IRS Tax Debt Solutions: The Offer In Compromise

 

Some taxpayers get overwhelmed by the sum of the debt that they owe to the IRS. Since they know

that they can't afford what they owe, they ignore the problem altogether in a futile attempt to "make

the problem go away.”  Ignoring the debt you owe to the IRS will only lead to more problems. The IRS

will notice, and they'll assess high interest and penalties. The IRS has a variety of IRS tax services available to taxpayers so that they can resolve their tax debt.  You have a lot of options available to you, but for today we're going to focus on one of the most common resolution options people use when they're burdened with tax debt: the offer in compromise (OIC).

 

Offer In Compromise Basics

 

If you find yourself with tax debt that you don't think you can pay off in a reasonable amount of time, you can file an OIC with the IRS.   An OIC is exactly what it sounds like, since you can't pay the amount that you owe you make a compromise with the IRS and offer to pay alower amount. The IRS reviews your ability to pay, your current level of income, your expenses, and your asset equity, among other things.  You should consider hiring a tax resolution professional to help you through the process since they're familiar with the ins and outs of IRS tax rules.  They'll be able to analyze your situation and tell you which option will be least burdensome. They'll also be able to give you advice on how to avoid owing money or reduce the amount owed for next year.

 

Wall & Associates, Inc. is the best company to contact to assist for these services. They have many years of experience with these situations and will be able to appropriately advise you. Wall & Associates, Inc. will file all necessary paperwork for an OIC.  When you submit your paperwork

(please be advised that the IRS charges an application fee of $150 for submitting an offer in compromise) must send a down payment for each offer form you fill out. Your down payment will differ based on your offer and the payment option you choose. You can opt to give the IRS a lump sum cash payment where you submit an initial payment of 20% of the total offer amount

with your application. You'll pay the remaining balance of the offer in five payments or less. Or you

could choose to pay a periodic payment, where you gradually pay off the remaining balance of the offer each month until the debt is paid in full. If you want more information on OICs, visit the

Wall & Associates, Inc. website for a more in-depth explanation of the program.

 

*Not a solicitation for legal services*

Tax Liens: What You Should Know

Though it happens every day, whether intentionally or unintentionally, not paying taxes owed to the IRS can allow the federal government to file a claim against you known as a tax lien. Though this claim does not immediately go onto your public records, and thus is initially referred to as a "statutory" or "automatic" lien, it will eventually become very public information and can and will be used against the person or business by credit reporting agencies.

How Does A Tax Lien Affect Me?

As soon as the IRS files a lien with your county, it can be available for credit card companies to view. It will affect your credit report and credit score negatively, which could make it difficult to open credit cards, make large purchases and more. You'll also have a hard time getting any of your credit extended.

How Can I Avoid A Tax Lien?

The only way to avoid having the IRS file a lien on you is to pay your owed taxes in full. There are many ways to settle your debt if you can't pay the cost up front, but you should always stay on top of your taxes and contact the IRS immediately if this is the case.

How do I Know I Have One?

You will receive a letter of notice from the IRS once a lien has been placed on any of your assets. You can also check your local courthouse to see your public records.

Can I Get Rid Of It?

Yes, you can get rid of your IRS tax lien by paying your owed amount in full. There are also options in which you can file an Offer in Compromise, which states that you do not currently have the entire amount but will come to an agreement of a payment plan or some other sort of compromise, depending upon circumstances. Tax liens can also expire after ten years of the initial billing if the IRS doesn’t refile them, but waiting for the bill to expire is extremely risky and harmful to your credit.

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Professional IRS Tax Help to the Rescue

Many people are having financial trouble across the country. Sometimes that means putting food on the table or paying the IRS. It is almost always more important to keep the lights on and food in the house than it is to pay the IRS.

So if I cannot pay the IRS what do I do?

All is not lost if you have outstanding tax bills. IRS tax help is easier to get than one would imagine. The media tries to scare people with stories about people going to prison for not paying their taxes. Most individuals do not owe millions of dollars and try to pay the best they can.

The IRS will make numerous attempts to contact you before imposing a levy on you. Most people get scared though and do not react. Do NOT do that. Be sure to contact a tax professional if you ever get a letter from the IRS.

If your situation is more dire and your owe tens of thousands of dollars or more then there is hope for you too. If you have fallen on hard time and cannot pay then an "offer in compromise" (OIC) may be the best bet. Many times you can settle for a percentage of the total debt owed, which could be a substantial amount.

No matter what your situation it is best to contact a professional that has many years of experience providing IRS tax help.

Not a solicitation for legal services

Professional IRS Tax Help to the Rescue

Many people are having financial trouble across the country. Sometimes that means putting food on the table or paying the IRS. It is almost always more important to keep the lights on and food in the house than it is to pay the IRS.

So if I cannot pay the IRS what do I do?

All is not lost if you have outstanding tax bills. IRS tax help is easier to get than one would imagine. The media tries to scare people with stories about people going to prison for not paying their taxes. Most individuals do not owe millions of dollars and try to pay the best they can.

