxes? And that's tax planning.

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It's definitive to do that, and we'll talk more about

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tax planning for twenty twenty five, how to finish up

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twenty twenty four, and you know, a couple of the

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next episodes you know as we go. But today we're

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going to talk about taxation solutions to oh one, you know,

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offering compromise. So what is an offering commise? We hear

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it on the radio all the time, but an offering

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compromise is an agreement between you and the IRS A

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saddles tax debt for that than the full amount HODE.

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So the IRS offer program provides eligible tax payers. Now

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remember that's eligible. Not every taxpayer are going to qualify

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an opportunity to resolve your tax deb You know, the

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ultimate goal that the I R S.

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Has and an offering compromises, it's got to suit the

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best interest of you, the taxpayer and the I R S.

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Now first and foremost it's the IRS that it's really

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got to suit. And you've got to make an appropriate

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offer based on what the I R S considers your

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ability to pay. Now you've got to remember this is

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the I R S. And so you know their whole

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goal of collections is getting money from you and I

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and you know, the more they get in, the better

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job they're considered to have done. It's not compromising with you.

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It's not saying, hey, you can get away without paying,

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you know, unless you qualify based on their stringent standards. Now,

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last week and if you go back to tax Talk

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for You dot Com, you can go back and listen

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to Taxation Solutions.

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One oh one.

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You know, preparing for either an offered compromise or payment

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plan by filling out the four thirty three. So here

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we're going to talk more about that offered compromise, what

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you have to do, and what the i r S

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is looking for. And just to remember, by submitting an application,

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it does not ensure that the i r S is

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going to accept it. It just begins the process of

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evaluation verification by the i r S. They're going to

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take into consideration any special circumstances that may affect your

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ability to pay. Now, the special circumstances does not mean

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paying for your child's college education or private school. None

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of that's going to be taken into effect. You would

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have to actually go back in and prove private school,

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whether it's you know, elementary, middle school or high school,

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is absolutely required. And cannot be done in a public school,

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and that's sometimes hard to do. But you know, before

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the IRS is going to consider any offer from you,

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you've got to make sure all your tax returns that

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you are legally required to file are done and you

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have received a bill for at least one tax debt

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included in this offer. So if you just filed two

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or three tax returns and you're waiting for them to

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be processed, and you know you've got twenty thirty forty thousand,

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we can file the offered compromise, include those tax returns

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there with all the dollar amounts, and then file your offer.

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And then the biggest thing, and the biggest problem most

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people have is, yes, you filed your tax returns, you've

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received your bill, maybe you're getting ready to file this offer.

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The biggest thing. The IRS also requires that you make

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all your estimated tax payments for the current year. So

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remember that you got to make your estimated tax payments

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for the current year. So if you're filing right now

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in twenty twenty four, you would have had to make

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the three required estimated tax payments that would have been

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required already through today, and then make the fourth one

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in January and then you've got to continue that in

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twenty twenty five. And then if you were a business

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owner with employees, you got to make sure all required

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federal tax deposits for the current quarter and the preceding

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quarters is done. You also got to make sure you

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filed all your business employment tax returns as well. So

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you know, we've got to go through and make sure

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that you followed all these things before you submit it,

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so that you know you have a chance at getting

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an offer accepted. Now, once they do evaluation and verification,

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they're going to verify everything you put out there. So

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some other things to consider. If you're going through bankruptcy,

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whether it's business or personal, you're not eligible to apply

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for an offer. Any resolution of your outstanding tax debts

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got to take place within those bankruptcy proceedings. If you've

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got an open audit, or maybe it's an innocent spouse claim,

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you've got to make sure all those are resolved as

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well before you're submitting an offer. So those are a

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couple other things that you've got to go through and

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look at. Can you painful? So general, Hey, if you

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can pay a full IRIS is never going to accept

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an offer, So you can do an installment agreement, or

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you can do if you've got equity and assets, you

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can sell off assets or get a loan against the

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assets and pay this down. Now, you know that's doubt

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to collectibility, and you know there are a couple of

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other statuses, whether it's doubts to liability or affect the

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tax administration you can file under. So those could impact

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whether you can file with ability to pay. So you know,

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when the i RS goes through and does this, they

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give you some exceptions and adjustments and stuff. As you're filing,

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you know, they give you a little bit of allowance

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on your bank balance of about thousand dollars thirty four

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fifty against the value of a car, So you know

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they will look at all those things after you know

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what debts and other stuff that you have the ability

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to pay your tax refunds. Now, if you file for

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offering compromise, any tax refund that comes during while it's pending,

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they're going to keep. And if they accept your offer,

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then the following tax here they're going to keep your

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refund as well. So one of the big things to

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do when you're doing this is you're filing your return,

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you're making estimated tax payments, you need to make sure

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that you're paying the right amount in because you know

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if you're overpaying, the IRS is going to keep it.

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If you're underpaying, it could impact your offering, compromise and

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get it kicked out. So you know you need to

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make those couple of things very clear when you're going

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through and doing this. Now. One other note, if you

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are getting a refund and this offer is pending or

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the offer has been accepted, that refund is not going

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to be a payment towards whatever your offer was, So

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you know, keep those things in mind so you know

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when now yours is going through and doing this. The

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i RS does very deep and thorough investigations of everything

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on that four thirty three, and so they get into

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the detail of everything that you have owned or do own.

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So you've got to be ready to answer questions. So

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if you've had five or six cars, and whether it

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was for you or your kids, if you've turned them

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back in and sold them, you know those should be

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off your record. If they went to junk or they're worthless,

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or you passed them to one of your kids, the

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IRS is going to see that the title is still

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in your name and they're going to ask where those are.

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But if you've traded them in, you have a ClearCase

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you traded it in and got a new car, and

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you'll be able to show that. Now I'm going to

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give you a real life scenario what happens when you're

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not really clear and thorough in identifying like property, vehicles

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and other things that you own that are of value,

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and the IRS does their verification process. And we're going

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to talk about that right after this break.

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We have only scratched the surface of today's show. Please

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stand by as Barry Chief Bowler will be pack with

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tax talk for you. If you owe the IRS or

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are going through an IRS audit, don't go at it alone.

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Call Taxation Solutions tax Relief at eight eight eight nine

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three zero one zero one six. We are your solution

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for IRS debts, audits, back taxes, garnishments, leans and levees.

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Whether you're an individual or business, you need a solution

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and a strong, aggressive tax resolution.

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Don't let the IRS walk all over you. Stop the

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IRS now.

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Call eight eight eight nine three zero one zero one

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six or go to Taxationsolutions dot net now for a

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free no obligation consultation. Let's get back to Taxtok for

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you with more taxtock once again.

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Here's your host Rgi Ballo.

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Hey, welcome back. You know, talking taxation solutions and selling

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your tax dead with the I R S. And you

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know we all hear on the radio the offering compromise

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and you know, hey, you can settle for less than

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you oh and and all that, and you know that

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in some cases it is true. But if you have

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the ability to pay and you're not submitting that out

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to the liability or for effective tax administration, you're just

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submitting on the ability to pay, then the I R

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S is going to outright rejected. If you do have

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that ability to pay, whether it's money in the bank,

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money and the four oh one k i RAS equity

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in your house, those offers that all will be kicked

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out and you know come back to hey having to

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make payments. So sometimes partial pay installment agreement is better.

