If you have a large tax debt that you are unable to pay, you have options that you may not be aware of. I will analyze your situation and recommend a solid course of action with the goal of giving you peace of mind, minimizing your financial burden while satisfying the IRS.
Suspension of Levy Action - You just got a nasty-gram informing you the IRS is intending to garnish your wages or seize your bank account in 30 days. Don't panic- an appeal can be filed which automatically suspends adverse action by the IRS while we are working with them to resolve your case.
Offer in Compromise - You've heard the pitch: "You may qualify to settle your IRS debt for pennies on the dollar..." Everybody's talking about it, everybody's doing it - well, sort of. Virtually everyone qualifies for an Offer In Compromise. The question is: how much are you required to offer? Your offer amount is determined by the IRS. They have a strict formula that you must adhere to when determining the amount of your offer. My analysis makes it easy to determine an offer amount the IRS will accept. While the IRS is considering your Offer, you will be free from collections action.
Currently Non-Collectible - Maybe you owe the IRS a large amount of money and you simply are not and will not be able to pay it. Ever. Believe it or not, the IRS may be willing to consider you Non-Collectible. Period, end of story, collection efforts stop. But to make that happen, I have to take you through the proper procedures.
Installment Agreements - If you are unable to pay your tax debt in one lump sum, the IRS will allow you to establish a 72 month payment plan of monthly installments .
Partial Pay Installment Agreements - If a 72 month agreement is unaffordable, let me propose a monthly amount to the IRS that you can afford, even if it doesn't fully satisfy your debt.
Injured Spouse Relief - If your tax problems were caused by your spouse without your consent, you have a right to be relieved of the tax debt, and the IRS has the authority to take those factors into consideration.
Penalty Abatement - Tax debt is usually compounded by penalties and interest. If unusual or adverse circumstances caused you to fall behind on your taxes, the IRS will consider dropping these extra charges.
Appeals - Your Best Friends Forever at the IRS. All decisions by Revenue Officers and Revenue Agents can be appealed. The mission of the Appeals Office is to save the IRS the time and expense of going to court. If giving you a better deal will avoid litigation, the Appeals Office will usually try to make that happen.
Amended Returns - Often a poorly prepared tax return will contribute to the size of the tax debt. The same problem arises when no return is filed and the IRS generates a Substitute For Return, usually without regard to any deductions or available credits. If I think I can prepare a better return, I will prepare an Amended Return, giving us the opportunity to submit a return that reduces your tax burden.
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