IRS Form 433-A (OIC) Offer in Compromise Example - numbers used that got accepted by IRS.
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- čas přidán 29. 08. 2020
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This is an example of actual numbers used on an IRS Form 433-A (OIC) from client of mine that got accepted by the IRS. We ended up settling about $130k of tax debt for about $5k.
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Helpful Resources:
IRS Form 433-A (OIC) (Rev. 4-2021)
www.irs.gov/pub/irs-pdf/f433a...
IRS Form 656 (April 2020)
www.irs.gov/pub/irs-pdf/f656.pdf
IRS Financial Collection Standards
www.irs.gov/businesses/small-...
Internal Revenue Manual - Offer in Compromise - Financial Analysis
www.irs.gov/irm/part5/irm_05-...
IRS Withholding Calculator
www.irs.gov/individuals/tax-w...
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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).
#EAtaxResolutions #IRS #IRSOfferinCompromise #TaxSettlement #Taxes
Anthony thank you for helping me get my OIC approved. You are the real deal! I appreciate your attention to detail, your responsiveness and being there for me every step of the way. Thank you, a million times over!!! You are the best!!!
Thank goodness for this video! I actually filled one out last year, and it was rejected. However, after seeing this, i see exactly what i did wrong 🙏 Ill be reaching out soon!
This is gold. Really helped me out
Glad I could help!
U r very good and I'm really glad you are doing this 🥰
Thank you so much 😀Glad to help!
Thank you so much for sharing this
Very helpful
Thank you for you loving kindness in sharing this information with so many. May the God who created the heavens and earth keep rewarding you.
You are so welcome
Great video!!!
Glad you liked it!
Awesome stuff 😎👍🏿
Thanks 👍
Thanks alot man
Happy to help
Very helpful will be saving n sharing we just got a letter $45k smh we only have 1 retirement income family 2
Glad it was helpful!
@EATAXRESOLUTIONS loving all these videos have been binge watching! What if you’re in the negative when after filling out the form 433? So example on the negative -$200 and doing your OIC lump sum? Thanks in advance new sub here!
You have to offer something. The IRS will not take a $0 offer.
Great, will continue to watch and learn. May file one my self
You can do it!
Thank You! Great Tips because I have a Firm I hired but now they want $12k to do OIC and I have already paid them the fee for the initial upfront work for IRS and state. And when I did that we had discussed that I offered compromise would possibly be something I would not qualify for and then the agent agreed but then came back after I had paid them the $800 letting me know that to get the work done it would be 12,000 and they could set up a it’s a payment plan for them or take out a loan that I would be paying like you know anywhere from you know about $1000 a month over you know 36 months or something only Put me into more debt why would I do that. Owe approximately $59-$60k for Irs and $4k to 11k to State (some discrepancies there) however the case I process mortgage loans I’ve processed loan modifications for people to save their homes so I imagine that as long as I include everything that you say and come up with reasonable offer plus make sure I’m on a payment plan with the IRS first and I’m already on a payment plan with the state plus a garnishment that I have a good possibility to receive an offer in compromise. My concern was is having the savings also set aside for when they say OK and give me a response will I have the funds to pay it. I have paid in all my taxes for 2020 which took about over 40% of my gross income and I’m hoping some of that may offset any taxes Owed or at least break me even for 2020. And my understanding is I could never be delinquent or non-file or go exempt for a future for five years which I would never wanna do again ever I just had a lot going on in my life as others can relate. I am just curious as to why the fee that the tax companies are collecting in order to do the offer in compromise because if I made less than they would charge me less I imagine or is it gonna be based off of what Owe? My goal is to be debt-free this year not incur more debt and have this all behind me so I’m looking forward to watching more of your content in hopes to learn so that I have the best chance to finally clear my financial record.
Not quite sure how the tax companies you hired is charging, I would advise to ask them. I would be more than happy to help you with your situation. You can use the link below to go through a consultation to find out exactly what you would or wouldnt qualify for with the IRS
www.eataxresolutions.com/form-tax-consultation-2
How did it work out for you?
I'm trying not to give up
You should go play the Midnight Station.
Do you have a sample of how you would put that these tools are required for business as you said in the video? Could you show us that pls ❤
I wish i watched this sooner it was page 7 i was stuck on. This is so helpful. I just wonder because is 2021 i started a business but i claim losses every year under LLC no business bank account its my personal can I still file this? I should of filed in 2020 ugh
Thank you for the information, I have become disabled 4yrs ago so I haven't worked in those yrs.
I also moved out of CA to Fla in the move the moving company lost about 4 boxes best guess of course all tax papers etc.
So with the battle with my health I haven't filed for 4yrs. I really have no assets except my car and savings account that I use to sustain my life. Should I try this form 433 A only ? The savings account I withdraw 500. mth to pay CC cards I live on what do you recommend to fix my tax issues with the IRS, should I call them and tell them my plans ? Thx you again any help would be a life saver.
Hello do you put N/A in the spaces that do not apply?