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Sometimes non collectible status is better, and sometimes installment agreement

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is better. And sometimes just going to get in the

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home equity a low is the right thing to do

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as well, especially if your house is free and clear,

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get a mortgage and pay this off. It might be cheaper,

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but one of the big things is rejection of your

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offer when you weren't fully honest. So you know, we've

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had a client in the past who didn't tell us,

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and we do thorough checks. Now you know, we're not

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as thorough as the IRS. We're not going to go

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out and check property tax law filings and deeds and

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everything else on you. We're going to rely on you

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to say, hey, this is the property we own, or

225
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these are the vehicles that we own or that are

226
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in our name. Or we also try to find out

227
00:14:47.360 --> 00:14:50.799
if you passed a vehicle or something onto a child

228
00:14:52.720 --> 00:14:55.039
and everything, because people do buy cars for their children

229
00:14:55.080 --> 00:14:57.000
when they're growing up and then you know, they turn

230
00:14:57.080 --> 00:15:01.519
eighteen or twenty and you know they give them the car. Well,

231
00:15:01.679 --> 00:15:04.919
you know, i RS considers that dissipated asset. But you know,

232
00:15:04.960 --> 00:15:08.000
we had a client who owned a bunch of property

233
00:15:08.720 --> 00:15:14.720
and you know, in his opinion, it wasn't worthy of

234
00:15:15.080 --> 00:15:18.480
disclosing to us, And we had a wonderful offer on

235
00:15:18.519 --> 00:15:21.080
the table. He was going to settle for like one

236
00:15:21.120 --> 00:15:24.240
hundred dollars on about three hundred thousand dollars worth of

237
00:15:24.240 --> 00:15:28.879
debt because everything we showed everything he gave to us

238
00:15:28.919 --> 00:15:34.519
showed that he could not make a payment, couldn't afford it.

239
00:15:36.440 --> 00:15:40.399
But he never told us that he had over a

240
00:15:40.519 --> 00:15:45.879
thousand acres of property worth over a couple of million

241
00:15:45.960 --> 00:15:52.279
dollars in today's evaluation. He didn't think it was important

242
00:15:52.399 --> 00:15:56.360
enough to tell us. And then he sold off part

243
00:15:56.360 --> 00:16:00.679
of that acreage to his son, and the son was

244
00:16:00.720 --> 00:16:03.840
making payments to him in a separate account that he

245
00:16:03.919 --> 00:16:06.120
did not disclose to us because he didn't think it

246
00:16:06.159 --> 00:16:11.960
was any of our business or the I R s's business. Well,

247
00:16:11.960 --> 00:16:15.720
that's one way of getting your offer kicked out and

248
00:16:16.639 --> 00:16:22.159
sent us scrambling, because one of the big things that

249
00:16:22.919 --> 00:16:26.759
you do when you sign, you're going to fill out

250
00:16:26.840 --> 00:16:28.559
two forms. You're going to fill out the four point

251
00:16:28.559 --> 00:16:31.080
thirty three and you're going to fill out a six

252
00:16:31.200 --> 00:16:36.320
fifty six offering compromise. And on those forms you testify

253
00:16:36.480 --> 00:16:41.279
the under penalties of perjury and you submit that everything

254
00:16:41.440 --> 00:16:44.759
is correct. You know, I have a dog over here barking,

255
00:16:44.759 --> 00:16:47.960
so you know he's she's verifying that. Yeah, the I

256
00:16:48.080 --> 00:16:51.360
R S can be a pain, and so we had

257
00:16:51.399 --> 00:16:55.320
to scramble to get the offer with drawn real quick

258
00:16:55.440 --> 00:17:01.559
so that she did not submit this offer as fraudulent offer,

259
00:17:02.279 --> 00:17:06.039
and so you know, we passed this off and got

260
00:17:06.039 --> 00:17:10.519
this done, and so at least we were able to

261
00:17:10.519 --> 00:17:14.440
scramble and keep them safe. Another one of our clients

262
00:17:15.400 --> 00:17:18.960
was out there and passed several vehicles to their kids,

263
00:17:19.000 --> 00:17:24.000
which you know is fine. Unfortunately, in this case the

264
00:17:24.119 --> 00:17:28.759
cars were not worth that much, but it did increase

265
00:17:28.839 --> 00:17:32.279
his offer by several thousand dollars because of the value

266
00:17:32.279 --> 00:17:36.839
of the vehicles that he passed to his children. So

267
00:17:37.119 --> 00:17:40.599
you know, keep those things in mind. Now, there are

268
00:17:40.599 --> 00:17:44.000
a few other things that are really important in an

269
00:17:44.079 --> 00:17:47.319
offering compromise. If you do get rejected, you do have

270
00:17:47.400 --> 00:17:52.599
the right to appeal and offer rejection, but you can't

271
00:17:52.640 --> 00:17:55.960
appeal the return of them. So if you submit your

272
00:17:56.000 --> 00:17:59.880
offer and they decide to reject it, you can appeal that.

273
00:18:00.559 --> 00:18:03.759
If the offer is completely wrong and they don't like it,

274
00:18:03.799 --> 00:18:06.200
they return it and you cannot appeal it. You can

275
00:18:06.279 --> 00:18:09.559
submit a new offer, but you can't appeal it. And

276
00:18:09.640 --> 00:18:12.440
after you submit your offer again, you've got a member

277
00:18:12.599 --> 00:18:16.519
to timely file and pay all the taxes due on

278
00:18:16.559 --> 00:18:21.920
your returns, estimate tax payments, federal tax payments for yourself

279
00:18:21.920 --> 00:18:25.519
and any businesses you have an interest in, and failure

280
00:18:25.559 --> 00:18:30.079
to meet your filing or payment responsibilities during consideration of

281
00:18:30.119 --> 00:18:32.480
your offer is going to result in the reject of

282
00:18:32.519 --> 00:18:36.799
your offer and the IRS returning your offer. So you

283
00:18:36.839 --> 00:18:40.079
have failed in any of those that offer is going

284
00:18:40.240 --> 00:18:44.960
to be returned to you. Now, if the offer is

285
00:18:45.000 --> 00:18:48.920
accepted by the IRS, you're going to have to stay

286
00:18:49.160 --> 00:18:53.640
current with all your tax filings and payment obligations for

287
00:18:53.759 --> 00:18:59.680
the next five years. After your offer is accepted. Remember

288
00:18:59.680 --> 00:19:03.720
that you're offer gets accepted, you now have to stay

289
00:19:03.799 --> 00:19:07.759
current with all tax filing and payment obligations through the

290
00:19:07.799 --> 00:19:12.559
fifth year. So you got five years to stay complaint.

