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April

File Tax Returns

Owe the IRS back taxes? Odds are, the problem started with your tax returns. Maybe you forgot to file for several years, or maybe you hired bad representation. Or maybe you did them yourself and made some costly errors. Whatever the case, it’s time to fix them and take action before the penalties and interest double, triple, even quadruple the amount owed!

Recent actions by Congress were taken in order to close outstanding and costly tax debt investigations. Since May of 2012, the IRS has made efforts to dramatically liberalize its Offer in Compromise program.

Legislation removes some perceived obstruction placed by the IRS before the taxpayer, in general, by loosening the eligibility requirements, specifically by:

If you have a complex tax issue, and are looking for representation with top letter grades and great reviews, the partners with our firm are all hand picked and are ready to represent and defend your interests with the IRS or State collection authorities. Why wait for your tax debt to get any worse? Contact us today and get the relief you deserve.

Restrictions to Offer in Compromise Eligibility

Not all taxpayers with outstanding debt are eligible. In order to qualify for the Offer in Compromise program, a taxpayer must have a tax professional or tax attorney submit a draft letter as well as a substantial offer on your behalf.

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If you’ve considered representing yourself, you might want to re-consider. An OIC is generally not accepted if the IRS believes the liability can be paid in full as a lump sum or a through a payment agreement. This is determined by your reasonable collection potential.

Taxpayers who choose to file an Offer in Compromise on their own behalf, may find themselves paying more in penalties and interest as a result. This is because the IRS only accepts a portion of the requests it receives; it is often the unprofessionals who are disqualified. What’s worse, the IRS may suspect that the taxpayer who has ignored previous notices is stalling rather than taking responsibility. If this is determined, the IRS will continue with their efforts to levy bank accounts and wages in order to collect on the debt.

IRS Tax Settlement Programs for non-qualifying

Other options for those not meeting OIC IRS settlement guidelines who still need IRS tax debt settlement help should consider other IRS tax settlement programs. Additional programs include IRS penalty abatement, which removes penalties from accrued liability, IRS partial payment plans, and requesting for collections to be placed on a permanent hold, or CNC status.

Getting a qualified offer in compromise approved is a timely and exhaustive process, and is one that requires professional handling. Stack the odds on our side and contact us today.