The IRS will make numerous attempts to contact you before imposing a levy on you. Most people get scared though and do not react. Do NOT do that. Be sure to contact a tax professional if you ever get a letter from the IRS.

If your situation is more dire and your owe tens of thousands of dollars or more then there is hope for you too. If you have fallen on hard time and cannot pay then an "offer in compromise" (OIC) may be the best bet. Many times you can settle for a percentage of the total debt owed, which could be a substantial amount.

No matter what your situation it is best to contact a professional that has many years of experience providing IRS tax help.

The IRS and Leniency

In a rare showing of leniency by the IRS, the agency has made it known that they intend to be a little more forgiving when it comes to liens. Oddly enough, it seems some effective IRS tax help is coming from the agency itself.

Some people have said they are a good step in the right direction, but they are not weighty enough to really help people that are struggling with a tax burden. There are too many people out there that don't realize how important it is for people to pay back their debt. It can be really difficult for people to have to deal with these debt problems, and they can run into a lot of problems if the debt stacks up, and they have no way to pay it back.

It just adds insult to injury to have to have to pay back debt during a recession. People don't want to have to put up with it.

The IRS' recent efforts to be lenient make it easier for people to get by in this tough economy. They won't have to deal with the tough problems that are troubling them during this the toughest recession in this generation. There are a lot of people that are downright scared about what it means to have a tax burden during a recession.

If you're one of the countless people seeking true IRS tax help, contact Wall and Associates today.

Not a solicitation for legal services

Seeking IRS Tax Help

Because tax preparation can be a complicated process, some tax payers can find themselves having to negotiate debt settlement with the government. Clients needing IRS tax help because of outstanding liens, settlements and garnishments can also find relief through one of our many qualified professionals. The tax professionals at Wall and Associates have decades of collective experience in IRS procedures and rules, and will represent your case to the IRS to your best advantage.

Approaching the IRS on your own to make a settlement offer may seem like a fairly straightforward procedure; however, a lack of knowledge about how to present your financial information could lead to misrepresentation of your funds. Our agents will help spot oversights, such as overestimating property value, and keep your settlement amount within reason. Our commitment is to help you regain your financial footing and get rid of the stress that can come from the debt collection process. The agents at Wall and Associates are known and respected by the IRS and make it point of standing up to any intimidation directed at our clients.

We'll make sure you have an itemized statement of the specifics of your case so you can come up with a satisfactory Offer in Compromise. Our associates have the experience of settling thousands of Offers in Compromise and we know the red flags that may impede the progress of your case. We provide a free business or personal consultation to give you the IRS tax help you need, and above all, we'll follow the law to the fullest to make sure your tax situation is resolved in your best interest.

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Get the IRS Tax Help You Need

The IRS is probably the most difficult government organization to deal with, and it is imperative to resolve tax issues with the IRS. Getting IRS tax help is one of the best investments you can make. The government can seize your assets and possessions; in addition they can freeze your bank accounts. The IRS can also go as far as garnishing your wages.

Hiring a tax professional to get IRS tax help is very important. This is because, a professional will have the experience necessary in dealing with the IRS, keeping the communication open and resolving the issue. It is best to get help to resolve your issues as quickly as possible because it can be resolved with less penalties and complications.

When getting IRS tax help, you will stand a much better chance of keeping your assets from being seized and preventing your bank account from being frozen. In addition you are much less likely to have your wages garnished. This is because as professionals, we can keep the lines of communication open between you and the IRS and alleviate a lot of the stress involved in dealing with the IRS.

The flow of communication and the understanding of the whole process will also go much smoother when you obtain professional help for your tax problems, as they know the complex tax laws and rules very well. They also know what to do in every situation that one faces in dealing with the IRS, and are not intimidated. Hiring a professional will literally save you money in the long run as going on your own or not acting at all will most likely result in stiffer penalties and a much higher likelihood of having your wages garnished. 

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Why You Need Professional IRS Tax Help

Wall & Associates offers people IRS tax help, and the benefits are endless. We have helped thousands of people find the help they need, and we can help you, too. Let's discuss some of the benefits of hiring Wall & Associates.

One of the benefits that customers enjoy is getting numbers advice. We have the experience needed to give you the consultation you need to effectively make a deal with the IRS that won't hurt you financially.

Wall & Associates knows how to have its customers evaluate their assets and liabilities, and customers are advised on how much of an offer they should make. We have been in the business for a very long time. Experience has been acquired along the way, and now we can advise customers on how to argue their case. We know all about the IRS's procedures and rules. This works in the customer's favor.

Additionally, not many people know this, but Wall & Associates was started by a tax expert. Our knowledge helps customers argue their cases based on pure facts, so customers are well-protected when they hire us. Customers also benefit from hiring us because we know how to handle aggressive IRS Offer Specialists, and customers rarely have to deal with them because we do it for them.

People who need help dealing with the IRS can and should protect themselves from extreme legal actions from the IRS by hiring Wall & Associates. Dealing with the IRS is not pleasant and can be very intimidating. People should not be afraid of the IRS and should not feel pressure. We will deal with the IRS on their behalf.