291
00:19:12.960 --> 00:19:17.079
Now what happens, You're four years, ten months into this

292
00:19:17.240 --> 00:19:20.880
in April fifteenth came up and you got the file

293
00:19:20.920 --> 00:19:23.759
on extension, didn't pay the tax that was due. You

294
00:19:23.920 --> 00:19:26.960
file the next month in May, and you pay the

295
00:19:27.000 --> 00:19:29.839
tax due. The IRAS looks at it and guess what

296
00:19:30.480 --> 00:19:33.039
that offer that's been out there for five years or

297
00:19:33.079 --> 00:19:39.200
four years and ten months, he's rejected. It's done, and

298
00:19:39.359 --> 00:19:41.920
all that money comes flooding back to you and you

299
00:19:42.000 --> 00:19:46.160
owe it all over again, and you may be in

300
00:19:46.160 --> 00:19:49.279
this better situation than you were almost five years ago

301
00:19:50.079 --> 00:19:53.000
and now have to pay all that tax plus interest

302
00:19:53.000 --> 00:20:00.279
and penalties that is now currently due. So you know, hey,

303
00:20:00.759 --> 00:20:02.880
these are the things you've got to think about when

304
00:20:02.920 --> 00:20:08.000
you're going through and filing for an offer and compromise,

305
00:20:08.799 --> 00:20:12.319
and you know, so keep those things in mind as

306
00:20:12.359 --> 00:20:18.240
you're going through this and then decide, hey, is the

307
00:20:18.279 --> 00:20:23.359
offering compromise right for me? So how do you apply

308
00:20:23.480 --> 00:20:26.759
for this? Well, the application is going to have to

309
00:20:26.839 --> 00:20:30.319
include the Forum six fifty six for the offering compromise,

310
00:20:31.400 --> 00:20:34.759
completed and signed Form four thirty three A, which is

311
00:20:34.799 --> 00:20:39.480
the Collection Information Statement for wage enters and self employed individuals.

312
00:20:40.000 --> 00:20:42.640
If you have a business, you've also got to complete

313
00:20:42.680 --> 00:20:47.240
the four thirty three B OIC, which is for the business,

314
00:20:47.440 --> 00:20:50.799
and then pay your application fee, which is two hundred

315
00:20:50.839 --> 00:20:56.400
and five dollars unless you meet the low income certification guidelines.

316
00:20:56.759 --> 00:20:59.960
And then you've got to make an initial payment offer

317
00:21:00.839 --> 00:21:04.400
and that needs to be roughly twenty percent unless you

318
00:21:05.079 --> 00:21:08.720
meet the low income certification guideline. So sometimes making a

319
00:21:08.799 --> 00:21:12.319
little bit lower offer out there, or an offer over

320
00:21:12.359 --> 00:21:17.759
twenty four months may get you just smaller initial payment.

321
00:21:18.359 --> 00:21:21.079
So you've got to consider what's the best thing, you know,

322
00:21:21.200 --> 00:21:24.839
for you, and now you know your offer is not

323
00:21:25.000 --> 00:21:29.279
going to be considered without the completed and signed forms,

324
00:21:29.279 --> 00:21:32.039
the six fifty six, the four thirty three A SE,

325
00:21:32.240 --> 00:21:39.279
four thirty three B O see and all your supporting documentation. Okay,

326
00:21:39.920 --> 00:21:43.480
now this is critical. So you've got to make sure

327
00:21:43.599 --> 00:21:45.920
you look at the four thirty three and the six

328
00:21:45.920 --> 00:21:48.480
to fifty six form and see what needs to be

329
00:21:48.559 --> 00:21:52.599
attached and attach all the documents generally three months and

330
00:21:52.640 --> 00:21:55.279
bank statements. They're going to want to look at your

331
00:21:55.559 --> 00:21:58.880
mortgage statement. They're going to want your car loan information

332
00:21:59.119 --> 00:22:02.160
in any other debts that you're putting on there that

333
00:22:02.240 --> 00:22:08.039
you can qualify for. So you know, we've got to

334
00:22:08.079 --> 00:22:10.519
go through and look at this. And if it's a

335
00:22:10.599 --> 00:22:13.559
joint debt, hey, this is easy because it's everything is

336
00:22:13.559 --> 00:22:16.799
coming in and going on there. If it is just

337
00:22:17.039 --> 00:22:19.759
you your debt or your spouse's debt, if you're trying

338
00:22:19.759 --> 00:22:22.759
to go for an offer and compromise, people will argue

339
00:22:22.799 --> 00:22:26.000
with us, why do I have to give my spouses information?

340
00:22:27.319 --> 00:22:32.960
Because your spouse is the information is required to determine

341
00:22:33.039 --> 00:22:38.400
how much of the household expenses are yours versus theirs,

342
00:22:39.000 --> 00:22:41.319
and so it will be split based on the amount

343
00:22:41.359 --> 00:22:45.279
of income that's coming in from each of you and

344
00:22:45.319 --> 00:22:49.119
then determine whether or not you can qualify. We're out

345
00:22:49.119 --> 00:22:52.960
there for the tax debt. If the debt is with

346
00:22:53.160 --> 00:22:57.680
an X spouse and you have joint debt and your

347
00:22:57.799 --> 00:22:59.680
xpouse doesn't want to be part of the offer, you

348
00:23:00.039 --> 00:23:04.480
submit your own Form six fifty six to compromise your

349
00:23:04.519 --> 00:23:07.519
responsibility for the joint debt. So there's a way to

350
00:23:07.519 --> 00:23:11.400
get out of this even if you have debt with

351
00:23:11.480 --> 00:23:14.519
the next spouse. So you know, we're going to look

352
00:23:14.559 --> 00:23:16.880
at you know, how to go through and do that

353
00:23:16.960 --> 00:23:22.920
in separations and stuff. Now, if you're if you got

354
00:23:22.920 --> 00:23:25.680
some debt with your current spouse and you got some

355
00:23:25.759 --> 00:23:28.720
debt that was prior, you may be required to file

356
00:23:28.799 --> 00:23:33.160
two offers and compromises. You would file two six fifty

357
00:23:33.160 --> 00:23:37.839
six is file two application fees and two initial payments.

358
00:23:38.759 --> 00:23:42.960
So unless of course, you meet that low income guideline.

359
00:23:43.440 --> 00:23:45.519
So those are some of the things that you want

360
00:23:45.640 --> 00:23:50.519
to go through. So after this break, we're going to

361
00:23:50.599 --> 00:23:54.119
talk about completing the application package and we'll be right

362
00:23:54.160 --> 00:23:54.920
back after this.

363
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We have only scratched the surface of today's Please stand

364
00:24:01.440 --> 00:24:04.559
by as Barry chief Bowler will be right back with.

365
00:24:04.759 --> 00:24:05.759
Tax talk for you.

366
00:24:08.759 --> 00:24:11.880
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367
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368
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369
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370
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371
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372
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373
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374
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375
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376
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377
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seven or go to Trucker tax Tools dot com now

378
00:24:47.440 --> 00:24:48.079
and let.

