Our goal in the tax settlement process is to achieve maximum tax debt relief legally allowed, or a payment schedule that least disrupts your economic life, and also to reduce your stress and concerns by having to deal and speak directly with the federal and state income tax agencies. We talk with with the IRS and other tax authorities, so that you don’t have to. We can save you thousands of dollars by negotiating a tax settlement for you.
Installment and Agreements
If the taxpayers do not have the cash to fund the liability they may qualify for an installment agreement. .The IRS may request a personal financial statement and if a business is involved then the taxpayer will need to provide a business financial statement also especially if the liability is more than $50,000.
The IRS will compare taxpayer income against the expenses to determine the amount of disposal income available to pay the liability. In the case of an installment agreement for an individual taxpayer the IRS may limit some of your expenses based on their “national standards”. The difference between the taxpayer’s monthly gross income( after tax ) and allowable expenses is what the taxpayer will pay for the monthly installment payment.
Taxpayers may have a chance to get the penalties that the IRS has issued to you abated. Each case is reviewed by the IRS on its merit and the penalty abatement is accepted or denied based on a reasonable cause and first time abatement. If the request is accepted then taxpayer can have penalties partially or completely removed. Each year the IRS abates tens of millions of dollars in penalties.
If the taxpayer does not agree with a decision from an audit then he/she can file an appeal. The appeal is sent to the IRS Appeals Division where an Appeals Officer will hear both opinions and will come to a conclusion.
Offer In Compromise
Doubt to Collectability
An Offer in Compromise gives the taxpayer a chance to make a compromise on the amount owed to the IRS. Most Offers in Compromise that are accepted are accepted at a substantial discount. This could save the taxpayer hundreds to thousands of dollars. If the compromise is accepted and payment is made the tax lien can be released. A compromise is accepted or rejected based on your current financial situation, equity in assets, and ability to pay. If the Doubt to Collectability offer is not accepted then the taxpayer will have the right to file an appeal.