(IOC) In monthly household expenses, if you enter an amount under the Local Standards: Housing and Utilities standard, do you have to provide documentation? Or is it similar to the Food, clothing, and misc standard where once you do not go above it, then no documentation is allowed? I live in NY and pay rent in cash with no lease so I am trying to see what needs to be done here. Thanks.
You will need proof of rents paid.
If you are looking to schedule an appointment to go over your case, please use the link below.
www.eataxresolutions.com/form-tax-consultation-2
under wage earners for F433-A section 2. It asks ( Do you have an ownership interest in this business) . What makes a (yes) and what makes a (no)?
If you have ownership in the business you work for, then yes. If not , no
Thank you for the very informative video. Very thorough. I am in the process of completing my offer which was returned for the following: There was a question on page 2 of FORM 656 ( April 2020) asking if I qualified for low-income certification. I don't not, however the way the question is worded, I checked a box because the instructions state every part of the form must be completed. Should I have written N/A or left that section blank. Any help you can offer is appreciated.
I go through step by step how to fill out the form 656 in this video, in addition to explaining how to qualify for low income certification. czcams.com/video/DHbfhlul-vE/video.html
I swear the IRS allows like we have control, whatever they allow. Should be general across all counties and maybe we could afford to live in those areas 🙄
My husband and I own 2 small businesses, no other employees, both LLC's but we file jointly showing a dual sole proprietorship. Which forms do we fill out for the OIC and how do we show for both businesses?
If the LLCs are taxed as sole proprietorships, then use the 433-a OIC. If they are taxed as partnerships, or corporations then 433-b OIC
I noticed that you used the maximum allowed in several lines, even though that is not necessarily the case for the client. Would the IRS ask proof of that? Or as long as is under the maximum required you get a free pass?
this video answers this very question. czcams.com/video/_DTcLgfc8XE/video.html
thanks for the video it is very helpful i have a question i am trying to figure out my income for the last 6 months and i know it sounds like a dumb question but i have 1099 from ebay and amazon and w2's from other jobs that i worked in the last 6 months but i no longer am working so my question is do i still have to claim the jobs that im not working as income?
Do you include medicare and social security tax in current monthly taxes? It is a significant number on my W2.
Yes!
How do I add both my self employment job and my waitress job? I qualify for this but having issues trying to fill it out
Fill out Section 2 for your waitress job and section 4-6 for the self employment income.
In section 7, monthly household expenses can I use the national standard dollar amounts if I am employed? This video is an example of a self-employed person. Thank you. This is very helpful for me.
The following link is a video I did that answers this question in detail. Check it out czcams.com/video/_DTcLgfc8XE/video.html
@@eataxresolutions I did my calculations and since I have like $9000.00 in my 401k it seems like the total comes out almost the same amount that I already owe. I'm a single female living in San Diego. 1 car paid off. I wonder if I'm doing something wrong.
@@msmoca220 no sounds like your car and 401 would be considered assets you could use to pay your debt.
Doesn't the IRS have a calculator they use for each region of the US
www.irs.gov/businesses/small-businesses-self-employed/collection-financial-standards
you said to put a zero on any line that does not apply... does this include non-applicable sections? for example, zeroing out all of the business/self-employment lines, even if one is not a business owner or self employed (and thus otherwise skipping those sections entirely)? thank you!
I recommend it. Don't want any sticky fingers filling out your forms for you.
That's crazy, u guys accepting new clients?
of course!
do you have the latest version for 433A version 2019
Latest 433-A OIC (2020) www.irs.gov/pub/irs-pdf/f433aoi.pdf
Thanks for the inf. Do I have to be on a payment plan? To summit an oic
Thanks for watching! You do not need to be on a payment plan with the IRS to submit the OIC.
How can I connect you for assistance
@@valentinadventures7743 800-245-0596
Do you give training for s corp? I'm interested in learning.
We do. Please give us a call if your interested. 8005-245-0596
What is an attachment? A specific page from the irs or would I just add a page with the extra information I need to put. For example, I own 3 cars instead of the given space for 2. Thank you!
Just add an extra page with all the information from the 3rd car.( ie Make, Model, Year, date purchased, mileage, lease or own, name of creditor, current market value, etc...)
Thank you so much! One more question, would I count the people living in the household in the national standard section even if they aren’t being claimed as a dependent but are contributing to income. And would I include my wife as well if she’s not working
If a person has a Teacher Retirement but no longer is a teacher and not old enough to retire; should they put it on the form.
Hmm, good question. If you have the ability to withdraw the money it should be listed as an asset. If not then be prepared to provide documents showing that you are not able to withdraw the money.
i thought housing had to be actual costs - but not more than local standard. you just spoke of the local standard - can we just put that and not show actual payments for housing ?
Housing is the lesser of standard or actual paid.
Do you submit the offer in compromise electronically?
No, by mail - www.irs.gov/pub/irs-pdf/f656b.pdf
i commute 100 miles/day round trip to work, so my gas alone is approx. 400/month.
is there a way to get consideration for this?