379
00:24:47.960 --> 00:24:54.359
The experts keep you trucking. Let's get back to tax

380
00:24:54.400 --> 00:24:58.599
stock for you with war tax Stock once again. Here's

381
00:24:58.680 --> 00:25:00.039
your host, Barry E.

382
00:25:00.440 --> 00:25:09.359
Sat Oh, looks like we have a traveling camera. We

383
00:25:09.400 --> 00:25:14.440
got it back here. Hey, we're talking offering compromise taxation

384
00:25:14.519 --> 00:25:17.480
solutions two on one. How to solve your tax data

385
00:25:17.519 --> 00:25:20.519
with an offering compromise. Hey, one of the best things.

386
00:25:20.559 --> 00:25:22.200
I mean, if you just choose to do this yourself.

387
00:25:22.240 --> 00:25:24.839
Not I don't recommend it because sometimes it creates more

388
00:25:24.880 --> 00:25:29.240
work for experts like us here at Taxation Solutions. But

389
00:25:31.119 --> 00:25:33.039
if you decide to do it yourself, one of the

390
00:25:33.079 --> 00:25:35.720
best things to do is go to the IRST type

391
00:25:35.759 --> 00:25:39.880
in offering compromise and do the offer and compromise pre

392
00:25:40.039 --> 00:25:44.920
qualifier and you'll be able to use this tool to

393
00:25:45.079 --> 00:25:47.359
determine if you're going to be eligible. Now that the

394
00:25:47.400 --> 00:25:51.000
bad drawbacks of this is, hey, it takes what your

395
00:25:51.039 --> 00:25:55.000
current situation is and doesn't give you the opportunity really

396
00:25:55.079 --> 00:25:57.599
to say, hey, what do we need to modify, what

397
00:25:57.640 --> 00:26:00.319
do we need to do different to you know, make

398
00:26:00.400 --> 00:26:05.599
this happen and make this work. But you can go

399
00:26:05.680 --> 00:26:09.400
through this tool and you'll enter your financial information and

400
00:26:09.440 --> 00:26:13.519
your filing status and what the preliminary offer amount is

401
00:26:13.880 --> 00:26:16.240
and stuff. So they're going to ask you questions like

402
00:26:16.279 --> 00:26:19.799
are you an open bankruptcy, have you filed all your

403
00:26:20.119 --> 00:26:24.960
federal tax returns? Have you made all your estimated tax payments?

404
00:26:26.279 --> 00:26:29.200
Are you self employed have employees? And have you submitted

405
00:26:29.240 --> 00:26:33.200
all federal tax deposits? And then you'll move on to

406
00:26:34.559 --> 00:26:39.640
kind of the next screen out there and they start

407
00:26:39.720 --> 00:26:48.960
talking about your your basic information. So you know, if

408
00:26:49.559 --> 00:26:51.720
if you do answer one of the questions right, like

409
00:26:52.119 --> 00:26:53.960
I just did. And I was just playing with the

410
00:26:53.960 --> 00:26:57.599
tool as we go through here and did it. You know,

411
00:26:57.960 --> 00:27:01.119
it's going to come in and say, like I said, yes,

412
00:27:01.160 --> 00:27:03.119
I was in bankruptcy proceeding. It's going to kick you

413
00:27:03.119 --> 00:27:05.480
out and say now that it's all qualifying, but it's

414
00:27:05.519 --> 00:27:08.200
going to come in and ask you your zip code

415
00:27:08.960 --> 00:27:11.839
in the state and county, and how many people are

416
00:27:11.880 --> 00:27:15.000
in your household and any members that are sixty five

417
00:27:15.079 --> 00:27:17.920
or older, and what's your total tax debt including penalties

418
00:27:17.920 --> 00:27:21.960
and interest, and what is the most recent year you

419
00:27:22.000 --> 00:27:24.799
are requesting? Now, what is this information? Why do they

420
00:27:24.839 --> 00:27:28.519
want it? Because when the IRS comes in and is

421
00:27:28.519 --> 00:27:32.039
evaluating your offering compromise, everything is going to be based

422
00:27:32.079 --> 00:27:36.759
on national standards. Now what are national standards? So national

423
00:27:36.839 --> 00:27:40.880
standards for offering compromises? What the i r S allows

424
00:27:40.920 --> 00:27:47.279
you to have such things for housing in utilities? You know,

425
00:27:47.400 --> 00:27:54.039
can you imagine that? You know? Hey, what sometimes they

426
00:27:54.119 --> 00:27:59.240
put down as national standards there's way lower than what

427
00:27:59.799 --> 00:28:06.039
you have. And you know they're not going to debate

428
00:28:06.119 --> 00:28:12.720
from any of that. And you know, so why do

429
00:28:12.799 --> 00:28:19.359
they do that? Because just because you've got a house

430
00:28:20.400 --> 00:28:23.240
for and you're paying a lot more money than anybody

431
00:28:23.240 --> 00:28:27.519
else's they're not going to allow it. So you know,

432
00:28:27.559 --> 00:28:30.519
they're going to take national standards for housing, national standards

433
00:28:30.559 --> 00:28:33.319
for food and clothing and other items. And you know,

434
00:28:33.400 --> 00:28:35.240
so like if we go out here and look at

435
00:28:36.039 --> 00:28:41.759
allowable living expenses national standards, if there are let's say

436
00:28:41.759 --> 00:28:47.720
four people in your household for you know, food, clothing supplies,

437
00:28:47.839 --> 00:28:51.319
personal care products, and miscellaneis for people, you're going to

438
00:28:51.440 --> 00:28:55.720
get twenty twenty seven dollars and an extra three hundred

439
00:28:55.720 --> 00:28:59.680
and eighty six dollars for each person that you actually

440
00:28:59.720 --> 00:29:05.319
claim on your tax return. That is not you know,

441
00:29:05.440 --> 00:29:08.720
who's actually living in your house, it's who you're claiming

442
00:29:09.000 --> 00:29:12.799
on your tax return. And so the I r SS

443
00:29:12.880 --> 00:29:17.200
is these national standards and you know, gives you the

444
00:29:17.319 --> 00:29:21.599
guidance on uh, you know, what you can do. Once

445
00:29:21.640 --> 00:29:25.160
you can't do, they give you, you know, out of

446
00:29:25.200 --> 00:29:29.799
pocket healthcare standards, and uh, you know those out of

447
00:29:29.839 --> 00:29:34.039
pocket health care standards are if you're under sixty five,

448
00:29:34.079 --> 00:29:38.480
it's eighty three dollars a monthly, and over sixty five

449
00:29:38.559 --> 00:29:40.680
it's one hundred and fifty eight. And that's again each

450
00:29:40.799 --> 00:29:44.680
person in in the household. You know, they give you

451
00:29:44.720 --> 00:29:48.279
that so that you you know, are if you're going

452
00:29:48.319 --> 00:29:50.039
to be over that, we would have to prove it.

