Saturday, February 2, 2008

Second Part-Offer In Compromise

I wantd to continue my discussion about Offer In Compromise. When you owe taxes There are four factors that determine Reasonable Collection Potential.

-Future Income : Monthly Dispobably Income
-Asseets: Your Net Equity in assets
-Assests Collectible from 3rd parties : Transferee liability,assests held by others
-Income /Assests out of reach of the Government: i.e foreigh assests and income

Other factors include:
-Buisness owner, value of business
-Future earning ablity
-Asset appreciation
-Many other factors

When you have delinquent taxes, you must first be compliant on all of your returns. First you need to settle your filing requirements before you can receive IRS Help on the back taxes you owe.
-You cannot immediately full pay or full pay through an installment agreement
-You must be compliant on all filing requirements and certtain payment requirements,including estimated tax payments and federal tax deposit requirements.

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