Not for an offer in compromise.
Hi there. Your video is gold. This is interesting to learn. Only confusing thing I can't seem to understand is... if there's a single adult OIC filer living with elderly parents, and he/ she doesn't claim the parents as Dependents, nor do the parents claim the adult as Dependent, do the parents' income (ie: social security) still have to be included as "household income"? I understand that "household" only refers to the person doing the OIC and any dependents of theirs, correct?
Correct
I noticed that you have to be in a payment arrangement before you can prepare or submit a compromise offer. Question: do you continue your installment once you submitted a compromise offer?
@@143VOX You do not need to have a payment plan before submitting an offer in compromise.
@@eataxresolutions I had to come back and find you, as I submitted my OIC tonight. I am positive I made 1 mistake, which is that I couldn't get a recent bank statement from a business that hasn't operated in 4 years. So I included 2 older ones and noted clearly, "No longer in business." I'm hoping they don't fail me for not showing a recent up to date statement showing 0 funds, but I've submitted everything else, on a personal debt also. I want to thank you wholeheartedly for what you've done for people here. If not for you, I'd have wasted several more months just trying to figure out specifics. I pray to God that this comes back to you 10- fold. I owe you deep gratitude, whether or not I get an acceptance. God bless.
i have a question. im on ssdi, my monthly income is less than 1300? i only own a car no other assets. would i be a good candidate to get an offer in compromise. thank you
I would need to know about your expenses to give you an accurate answer. If you'd like I can go over your situation for $250, you can use the link below to schedule an appointment. www.eataxresolutions.com/form-tax-consultation-2
Can you do this if you are unemployed?
Definitely
I have a question hello how are you? the tax year in question is 20/20 now it is 2022 so when it's asking for utilities and food and things like that how do I interview on the phone because in 2020 I had one person living in the apartment with me but now in 2022 I live in a four-bedroom home. also in 2020 I didn't pay any light on gas but now I pay light gas water mortgage lawn mowing so am I answering the questions for 2020 well my answering them as if I'm in 2022
Hey, Doing great. Thanks for the question.
You need to fill out the 433-A OIC with your current information (2022).
@@eataxresolutions first and foremost let me apologize if I'm asking too many questions. Can I just set up a payment arrangement without asking for the offer and compromise. The reason I'm asking if they give 72 months to pay it and I owe $15,000 , that comes out to about 250 per month. And they'll take my tax return for 2023 anyway. I just don't think I will get the offer and compromise I just bought a home a year ago I'm a single person can I make about $84,000 a year before taxes. Any thoughts would be appreciated
@@brooklynbad5114 www.irs.gov/payments/online-payment-agreement-application
Yes you can apply online for a payment plan using the link above
If you owe multiple years, does one have to do this for each or can I offer for the total amount?
you only need to fill one out for all years. Be sure to check out the Form 656 video which explains this
czcams.com/video/DHbfhlul-vE/video.html
Do you do these for people and if so, how much?
Check out the following link for info and prices on my services: www.eataxresolutions.com/form-tax-consultation-2
SNEAKOUTCLOUD9 on IG cleared all my debts💯
Do I have to add my spouse info to the application if we are separated can I just put that I am single
If you are married you will need to add your spouse to the 433A (OIC)
What is the address I would return this to. And Is there other docs I need to send as well?
The link below has the address along with a lot of other helpful information. www.irs.gov/pub/irs-pdf/f656b.pdf
Since the Offer in Compromise takes awhile, may a taxpayer do an installment agreement in the meantime, to keep the IRS from filing a tax lien?
Hey Ransome thanks for the question. I highly recommend you book an appointment to answer this question as this is not a simple answer. www.eataxresolutions.com/form-tax-consultation-2
Can I fax the oic to the irs?
No. It needs to be certified mailed with a return receipt.
in out of pocket health care why did you put $224 when the national standard is $56?
Because there is total of 4 people in this case. Taxpayer and 3 dependents. 56*4=$224
@@eataxresolutions thanks
I could use your help, do u help people right now to go through offer and Comprimise process, if so where do u live, do we need to meet in person or cand how much do u charge me
www.eataxresolutions.com/form-tax-consultation-2
If I have 19k will they accept me not paying 9000
This really depends on lots of facts. If you would like to schedule a consultation to find out use the link below:
www.eataxresolutions.com/form-tax-consultation-2
How many months of statements do they ask for?
Wage earners, 3 months. Businesses, 6 months
I got TURNED DOWN DUE TO OWNING MY HOUSE FREE AND CLEAR.
How much will you charge to file one for me ?
Have many scenarios. Please let me know 🙏🏼
www.eataxresolutions.com/form-tax-consultation-2
Why does it take 1 year to complete the process??
unfortunately the government works at their own pace.
Thank you @@eataxresolutions
Wonder if he can do my offer an compromise
www.eataxresolutions.com/form-tax-consultation-2