453
00:29:50.039 --> 00:29:53.960
So if you've got something major happening in your in

454
00:29:54.000 --> 00:30:00.640
your household, somebody is going through you know, major surgery,

455
00:30:01.319 --> 00:30:04.480
you know they'll allow more than the national standards because

456
00:30:04.640 --> 00:30:07.480
if you are paying it. Now, if you're not paying it,

457
00:30:09.200 --> 00:30:11.119
they're not going to give you anything more than what

458
00:30:11.160 --> 00:30:14.400
the national standard is. So if you've got an agreement

459
00:30:14.519 --> 00:30:18.480
with the hospital to make you know, two hundred dollars

460
00:30:18.559 --> 00:30:21.599
a month in payments, they're going to allow you to

461
00:30:21.640 --> 00:30:24.519
do that, but you're going to have to prove it

462
00:30:24.559 --> 00:30:26.960
and show them how long you're going to be doing

463
00:30:27.000 --> 00:30:32.920
that for. If we use housing and utilities, and you know,

464
00:30:33.000 --> 00:30:38.440
we'll just pick one of the states out there, let's

465
00:30:38.480 --> 00:30:47.359
just go to Oh, let's do Tennessee. We got some

466
00:30:47.400 --> 00:30:51.240
good clients in Tennessee. So in Tennessee, you know they're

467
00:30:51.279 --> 00:30:53.319
going to say, Okay, what county do you live in?

468
00:30:54.400 --> 00:30:58.559
So if you were to live in Bedford County and

469
00:30:58.720 --> 00:31:03.599
a family again four, you're going to get nineteen seventy

470
00:31:03.640 --> 00:31:09.000
one for housing and utilities. Now, you know, the really

471
00:31:09.039 --> 00:31:11.559
amazing part is is with interest rates going up and

472
00:31:11.599 --> 00:31:13.920
as high as they are, there are people that have

473
00:31:14.000 --> 00:31:16.640
bought newer houses or just bought a house with the

474
00:31:16.759 --> 00:31:19.480
last couple of years that there is no way nineteen

475
00:31:19.559 --> 00:31:22.039
seventy one is going to include it. But that is

476
00:31:22.079 --> 00:31:24.640
going to be the maximum that they give you for

477
00:31:24.759 --> 00:31:32.480
housing and utilities. But if you live in Coffee County,

478
00:31:33.480 --> 00:31:36.079
it's two thousand and forty two dollars for a family

479
00:31:36.119 --> 00:31:41.240
of four. So you know, each one in every county

480
00:31:41.240 --> 00:31:44.000
and every state is different, and they have all this

481
00:31:44.160 --> 00:31:47.519
available to you on the website so you can see

482
00:31:47.599 --> 00:31:53.039
what the national standards are for such things again as

483
00:31:53.079 --> 00:32:00.279
housing and utilities and stuff. Transportation is another one, so

484
00:32:01.000 --> 00:32:07.119
you know it's basically gonna compose of, you know, the

485
00:32:07.160 --> 00:32:12.160
two parts. You know, your low lease payments, ownership costs,

486
00:32:12.160 --> 00:32:18.599
and additional amounts for monthly operating costs, which includes maintenance, repairs, insurance, fuel, registration,

487
00:32:18.759 --> 00:32:24.920
license inspections, parking tolls. All that stuff is included in there,

488
00:32:25.599 --> 00:32:32.039
and so they do limit what you have. So if

489
00:32:32.079 --> 00:32:34.480
you're just using public transportation, you get a two hundred

490
00:32:34.480 --> 00:32:39.240
and fifteen dollars deduction. If you have one car, you're

491
00:32:39.279 --> 00:32:41.799
going to get ownership costs of six hundred and nineteen

492
00:32:41.880 --> 00:32:43.720
if two cars, Now you've got to remember it if

493
00:32:43.920 --> 00:32:47.039
there's got to be two people in the household. If

494
00:32:47.079 --> 00:32:49.720
you're the only one applying for this, they're only going

495
00:32:49.759 --> 00:32:52.440
to give you the one car. But if it's a

496
00:32:52.480 --> 00:32:54.519
husband and wife, and then you would have the two cars,

497
00:32:54.559 --> 00:32:57.839
and the two cars would be twelve thirty eight. And

498
00:32:57.880 --> 00:33:01.359
then you're going to get costs. And this is going

499
00:33:01.400 --> 00:33:05.759
to be based on region. So they do give you,

500
00:33:05.839 --> 00:33:08.359
like the Northeast region of two hundred and eighty five

501
00:33:08.400 --> 00:33:12.039
dollars from one five seventy for two, but they also

502
00:33:12.119 --> 00:33:14.359
give you more money if you're in Boston, New York

503
00:33:14.440 --> 00:33:19.799
or Philadelphia, and same thing like in the South region,

504
00:33:20.440 --> 00:33:22.920
they give you two hundred and sixty or five hundred

505
00:33:22.920 --> 00:33:29.720
and twenty unless you're in Atlanta, Baltimore, Dallas, Houston, Miami, Tampa, Washington,

506
00:33:29.799 --> 00:33:32.759
d C. Howd DC get into the South reason, I'm

507
00:33:32.759 --> 00:33:36.359
not really sure, but they give you extra allowances out there.

508
00:33:37.079 --> 00:33:43.440
So that is the operating costs that they would give you,

509
00:33:43.440 --> 00:33:49.680
you know, based on that, and that's where the maximum

510
00:33:49.839 --> 00:33:53.119
does come in. And there are times that you know,

511
00:33:53.160 --> 00:33:57.160
we sit down and we look at our clients and

512
00:33:57.200 --> 00:34:00.440
say you know, hey, this you can do this. So

513
00:34:00.599 --> 00:34:06.799
maybe you have an old car and your repairs and

514
00:34:06.839 --> 00:34:09.199
other stuff are more expensive on it, so maybe it's

515
00:34:09.199 --> 00:34:11.360
time to trade it in, get a newer car or

516
00:34:11.400 --> 00:34:16.800
a new car, get that deduction and it saves you

517
00:34:16.840 --> 00:34:20.039
on your offering compromise. You gotta be careful in doing

518
00:34:20.079 --> 00:34:23.519
this because you know, just because we are talking about

519
00:34:23.559 --> 00:34:25.119
it here, it doesn't mean jump out and do it

520
00:34:25.159 --> 00:34:27.320
because it's gonna be good for your offering compromise. You've

521
00:34:27.360 --> 00:34:30.760
got to go through a complete evaluation. And that's why

522
00:34:31.760 --> 00:34:35.639
at Taxation Solutions, you know, we have proprietary software that

523
00:34:35.719 --> 00:34:38.639
kind of runs all the numbers and helps us and says,

524
00:34:38.679 --> 00:34:40.320
hey we should do this or we should do that

525
00:34:40.480 --> 00:34:45.000
to help help you out. And sometimes it is getting

526
00:34:45.440 --> 00:34:49.320
a new vehicle. Sometimes it's doing other things in life

527
00:34:49.360 --> 00:34:55.280
that allows you the ability to reduce what that offering

528
00:34:55.320 --> 00:35:00.360
compromise is. But you've got to, you know, look all

529
00:35:00.360 --> 00:35:05.519
the national standards when you're filing that offer and compromise

