What Is An Offer In Compromise?
Under IRS and State tax rules, we use the Offer in Compromise to settle tax debt for pennies on the dollar. We will determine if you qualify for an Offer in Compromise during your free consultation. If you have no retirement funds (IRA or 401k) and little or no equity in your home, the Offer in Compromise is a great way to settle a tax debt – sometimes for as little as less than $1,000 – regardless of how much is owed. But, you need to know If you have significant money in an IRA or 401k, an Offer is not the way to go – because IRS will take those funds. Beware of the “tax guy” from those services who advertise all the time. They will claim it’s a slam dunk and try to get your credit card over the phone and make you promises they can’t deliver on. If you don’t meet the IRS parameters, the offer will not work and it’s a mistake to waste the money trying one.
Payment Plans are Available – Levies Can be Released
There are steps and procedures that you can follow in order to obtain time to pay past-due tax bills so that you do not have to live in fear of having your bank account or wages levied without notice. Proper planning is needed because once you enter these agreements, you must stay current on your current taxes or the plans will default. Also, if your bank account is levied or your wages garnished, there are steps we can take to obtain a release of the funds – in this case, you must act immediately.
Never Go Alone
Never attempt to represent yourself before a tax authority. You may be your own best friend, but when it comes to protecting you, you are your own worst enemy. As your representative, we provide the necessary shield that is needed at times, and the government cannot intimidate us. Whatever you do, do not go it alone.
Solving Tax Problems
We’ve been solving tax problems for 34 years. We compromise tax debt with Offers in Compromise, get wage levies released, handle audits, unfiled returns, and obtain affordable payment plans. You hear on TV and radio about the “pennies on the dollar” settlements that are available with the IRS. That is true – but only if your financial situation fits within the parameters. Other times – there is a better solution. We make this assessment for you in one FREE consultation to ensure you make the right move. Watch out – when you call the national tax service, the person you speak to on the phone is more interested in the commission he receives than in your well-being.