In order to get an Offer in Compromise, you must meet certain minimum standards established by the IRS. We will review your financial data to determine if you qualify for it.
We then use the same financial data to see what you can afford to pay back on a monthly basis. This is called an installment agreement and is the basis for most of our work for clients. The IRS will usually accept these agreements with repayment terms of up to 72 months.
The IRS may put collections on hold for a given period if you have no money left to pay them after allowable expenses each month. Unfortunately, the debt still exists. Collections are only deferred to a time in the future when you are able to start making payments.
It is always better that you initiate the filing of late returns before the IRS asks where the returns are! Many taxpayers are never contacted by the IRS inquiring about back taxes. They draw the understandable but wrong conclusion that they have been forgotten and will be under the IRS radar forever. Not true! We will help you reconstruct the records necessary to file these returns. We will also file all returns to get you caught up and follow up in representing you before the IRS.
An innocent spouse is someone who filed a joint return and then is notified by the IRS that they are being assessed additional taxes because the other spouse did not report all of his (her) taxable income. If it can be proven by the taxpayer that he (she) had no knowledge of this income and had no reason to know, then this innocent spouse will not be responsible for the additional taxes.
Under certain circumstances, income taxes can be eliminated in bankruptcy proceedings. We can help determine if you qualify for this great relief during our initial analysis.
Generally, NO. We take all emotion out of the discussions. IRS agents are trained to solicit information from you that-however politely they get it-can later be used against you. Be safe rather than sorry. Let us fight them for you.