×

Photo Release -- IBA Tax Group - New iPad & iPhone App Can Save Tax-Indebted Consumers Thousands

OIC Calculator App

CORAL SPRINGS, Fla., Nov. 26, 2012 (GLOBE NEWSWIRE) -- IBA Tax Group announces the new Offer-in-Compromise (OIC) Calculator app, now available for download from the App Store in iPad and iPhone versions.



A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=15913

What is an IRS Offer in Compromise?

Offer in Compromise is a federal program administered by the IRS where an agreement between a taxpayer and the IRS settles the taxpayer's tax liabilities for less than the full amount owed.

What do stressed taxpayers need to know about Offer in Compromise in 2012?

The IRS eligibility requirements for an Offer in Compromise (OIC) case acceptance are very stringent, even with the more flexible terms of the IRS "Fresh Start" program announced this past May; a program few consumers are even aware of.

"Not every taxpayer in arrears is eligible to file an Offer in Compromise case with the IRS," says Irina Bobrova, founder of IBA Tax Group, Inc. in Coral Springs, Fla. and co-creator of the OIC Calculator app. "In fact, I have found thousands of tax scams abound concerning the Offer in Compromise. Unscrupulous tax "professionals" convince unwary consumers that they qualify to settle their tax debts for less. They then take thousands of dollars in retainers and subsequently file offers that are rejected because the taxpayers were not eligible in the first place."

With favorable terms of the IRS "Fresh Start" initiative that expands the IRS Offer in Compromise program and enables more financially distressed taxpayers to clear up their tax problems even quicker, additional consumers may fall prey to misinformation and scams, says Bobrova.

Bobrova, an Enrolled Agent who is licensed to represent taxpayers before the IRS, says she created the OIC Calculator app to provide a level of consumer protection against fraud for those considering the Offer in Compromise. "The OIC Calculator app will simply tell the taxpayer, in about 15 minutes, whether or not they are eligible for an OIC, before they've doled out hundreds or even thousands of dollars on OIC scams," says Bobrova.

The average hourly rate for an Enrolled Agent, a Certified Public Accountant or a tax attorney to analyze a consumer case for OIC eligibility is approximately $250. The average OIC case prepared by tax professionals costs from $2,500-$5,000 and more. Before paying anyone hundreds or even thousands of dollars, consumers can now run the numbers independently and determine their eligibility for an OIC case and even calculate a Minimum Offer Amount, all from the convenience of an iPad or iPhone app.

The OIC Calculator app provides a simple calculation to determine OIC eligibility quickly, privately and for a fraction of the cost.

An Offer in Compromise is generally not accepted if the IRS believes the liability can be paid in full as a lump sum or through a payment agreement. The IRS looks at the taxpayer's income and assets to determine the reasonable collection potential.

  • There is no need to know tax law or IRS regulations. The OIC Calculator app questions are simple, straightforward and constantly updated to reflect changing IRS eligibility requirements.
  • Every single question is also supported by a "Help" note.
  • The OIC Calculation takes just 15 minutes.
  • The OIC Calculator app only costs $9.99.

The OIC Calculator is available for download from the App Store for just a fraction of the cost of an initial visit to an Enrolled Agent, a Certified Public Accountant or a tax lawyer and it protects consumers considering an OIC from spending thousands on scams and fraud.

Links: Form 656-B, Offer in Compromise Booklet can be found at IRS.gov or ordered by calling 1-800-TAX-FORM (800-829-3676). More information on the "Fresh Start" initiative can be found at IRS.gov.

  • Form 656-B, Offer in Compromise Booklet (PDF)

About IBA Tax Group: We provide complete, professional tax services. We are:

  • Enrolled Agents, tax specialists licensed by the IRS, trained specifically in all aspects of taxation.
  • Tax preparation specialists and authorized IRS e-file providers.
  • Certified Acceptance Agents, authorized by the IRS to help non-citizens obtain Individual Tax Identification Numbers (ITIN).
  • Local to South Florida but licensed to represent taxpayers nationwide and available for live, real-time communication through video conferencing technology.

Contact: Irina Bobrova, EA, CAA. IBA Tax Group, Coral Springs, Fla. 1-888-493-0666 or info@ibatax.com

This information was brought to you by Cision http://www.cisionwire.com
http://www.cisionwire.com/iba-tax-group/r/iba-tax-group---new-ipad---iphone-app-can-save-tax-indebted-consumers-thousands,c9339791

Source:IBA Tax Group