|
Q: What is an
"IRS Offer in Compromise"?
A:
When the amount you owe exceeds your ability to
realistically pay off the debt within the next five years, the IRS
may be willing to settle your debt for a considerably reduced
amount, possibly even for "pennies on the dollar."
This program, however, is very specific.
Any miscalculation or omission and the Offer will likely be rejected.
Because The Tax Relief Center knows the formulas and
guidelines that the IRS uses, we are able to assess the lowest
possible amount they will accept before your Offer is ever
submitted. This eliminates the guesswork and worry. When you call,
your tax specialist will walk you through the procedure, answering
any questions you may have and providing a free, accurate
evaluation of your case.
Q: What is a "Penalty Abatement"?
A:
If
there were circumstances beyond your control that prevented you
from paying your tax debt and led to delinquency, it is possible
to challenge
those penalties and negotiate them down, possibly even eliminate
them altogether. There are many valid reasons for which the IRS
might forgive this additional debt: divorce, theft, illness, prolonged unemployment,
fire, and bad accounting advice are just a few. This program
requires a great deal of skill to successfully navigate the IRS protocol
and bring resolution. When you call, a tax
specialist will cover the intricate details of a Penalty
Abatement, accurately explaining why you would or wouldn't be a
candidate for this relief.
Q: What is a "Wage or Bank Levy?"
A:
When
the IRS or State has been repeatedly unable to collect back taxes
from someone, they begin to take away assets. This process is called a
Levy and is generally intended as motivation for the taxpayer to
come clean. Actions may include: garnishing wages, freezing bank
accounts or a business’s accounts
receivables,
and taking control
of property via Lien or outright Seizure.
Levies and Liens are designed to force taxpayers into compliance. Depending on the type and severity of the
levy, The Tax Relief Center can usually get a
Levy or Lien successfully released within 2-10
business days.
Q: What is
"Lien Subordination"?
A:
If
there is a Tax Lien on your home or property, we can petition the
IRS to make the Lien secondary to another obligation in order to obtain some form of financing.
This solution is especially useful when using equity in a
property to pay off a negotiated settlement, and can also be a
smart option to take advantage of favorable interest rates and
market conditions.
Q: What is an
"IRS Payment Plan"?
A:
When a person has a large tax debt but they can’t afford to pay it off
as a single lump sum, then it is often possible to set up a
“Payment Plan” that allows the debt to be paid off in monthly
installments. The most important factor is
determining a monthly amount that will be acceptable to the IRS
and also reasonable enough that the taxpayer will not default.
The Tax Relief Center can help you determine this amount
and submit a proper proposal to the IRS so that you can pay off
your debt without incurring an economic hardship.
Q: What is "Payroll Tax?"
A:
When
a business employs others besides the principal, the IRS assesses to
that business what it calls 940 & 941 taxes (also referred to as
employee withholding taxes.) This tax is due quarterly, and if
left unpaid, penalties and interest begin to accrue.
If these taxes are neglected long enough, the business can
be closed and all assets seized to satisfy the debt.
Depending on the case, the taxes themselves can
often be
negotiated down to a settlement, and the associated penalties and
interest abated. As
these cases vary substantially in intricacy, your tax specialist
will provide a detailed assessment of your situation and show you
the most affordable solution possible.
Q: Who qualifies for a relief program?
A: Almost everyone will
qualify for some form of relief. The IRS has certain rights and
resources available to it, and it happily utilizes all of them in
order to collect past due tax debts. Taxpayers have rights as
well, but the problem is few people are really aware of them.
Our tax specialists know these rights and understand the
relief you are entitled to. From quickly releasing a Wage
Garnishment to writing an air-tight Offer in Compromise proposal,
they will provide a fast, accurate solution to your tax issue and
will protect your rights as they were originally intended by law.
Q: How long does it take?
A:
Because
the specifics of each case are so different, resolution can range
from one week to six months. If you have time sensitive issues,
make sure and tell your tax specialist as they can tailor a
program to specifically suit your needs.
Q: Will the IRS continue collecting once I'm represented?
A:
If
you decide to take advantage of our representation services, all
collection activity will stop. That means no more harassing phone
calls or threatening letters. All correspondence is directed
through our office so that you can handle your own affairs while
we resolve your tax issue. Once your proposal is accepted and settled,
tax liens, IRS debt and collection action will be out of your
life..
Q: Is it "Guaranteed"?
A:
The
IRS uses specific formulas to evaluate relief based on a national
cost of living index. When applied for following their guidelines,
resolution is quick and efficient. In the event that your Offer is refused, it is
our policy to appeal it at no additional cost!
We aim to have your case resolved the first time through,
but we will continue to fight for you until you get the relief you
deserve.
Q: What options are available?
A:
Many
of our clients will qualify for a relief program called an Offer
in Compromise. Depending on the circumstances, this option may
settle a taxpayer’s debt for literally pennies on the dollar!
If a person does not qualify for the OIC, there are still
many other options which could mean huge savings, including:
eliminating penalties and interest, removing liens from property,
stopping wage garnishments and releasing bank levies. We can also
negotiate affordable Payment Plans to prevent financial hardship.
No matter what your particular difficulty, odds are
there’s a program that will help you.
Get your FREE Consultation now!
|
