What to offer the IRS in a tax settlement?

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What should I offer the IRS when trying to settle my taxes in an Offer in Compromise? Well in this video I go over just that. The IRS has financial guidelines to give us the amount to offer, which states it must be your net equity in assets plus your future income. We go over what those mean and the IRS form 433-A OIC, which is what is used to calculate the amount of your offer.

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00:00 Common IRS Offer in Compromise Question
00:41 IRS Offer in Compromise Formula Summarized
01:04 Net Equity in all Asset – Calculation (IRS Form 433-A OIC)
05:35 Future Income – Calculation (IRS Form 433-A OIC)
11:56 How much to offer the IRS in an Offer in Compromise settlement?
13:13 IRS Offer in Compromise Caveats
16:07 IRS Offer in Compromise Formula Recap

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IRS Offer in Compromise: What is it? Do I qualify to settle my back taxes with the IRS?
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Helpful Resources:

IRS Form 433-A (OIC) (Rev. 4-2021)
https://www.irs.gov/pub/irs-pdf/f433a...

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

IRS Financial Collection Standards
https://www.irs.gov/businesses/small-...

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

IRS Withholding Calculator
https://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).

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