Hello Anthony, hello Claudia. We're here today talking about offers and compromised offering compromises. That's right, off IRS offer income and how they really work. In celebration of that, I'm wearing my special offer on compromise shirt today to demonstrate how invested we are in showing how much this really works. Really, yeah. Now, what is an offer in compromise? It's an option to pay your IRS tax debt for less than what's owed, right? We'll talk about why the IRS would accept less than what in a couple of moments, but first let's touch on tax bills. They can get huge. That's right. I think sometimes people feel overwhelmed. They're afraid to contact us, how did I let this happen? But really, we're finding the amounts can add up very quickly. Penalties and interest obviously add up quickly. Your income can vary from year to year, incredible amounts. This is sort of one of the things that bothers me about popular culture, the idea that there's a rich group of people making the same amount of money every year. That's not really the way it is. You have good years, you have bad years. A lot of people have years with a lot of money, then a lot of money. So, tax problems happen, and it's really one of the big reasons why the offering compromise program exists. It really does exist, and there is an incentive for the IRS to settle for less than what's owed. Now, we find a lot of small business owners can get into tax trouble. Clearly, if you're not having someone take care of the withholding for you, you're going to run into a tax problem. Yep, and that's what most people don't understand. The lay public can't understand how someone could end...
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433-B (OIC) Form: What You Should Know
When an IRS Form 433-B Form 433-B, or Collection Information File for Businesses, is used you will need to provide documentation that the tax return on which you are making payment is accurate, and will In this video, we cover Form 433-B, or Collection Information Statement for Businesses and the different types of Forms you can use and their purposes and information. You may What Documents Should I Use For a Form 433 (Collection Informer File)? The federal tax code prohibits you from reporting certain income and deductions on any federal tax return if it doesn't What Documents Should I Use For a Form 433 (Collection Informer File)? (OIC) The federal tax code prohibits you from reporting certain income and deductions on any federal tax return of any taxable year if it Who Must Follow a Debt Collection Agreement? A creditor who does not have enough money or access to money for the full amount of your debt owed to it.
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