TAX
SETTLEMENT OPTIONS
Resolving
Serious Tax Problems...
Tax
problems may keep you awake at night or creep into our mind when
you have a quite moment. Losing sleep, suffering, naggin, or worry
won't alleviate the stress. Only having a plan to solve your problem
and acting on it will end your anxiety. Real peace of mind comes
with getting the problem under control.
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Sadly,
most troubled taxpayers have wrestled unsuccessfully with
their tax problems for a long time only to realize they
aren't able to do it by themselves.
Taxpayers
who try dealing with the IRS agents on their own will often
quit in frustration. It starts with the hours on hold, followed
by the hundreds of intrusive questions, and finally ends
with IRS demands that are nearly impossible to live with.
Later, when the plan fails, you have to start all over again,
usually with a much larger balance due. |
You
never need to talk to the IRS. Let an expert do it for you.
Let
the experts at Tax Ally negotiate the proper settlement for you.
Each
situation is unique. Don't be fooled by other firms offering "one
solution fits all". We'll work to find the right solution
for you, which might include:
Offer in Compromise
An offer in compromise (OIC) is an agreement between a taxpayer
and the Internal Revenue Service that settles the taxpayer's tax
liabilities for less than the full amount owed. Absent special
circumstances, an offer will not be accepted if the IRS believes
that the liability can be paid in full as a lump sum or through
a payment agreement.
In
most cases, the IRS will not accept an OIC unless the amount offered
by the taxpayer is equal to or greater than the reasonable collection
potential (RCP). The RCP is how the IRS measures the taxpayer's
ability to pay and includes the value that can be realized from
the taxpayer's assets, such as real property, automobiles, bank
accounts, and other property. The RCP also includes anticipated
future income, less certain amounts allowed for basic living expenses.
Taxpayers
should beware of promoters' claims that tax debts can be settled
through the offer in compromise program for "pennies on the
dollar." Each individual case is unique and there is not
a "one fits all" solution.
Penalty Abatement
Penalty abatement is forgiveness of penalties associated with
tax debt that have been added over the course of the debt. Sometimes
the IRS will agree to remove such penalties when a tax payer has
shown a desire to resolve the debt and has sound reasoning for
the request.
