IRS Offer in Compromise: What is it? Do I qualify to settle my back taxes with the IRS?
Channel: EA Tax Resolutions
Date: 2018-12-07

EA Tax Resolutions Website: https://eataxresolutions.com/?utm_source=Youtube&utm_medium=Video&utm_campaign=IRS+Offer+in+Compromise%3A+What+is+it%3F+Do+I+qualify+to+settle+my+back+taxes+with+the+IRS%3F
EA Tax Resolutions Phone Number: 800-245-0596
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🤵 IRS Offer in Compromise Consultation in depth: https://calendly.com/anthony-eataxresolutions/discovery-call
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Do I qualify to settle my back taxes with the IRS? What is the IRS Offer in Compromise? These are the 2 questions I go into detail explaining in this video.

The offer in compromise is not something to take lightly and should be done with proper research. If you need help with your offer you can check out our prices on our website, and give us a call to start the process.

00:00 Intro
00:28 What is the IRS Offer in Compromise?
01:11 First step to an IRS Offer in Compromise 
02:00 Second step to an IRS Offer in Compromise
03:08 Third step – See if you Qualify for an IRS Offer in Compromise - Assets
03:08 Fourth step – See if you Qualify for an IRS Offer in Compromise – Income Test
06:55 IRS Offer in Compromise Payment Options
08:12 Other Key topic of the IRS Offer in Compromise

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Other Helpful Videos:

How the CSED can affect your IRS Offer in Compromise:
https://youtu.be/aQCLsDIBU5s

How to make quarterly tax payment:
https://www.youtube.com/watch?v=eh1yQiPquAw

IRS Form 433-A (OIC) Offer in Compromise Example - numbers used that got accepted by IRS.
https://www.youtube.com/watch?v=ASqhcDX3OM4

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Resources:

IRS Withholding Calculator
https://apps.irs.gov/app/withholdingcalculator/

IRS Collection Financial Standards:
https://www.irs.gov/businesses/small-businesses-self-employed/collection-financial-standards

IRS Form 433-A (OIC) (Rev. 4-2020)
https://www.irs.gov/pub/irs-pdf/f433aoi.pdf

IRS Form 656 (April 2020)
https://www.irs.gov/pub/irs-pdf/f656.pdf

IRS Financial Collection Standards
https://www.irs.gov/businesses/small-businesses-self-employed/collection-financial-standards

Internal Revenue Manual - Offer in Compromise - Financial Analysis
https://www.irs.gov/irm/part5/irm_05-008-005

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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).

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