530
00:35:06.360 --> 00:35:13.880
so that you know it's right. So when the IRS

531
00:35:13.960 --> 00:35:17.920
is coming through and doing this, the IRS is going

532
00:35:18.000 --> 00:35:21.679
to ask you to put in and make a proposal,

533
00:35:23.320 --> 00:35:27.840
so you know that proposal needs to be the right amount,

534
00:35:28.159 --> 00:35:33.239
and the proposal needs to be a valid amount. If

535
00:35:33.280 --> 00:35:36.519
you are wrong and the IRS does come back and say, hey,

536
00:35:36.559 --> 00:35:38.360
you can afford a little bit more, they will give

537
00:35:38.360 --> 00:35:41.559
you the opportunity to revise that offer, or if they

538
00:35:41.599 --> 00:35:44.199
reject the offer because of that, you can then appeal

539
00:35:44.239 --> 00:35:48.639
the offer on the grounds of what the APPS has

540
00:35:49.239 --> 00:35:53.840
messed up. And so you know, we kind of got

541
00:35:53.880 --> 00:35:55.639
to look at that so that we make sure that

542
00:35:55.719 --> 00:35:57.719
all that is right, and we'll talk a little bit

543
00:35:57.719 --> 00:36:01.400
about appealing and offer when we come back right after this.

544
00:36:03.679 --> 00:36:07.320
We have only scratched the surface of today's show. Please

545
00:36:07.360 --> 00:36:10.880
stand by as Barry geffower we'll be right back with.

546
00:36:11.079 --> 00:36:12.159
Tax talk for you.

547
00:36:14.880 --> 00:36:18.199
As an owner operator, you already spend too much time

548
00:36:18.239 --> 00:36:19.280
away from your family.

549
00:36:19.840 --> 00:36:21.880
Stop spending time doing pay forwork.

550
00:36:22.360 --> 00:36:26.840
Go to trucker textools dot com a solution filled specifically

551
00:36:26.880 --> 00:36:32.960
for truckers. Trucker taxtools dot com makes your life run smoothly.

552
00:36:34.400 --> 00:36:37.239
Let's get back to tax talk for you with more

553
00:36:37.400 --> 00:36:41.599
tax talk once again, here's your host, barryg.

554
00:36:41.880 --> 00:36:48.199
Foller. Well, welcome, I'm hoping here enjoying the show. Make

555
00:36:48.199 --> 00:36:51.360
sure you connect with us at tax Talk for You

556
00:36:51.760 --> 00:36:56.440
dot Com. Click subscribe over there so you get updates

557
00:36:56.519 --> 00:37:00.239
on every episode that we've got coming out as we

558
00:37:00.320 --> 00:37:04.519
go live. It'll prompt you connect with us over on

559
00:37:04.519 --> 00:37:08.320
Facebook as well. Whether it's through your Taxation Solutions or

560
00:37:08.440 --> 00:37:12.159
Truck or Tax Tools, you can connect with our show

561
00:37:12.519 --> 00:37:16.559
there as well. With tax Talk for You dot Com,

562
00:37:17.400 --> 00:37:19.960
We're always glad to have you and always glad for

563
00:37:20.079 --> 00:37:24.719
new subscribers and being able to get information out to

564
00:37:24.880 --> 00:37:28.400
you to help you solve your tax problem, lower your

565
00:37:28.440 --> 00:37:34.519
tax debt, whether it's tax planning and bookkeeping, whether you're

566
00:37:34.519 --> 00:37:41.440
a trucker, self employed, owner, operator, construction, you know, whatever

567
00:37:41.519 --> 00:37:45.559
you may be in. Everybody needs a good professional. Everybody

568
00:37:45.599 --> 00:37:48.159
needs somebody to help them figure out how to lower

569
00:37:49.320 --> 00:37:52.519
their taxes. And not just by saying, hey, go out

570
00:37:52.519 --> 00:37:55.320
and a new truck because we can take appreciation and

571
00:37:55.360 --> 00:37:59.159
lower your taxes. That's easy. But if the truck isn't

572
00:37:59.320 --> 00:38:02.440
you know you needed, why spend that money to save

573
00:38:02.800 --> 00:38:05.880
you know, twenty or twenty four percent you know on

574
00:38:05.920 --> 00:38:10.480
your on your taxes or even ten percent. Uh, Sometimes

575
00:38:10.519 --> 00:38:14.079
things don't make sense. And having a good tax professional

576
00:38:15.559 --> 00:38:18.679
like us over here at Truck or Tax Tools dot

577
00:38:18.719 --> 00:38:23.559
com makes more sense than just jumping out and saying, hey,

578
00:38:23.599 --> 00:38:27.000
this is good. And the reason I say that, I've

579
00:38:27.039 --> 00:38:29.039
had some clients come to me and said, well, so

580
00:38:29.119 --> 00:38:31.840
and so said they his tax prepayer said they should

581
00:38:31.840 --> 00:38:33.360
go out and buy a new truck because it would

582
00:38:33.360 --> 00:38:36.119
save them a lot of money on their taxes. And well,

583
00:38:36.480 --> 00:38:39.159
that's nice. Well let's sit down and let's talk about

584
00:38:39.199 --> 00:38:43.079
it from a business standpoint first, Because if you're going

585
00:38:43.119 --> 00:38:45.639
out and spending one hundred thousand dollars on a new

586
00:38:45.760 --> 00:38:50.199
asset and you are in a you know, let's say

587
00:38:50.320 --> 00:38:57.280
twenty percent tax bracket, well that could save you up

588
00:38:57.320 --> 00:39:00.159
to twenty thousand, but you're still out one hundred thousand. Now,

589
00:39:00.199 --> 00:39:04.159
if you didn't need it, your truck's just fine, and

590
00:39:04.239 --> 00:39:07.639
there's no good business reason to go out and do it.

591
00:39:08.559 --> 00:39:12.360
I'm not going to you know, increase your fuel knowledge,

592
00:39:12.440 --> 00:39:16.440
not going to you know, help you move this, you know,

593
00:39:16.519 --> 00:39:19.320
further down the road and make everything better operating wise.

