I really appreciate you spending time on the phone with me today with my unique situation. I see now not is the right time to start a Offer in Compromise. I will definitely be keeping your info close by and contacting you when my situation progresses. Again thank you for taking that time to clear up my confused thinking even though you knew you weren't going to be gaining a client today, that means a lot. Best of luck to you.
I learned about dropshipping back in 2018 and really had no idea what I was doing. I made some money, but i thought because i was living abroad I wouldn’t have to pay taxes and in fact I’ve never seen the tax stubs and have no way of obtaining them. Yesterday my father called me and said I received a CP2000 stating I owe 21K. To put this into perspective I have been homeless/unemployed, living in my car since 2019. Just 3 weeks ago I sold my car. I have no assets and I live in Latin America because I only need to earn about 2 dollars a day to survive here.
SS Disability is nontaxable so no tax is taken, as for the pension, depends how much is withheld from the payments, or what you are liable for. Take a look at your previous years return for reference.
I lost my job in November 2017, they move to a different state, so they kept asking us what do we want to do out 401K money. In January 2018 I would do my total hundred and thirty thousand. I thought they had deducted the proper amount of taxes out. I recently received a CP2000 letter stating that the additional 10% early withdrawal penalty wasn't deducted. Now they want me to pay almost $13000.00. I haven't worked since then. I only have around $30,000 in my savings. is there anyway I can do a proposal settlement?
I was trying to determine the minimum offer amount using form 433-A (OIC) and I noticed that they use your gross wages - expenses x 12. What does gross wages have to do with anything? How can I overcome this inflated minimum. For my special circumstances can I state basic math? Actual money vs imaginary? Is net pay even considered?
Check out a recent video I did going through the 433-a oic. You do not use gross wages to determine your offer there are expenses you can use to arrive at the offer amount. ua-cam.com/video/ASqhcDX3OM4/v-deo.html
I will be finishing my law degree / J. D. in August and taking the February 2022 CA Bar exam. I am thinking about submitting an offer in compromise in August 2022. Will the OIC forms ask about education level? Also, do you recommend making monthly payments on the arrears while the OIC is pending?
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
I spoke with an attorney overviewing my taxes and he said that I could get into hardship but i had no chance of success with an OIC due being young 25 years old. He says the IRS wont accept because I have many years to pay it back and they are going off of foreseeable income. Thoughts?
That's not necessarily true. Sure, your future earnings are considered but what are they? There are many things taken into their determination. It's best to have your situation evaluated to see what your options are.
We would need a lot more information to determine if you qualify. If you would like to go through a consultation to find out please use the following link to schedule and appointment. www.eataxresolutions.com/form-tax-consultation-2
I really appreciate you spending time on the phone with me today with my unique situation. I see now not is the right time to start a Offer in Compromise. I will definitely be keeping your info close by and contacting you when my situation progresses. Again thank you for taking that time to clear up my confused thinking even though you knew you weren't going to be gaining a client today, that means a lot. Best of luck to you.
Thanks for the support. Pleasure to help you!
Great video. I like how you broke it down on the white board.
thank you for posting this, finally simplified explanation.
Will the Offer in Compromise temporarily prevent the IRS from filing a tax lien?
I learned about dropshipping back in 2018 and really had no idea what I was doing. I made some money, but i thought because i was living abroad I wouldn’t have to pay taxes and in fact I’ve never seen the tax stubs and have no way of obtaining them. Yesterday my father called me and said I received a CP2000 stating I owe 21K. To put this into perspective I have been homeless/unemployed, living in my car since 2019. Just 3 weeks ago I sold my car. I have no assets and I live in Latin America because I only need to earn about 2 dollars a day to survive here.
I would advise to do your best to respond to the CP 2000 by the due date, to include expenses for your drop shipping business.
Very informative
What if you are on social security disability and 1199 disability pension as your income? how can you calculate how much taxes are to be taken out?
SS Disability is nontaxable so no tax is taken, as for the pension, depends how much is withheld from the payments, or what you are liable for. Take a look at your previous years return for reference.
I lost my job in November 2017, they move to a different state, so they kept asking us what do we want to do out 401K money. In January 2018 I would do my total hundred and thirty thousand. I thought they had deducted the proper amount of taxes out. I recently received a CP2000 letter stating that the additional 10% early withdrawal penalty wasn't deducted. Now they want me to pay almost $13000.00.
I haven't worked since then. I only have around $30,000 in my savings. is there anyway I can do a proposal settlement?
If you schedule an appointment I can go voer you situation and answers your questions. www.eataxresolutions.com/form-tax-consultation-2
What forms would you use to submit an OIC to the California Franchise Tax Board?
California CPA here. You use Form 4905.
I was trying to determine the minimum offer amount using form 433-A (OIC) and I noticed that they use your gross wages - expenses x 12. What does gross wages have to do with anything? How can I overcome this inflated minimum. For my special circumstances can I state basic math? Actual money vs imaginary? Is net pay even considered?
Check out a recent video I did going through the 433-a oic. You do not use gross wages to determine your offer there are expenses you can use to arrive at the offer amount.
ua-cam.com/video/ASqhcDX3OM4/v-deo.html
Thank You
I will be finishing my law degree / J. D. in August and taking the February 2022 CA Bar exam. I am thinking about submitting an offer in compromise in August 2022. Will the OIC forms ask about education level? Also, do you recommend making monthly payments on the arrears while the OIC is pending?
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
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
I spoke with an attorney overviewing my taxes and he said that I could get into hardship but i had no chance of success with an OIC due being young 25 years old. He says the IRS wont accept because I have many years to pay it back and they are going off of foreseeable income. Thoughts?
That's not necessarily true. Sure, your future earnings are considered but what are they? There are many things taken into their determination. It's best to have your situation evaluated to see what your options are.
How far back do they go in your bank account history?
3 months
Do you have to be set up on a payment plan before you can apply for the OIC? I just received paperwork on installment amount.
no
i checked on the site for your prices but i dont see it, how much is it to hire you for a offer in compromise?
Depends on the complexity of your case. Feel free to call to get a quote 800-245-0596
Is statute of limitations tolled if you file OIC?
The statue of limitations to collect the debt is extended by the amount of time it takes the IRS to examine your offer and come to a conclusion.
How can I get in contact with you
www.eataxresolutions.com/form-tax-consultation-2
I am a stay at home mom. I am not working and I am on state assistance. Do I qualify for this program?
We would need a lot more information to determine if you qualify. If you would like to go through a consultation to find out please use the following link to schedule and appointment. www.eataxresolutions.com/form-tax-consultation-2
I need help
You guys wish you had my tax guy