Saturday, May 27, 2023

Offer in Compromise


An Offer in Compromise is an agreement between the taxpayer and the IRS that resolves the taxpayer’s debt for less than the amount owed. This most commonly happens when the taxpayer has verification that they will never be able to satisfy the liability in full. An offer is then reached for an amount that the taxpayer will realistically be able to pay. Tax Resolution Specialists has an experienced tax team to help negotiate an Offer in Compromise for taxpayers that qualify for the program.


Installment Agreements


You are encouraged to pay what you owe as quickly as possible. If you are unable to resolve a tax debt immediately an installment agreement might be a reasonable option. Installment agreements allow for the full payment of the tax liability in smaller, more manageable amounts over a period of time. After an installment agreement is in place we can then begin negotiations for an offer in compromise to settle your tax liability for less than the amount owed. Another option is to be placed in a Currently Not Collectible status, in which you may not have to make payments to the IRS at all, again depending on your individual financial circumstances.


Bank Levy or Wage Garnishment


When the IRS or state has failed repeatedly to collect taxes, they begin to seize assets. This process is called a "levy." When they attach wages, it is termed a "wage garnishment."

Because relief from accrued penalties and interest is based on a factual tax return rather than financial hardship, terms for successful penalty abatement are very specific. More so than most, this program involves a great deal of skill to successfully navigate the IRS protocol to bring in a beneficial resolution.

State Tax:


Many people who owe the IRS usually owe state tax as well. Most states offer similar versions of the payment plans and amnesty from penalties and interest if successfully approached.

You NEED Tax Resolution Specialists:


Our enrolled agents are experts at negotiating solutions with the IRS.



To discuss these options and more call today for a free tax consultation – (877) 460-6464

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