594
00:39:20.000 --> 00:39:22.360
And sometimes why I do it? You know, if you

595
00:39:22.440 --> 00:39:24.639
do need a new truck, well, then yes it may

596
00:39:24.800 --> 00:39:27.800
make business sense to go out and do it. It's like

597
00:39:27.960 --> 00:39:30.039
I had a client once that you know, he had

598
00:39:30.039 --> 00:39:31.639
somebody else come to him and told him to go

599
00:39:31.679 --> 00:39:35.159
out and buy these brand new, you know, mega computers

600
00:39:35.199 --> 00:39:38.800
and spend all this money. And we sat down and

601
00:39:38.800 --> 00:39:41.119
had a business conversation, said, what is it going to

602
00:39:41.119 --> 00:39:43.400
do for you today? Well, wasn't going to do anything

603
00:39:43.400 --> 00:39:45.280
for him today, but a year or two down the road,

604
00:39:45.320 --> 00:39:50.199
it was going to really help him. Well, everybody knows

605
00:39:50.199 --> 00:39:53.239
what's happened in computers over the years. Well, you know,

606
00:39:53.559 --> 00:39:55.559
we sat there and had to make sense. You know,

607
00:39:55.800 --> 00:39:58.000
if you buy this computer two years from now when

608
00:39:58.039 --> 00:40:00.519
you need it, it's probably going to be half or

609
00:40:00.519 --> 00:40:02.800
a third of the price. Well it ends up being

610
00:40:02.840 --> 00:40:05.519
about one tenth of the price for that same computer

611
00:40:05.639 --> 00:40:08.920
a couple of years later, and he could have kept

612
00:40:08.960 --> 00:40:11.400
the money in his pocket, not been out of it,

613
00:40:11.559 --> 00:40:13.840
not had computers sitting in there. He told me, I

614
00:40:13.840 --> 00:40:16.840
didn't make any sense at all because he was going

615
00:40:16.920 --> 00:40:20.679
to save more money on his taxes. He was still

616
00:40:20.719 --> 00:40:24.039
out the other eighty percent. It didn't make sense. So

617
00:40:24.079 --> 00:40:27.679
sometimes things got to make sense anyway. You know, as

618
00:40:27.719 --> 00:40:30.400
we talk about you know, offers some common by saving

619
00:40:30.480 --> 00:40:34.360
money on your taxes. I mean, that's what it's all about.

620
00:40:34.599 --> 00:40:36.280
If you owe the irs you want to get out

621
00:40:36.320 --> 00:40:39.719
from underneath his tax debt. And you hear the commercials

622
00:40:39.719 --> 00:40:41.159
and you think, oh my god, I can do this,

623
00:40:41.320 --> 00:40:43.239
Oh my god, I can I can get out of

624
00:40:43.280 --> 00:40:46.039
this tax. That will one you go through the IRS qualifier,

625
00:40:46.119 --> 00:40:51.079
call us for the free consultation and let us help

626
00:40:51.199 --> 00:40:54.199
solve that problem and figure it out for you whether

627
00:40:54.239 --> 00:40:58.440
you might qualify or not. But if you're going to

628
00:40:58.519 --> 00:41:00.320
do this yourself again, you've got to fill out four

629
00:41:00.400 --> 00:41:03.239
thirty three A oh I CE. Make sure you get

630
00:41:03.239 --> 00:41:06.639
that form four thirty three A O I see Collection

631
00:41:06.880 --> 00:41:13.159
Information Statement for wage earners and self employed individuals. Then

632
00:41:13.280 --> 00:41:18.199
fill out four thirty three B Collection Information Statement for businesses.

633
00:41:18.360 --> 00:41:22.840
If you own a business corporation partnership LLC, you're going

634
00:41:22.880 --> 00:41:24.159
to need to fill that out because it's going to

635
00:41:24.159 --> 00:41:28.159
assist in the calculation of appropriate offer based on the

636
00:41:28.159 --> 00:41:34.079
business assets, income expenses, future earnings potential. But if you

637
00:41:34.079 --> 00:41:36.119
know if you have assets that are used in the

638
00:41:36.119 --> 00:41:42.039
production of income, uh, you know, trucks, tractors, you know

639
00:41:42.239 --> 00:41:44.880
they're going to be allowed to be excluded in these

640
00:41:45.039 --> 00:41:49.639
because it is earning income. Then you're going to attach

641
00:41:49.800 --> 00:41:53.239
all the supporting documentation with the forum's four thirty three

642
00:41:53.320 --> 00:41:55.679
A o I C, the four thirty three B o

643
00:41:56.000 --> 00:42:01.000
C and all those documents are that are required are

644
00:42:01.039 --> 00:42:06.960
at the end of the form. Make sure you include copies,

645
00:42:07.119 --> 00:42:11.320
don't send the originals. Fill out the six fifty six.

646
00:42:11.559 --> 00:42:17.280
This form six fifty six identifies your tax tiers, the

647
00:42:17.400 --> 00:42:24.519
tax type that you're going to be compromising. It's also

648
00:42:24.599 --> 00:42:28.480
going to identify the offer amount and the payment terms.

649
00:42:29.480 --> 00:42:32.360
And so when you're doing that, your offer amount must

650
00:42:32.400 --> 00:42:35.440
be equal to or greater than the amount calculated form

651
00:42:35.599 --> 00:42:39.679
four thirty three AOIC or the form four thirty three

652
00:42:39.800 --> 00:42:45.039
B OIC. So you know, those two forms are going

653
00:42:45.119 --> 00:42:48.760
to give you what your offer is supposed to be.

654
00:42:49.039 --> 00:42:50.760
And that's why it's important to make sure those forms

655
00:42:50.760 --> 00:42:56.559
are filled out correctly using the proper national standards, maybe

656
00:42:56.599 --> 00:42:59.880
even finding ways to modify things that are happening in

657
00:43:00.079 --> 00:43:04.440
your life to make the offer better, you know, for

658
00:43:04.559 --> 00:43:09.559
you as you're going and then you're going to include

659
00:43:10.639 --> 00:43:14.440
the initial payment in your application fee, so make sure

660
00:43:14.440 --> 00:43:18.000
it's a personal check, cashiers check, or money order for

661
00:43:18.079 --> 00:43:23.000
your initial payment based on the option you select. So

662
00:43:23.280 --> 00:43:25.360
and you're going to do twenty percent of the offer

663
00:43:25.360 --> 00:43:28.199
amount for a lump sum offer or the first month's

664
00:43:28.239 --> 00:43:34.400
payment for a periodic payment offer. And I'm going to

665
00:43:34.480 --> 00:43:38.760
tell you the initial payments are usually not returned, but

666
00:43:39.239 --> 00:43:41.559
will be applied to your tax debt if it is

667
00:43:41.599 --> 00:43:45.719
not accepted. You can even identify on there which period

668
00:43:45.760 --> 00:43:48.639
you want this to payment to go to if the

669
00:43:48.719 --> 00:43:57.239
offer is rejected or not accepted. If you're choosing to

670
00:43:57.719 --> 00:44:01.000
do that and make the payments, do two checks, one

671
00:44:01.039 --> 00:44:07.000
for the initial offer, one for the application fee, and

672
00:44:07.119 --> 00:44:10.280
make sure it's in US dollars and payable to the

673
00:44:10.360 --> 00:44:16.480
United States Treasury. I always suggest you go in and

674
00:44:16.519 --> 00:44:19.760
do it a personal check so that you can verify

675
00:44:19.960 --> 00:44:24.039
that that check has actually cleared the bank and you

676
00:44:24.079 --> 00:44:27.559
know they received their offer. They do give you an

677
00:44:27.599 --> 00:44:32.559
alternative to go in and make the payment electronically through

678
00:44:32.679 --> 00:44:39.639
the Electronic Federal Tax Payment System e FTPS. Now, if

679
00:44:39.639 --> 00:44:44.119
you're going to meet the low income certification, don't send

680
00:44:44.159 --> 00:44:49.599
any money because you're going to beat it, and so

681
00:44:49.719 --> 00:44:51.480
you don't have money to go out there and do this.

