Music, hi, I'm Dawn Patton. I'm an enrolled agent and I work at Private Tax Solutions. And I'm John Miller, a certified public accountant with Private Tax Solutions. Today, we want to talk about offers and compromises. Offers and compromises are a way for individuals with tax debts to resolve or settle those debts with the IRS for a lower amount. We're going to walk through the calculations and how we did this for a couple of clients. The exciting part is discussing the results. At the end of the day, many people have tax debts, and the offer and compromise program is one avenue to settle those debts. There are two parts to every offer calculation. The first part depends on the assets. If a client has high asset value, that will be included in the offer amount. For example, if a client shows $10,000 in assets, that amount will be used in the offer calculation. The second part looks at the client's income and what is left after allowed expenses based on IRS standards. Now, let's go through some examples of assets. It's interesting to see how we can exclude certain assets. In this specific case, our client had cash on hand and financial accounts, such as bank accounts. They also had a 401k balance just over $10,000. Our main concern was how to exempt that $10,000, as otherwise, the client would have to settle their tax debts with those assets. Next, we have two vehicles. In all cases, we can take 80% of the value, representing the liquid sale value of these cars. Additionally, we can deduct the loan balance. There's also an exemption amount of $3,450 per car for two cars. By considering all these factors, we were able to remove the car value from the assets, making it exempt....
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