IRS offers how-to videos to help taxpayers apply for Offers in Compromise and avoid scams
https://www.irs.gov/newsroom/irs-offers-how-to-videos-to-help-taxpayers-apply-for-offers-in-compromise-and-avoid-scams
https://accountinginstruction.info/
The Internal Revenue Service today unveiled a new how-to video series enabling taxpayers to avoid potential scams by considering and applying for an Offer in Compromise (OIC) themselves and avoid paying excessive fees to companies advertising outlandish claims.
"We encourage eligible taxpayers in real financial distress to consider looking into an Offer in Compromise to resolve their tax issues," said IRS Commissioner Chuck Rettig. "People also need to use caution with the program. Some companies routinely overstate how they can help with this program and clear up people's back taxes for pennies on the dollar. A quick visit to IRS.gov can provide important information to help people with this program."
An Offer in Compromise allows you to settle your tax debt for less than the full amount you owe if you qualify. It may be a legitimate option if you can't pay your full tax liability or doing so creates a financial hardship. The IRS considers your unique set of facts and circumstances when making that determination. The OIC program serves an important purpose for a select group of taxpayers.
The IRS periodically warns against hiring and paying needless fees to these "Offer in Compromise mills" that contort the IRS program into something it's not and mislead people who have no chance of meeting the requirements while charging excessive fees, often thousands of dollars. OIC mills were listed in the last two annual IRS Dirty Dozen lists of tax scams to avoid.
"I encourage taxpayers who may qualify for an Offer in Compromise to watch these videos and review information on IRS.gov to help them determine if the program is right for them," Rettig said. "Don't go to costly promoters advertising on television or radio who can make overstated claims or suggestions that the IRS will accept an OIC without even reviewing your situation first."
The video playlist marks another improvement for IRS online educational videos by breaking the videos' information out into easy-to-navigate chapters and sections that coincide with the layout of the OIC booklet and forms. It also offers taxpayers the ability to bookmark information they'd like to revisit later. This new OIC video playlist provides:
An overview of the OIC process, forms and pre-qualifier tool for help in getting started
Step-by-step walkthroughs of Forms 433 – A & B OIC, which are known as "collection information statements" and needed for individual and business-related offers
A step-by-step example of how to complete the OIC application, Form 656 PDF
And a fi
...
https://www.youtube.com/watch?v=9m1wLdekNSc
"Unlock the secrets of tax benefits for qualifying dependents in our 'Qualifying Dependents Tax 2023-2024' series! Whether you're a parent, guardian, or caregiver, understanding the rules and exemptions surrounding dependents is essential for maximizing your tax refund. Join us as we explore who qualifies as a dependent, available tax credits, and how to optimize your tax return. Don't miss this opportunity to ease your tax burden and secure your family's financial future. Subscribe now for expert insights and practical advice!"
...
https://www.youtube.com/watch?v=tF6iVXGGee0
Business Income Discussion Part 1- Income Tax 2023
You can also join our Accounting Instruction Free Month Membership here:
https://mailchi.mp/162b76dee17d/3vb67kuoou
...
https://www.youtube.com/watch?v=5_TBN3aguMI
Car, Truck & Business Expenses Example Part 3 Income Tax 2023
You can also join our Accounting Instruction Free Month Membership here:
https://mailchi.mp/162b76dee17d/3vb67kuoou
...
https://www.youtube.com/watch?v=qqdKIyPAV10
Sch. C Business Income
Resource including multiple language text & audio: https://1drv.ms/u/s!Ap8mLpFX7uo9gcJWPfNXwD_z6xtw_A?e=OBQaqi
Google Classroom: https://classroom.google.com/c/MjM2NDg1Mjk4NzE1?cjc=7ibfle4
Class code: 7ibfle4
Playlist: https://www.youtube.com/playlist?list=PL60SIT917rv5W3nTPK_PHavaSUW2AdJWR
Income Tax 2020
...
https://www.youtube.com/watch?v=HK697c_vfKE
"Get a concise recap of the crucial points surrounding business expenses and deductions for Tax 2023-2024. From understanding deductible costs to leveraging credits, ensure you're maximizing your tax benefits. Stay informed and empowered with our summary of key insights. Subscribe for more tips and updates on navigating the tax landscape!"
...
https://www.youtube.com/watch?v=IKtl78tX__k