682
00:44:51.559 --> 00:44:54.400
And I also urge you to do something that most

683
00:44:54.440 --> 00:44:57.800
people don't do and they make the mistake, is make

684
00:44:57.840 --> 00:45:01.280
a copy of your application package. Keep it for your records.

685
00:45:01.280 --> 00:45:05.800
That means everything you submitted, and then you know you've

686
00:45:05.840 --> 00:45:08.559
got that to look back on when they call you

687
00:45:08.639 --> 00:45:12.880
about your offer and they're reviewing and evaluating, so you

688
00:45:12.920 --> 00:45:17.480
can identify, you know what pages they're on. We use

689
00:45:19.320 --> 00:45:24.079
header pages in between every document's type that we're sending

690
00:45:24.119 --> 00:45:26.760
to them. So if you're including bank statements, we put

691
00:45:26.800 --> 00:45:30.800
a page in there it's just bank statements mortgage statement,

692
00:45:30.960 --> 00:45:33.480
so that some of these people with the i r S,

693
00:45:33.559 --> 00:45:36.639
you never know whether they can follow along. But if

694
00:45:36.679 --> 00:45:40.360
it's there in a nice, neat package, then the i

695
00:45:40.519 --> 00:45:44.280
r S can see that you have dotted yours across

696
00:45:44.320 --> 00:45:47.360
your t's and you're you're working through it and you

697
00:45:47.480 --> 00:45:54.599
know that it's that it's there. If you're working with

698
00:45:55.840 --> 00:45:59.320
a revenue officer, you know, let them know that you're

699
00:45:59.360 --> 00:46:03.360
sending or sent and offering compromise your tax debts. Sometimes

700
00:46:03.400 --> 00:46:06.440
they will make you send it to them and then

701
00:46:07.719 --> 00:46:12.119
they will send off the offering compromise. If that is

702
00:46:12.199 --> 00:46:15.599
the case, follow up with that employee to make sure

703
00:46:15.760 --> 00:46:21.079
that they have followed the proper procedures and steps to

704
00:46:21.320 --> 00:46:26.679
move this offer from their desk to the offer unit.

705
00:46:27.800 --> 00:46:31.639
Now what happens from here. The IRIS is going to

706
00:46:31.679 --> 00:46:36.559
contact you after they've received in the initial review of

707
00:46:36.599 --> 00:46:42.719
your offer application, and then they're going to tell you, hey,

708
00:46:42.760 --> 00:46:46.119
it's going to be sixty ninety or more days before

709
00:46:46.159 --> 00:46:48.280
they'll get to it, and you may get another sixty

710
00:46:48.360 --> 00:46:52.119
or ninety day letter again saying you know, hey, it's

711
00:46:52.159 --> 00:46:54.280
going to be a little bit longer before they get

712
00:46:54.320 --> 00:46:58.719
to your offer. Sometimes it can be up to a year.

713
00:46:59.000 --> 00:47:01.800
If it's been sitting there over two years and they

714
00:47:01.800 --> 00:47:05.360
have not processed your offer, that's considered an accepted offer,

715
00:47:07.400 --> 00:47:12.079
but that sometimes will take taxpayer Advocate to get them

716
00:47:12.280 --> 00:47:16.599
to put that result in because that offer has been

717
00:47:16.639 --> 00:47:22.320
sitting there in that process. Things that you need to

718
00:47:22.360 --> 00:47:25.239
make sure you do is promptly reply to any request

719
00:47:25.320 --> 00:47:29.360
for additional information within the time frame spot spotified whatever

720
00:47:29.400 --> 00:47:32.760
they tell you, get it done. Failure to reply time

721
00:47:32.800 --> 00:47:35.639
and result in return of your offer without anypl rights. Again,

722
00:47:35.719 --> 00:47:39.239
remember that it could be rejected because you're not doing it.

723
00:47:39.239 --> 00:47:41.960
So if you're working with somebody, reply to them quickly.

724
00:47:42.000 --> 00:47:44.440
If you're doing it yourself, reply to the IRS quickly

725
00:47:45.159 --> 00:47:47.280
the quicker and we get the replies in. You can

726
00:47:47.400 --> 00:47:49.440
verify and follow up if you need more time. You

727
00:47:49.440 --> 00:47:54.559
can always call them if they accept your offer. Hey,

728
00:47:54.960 --> 00:47:59.719
you did great. Most offers that we do aren't usually

729
00:47:59.719 --> 00:48:03.199
accept there. They're usually accept it in appeals and then

730
00:48:03.400 --> 00:48:05.400
you can appeal when you get to there. But if

731
00:48:05.400 --> 00:48:10.559
they accept it, continue to timely file all returns, timely pay.

732
00:48:11.199 --> 00:48:14.159
Make sure you make your estimated tax payments federal tax payments,

733
00:48:15.000 --> 00:48:19.480
and do not do not fall back into the trap

734
00:48:19.559 --> 00:48:23.280
of not paying your taxes or not filing. Make sure

735
00:48:23.519 --> 00:48:26.519
you stay in compliance for the next five years before

736
00:48:26.599 --> 00:48:32.960
you screw up and don't file again. So don't default

737
00:48:33.039 --> 00:48:35.960
your offer. Hey, the great news is you don't have

738
00:48:36.000 --> 00:48:39.440
to do it yourself. You call Taxation Solutions tax Really.

739
00:48:40.599 --> 00:48:45.719
Go to Taxation Solutions tax really dot net. If you

740
00:48:45.840 --> 00:48:49.159
go to taxation Solutions dot net you can get free

741
00:48:49.840 --> 00:48:54.599
consultation to get started. He again, make sure you like

742
00:48:55.000 --> 00:48:57.440
and subscribe to our page a tax Talk for you.

743
00:48:58.239 --> 00:49:01.320
Do that today before you forget stay in contact with us,

744
00:49:01.400 --> 00:49:03.360
let us know how we can help you, and do

745
00:49:03.480 --> 00:49:06.440
that today. Hey, God bless you have a wonderful and

746
00:49:06.559 --> 00:49:07.280
glorious day.

747
00:49:08.639 --> 00:49:11.840
Are you an individual or business that wants to understand

748
00:49:11.880 --> 00:49:15.280
taxes and how they affect you? Are you looking for

749
00:49:15.320 --> 00:49:20.719
specific tax advice for self employed business owners and truckers.

750
00:49:21.320 --> 00:49:25.360
Are you behind on taxes and your bookkeeping? Are you

751
00:49:25.480 --> 00:49:28.480
dealing with the irs and ready to have some relief,

752
00:49:29.280 --> 00:49:33.079
Then you need Tax Talk for You, hosted by tax

753
00:49:33.159 --> 00:49:35.360
and trucker expert Barry g.

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Fouer EA.

755
00:49:36.880 --> 00:49:40.679
Tune in ten am Eastern Time every Monday right here

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00:49:40.719 --> 00:49:44.239
on W four CY Radio and Talk for TV. Don't

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forget to check this and past episodes at tax TALKFORU

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dot com. See you next week at W fourcy dot com.