If you owe a significant sum of money to the IRS or any given state, they will ask you to pay that amount in full, frequently adding penalties & interest. These may be underpayment penalties, failure-to-pay penalties, or failure-to-file penalties. Interest is also added.
If you are unable to pay the tax balance, the IRS and states have a program to settle these debts at pennies on the dollar. This is called an offer in compromise (OIC) and only works if the tax debt is very large in comparison with your annual income.
For example, we recently won a settlement with the IRS – the taxpayer earned $58,000 per year, but the tax debt was $97,000. The IRS factors in family expenses and other costs of living, so it is clear he would not be able to pay back the whole amount. We settled with them successfully at $9,000.
Sometimes, however, you may not qualify. Reach out to us with the contact form below to check if you qualify – we will run a free analysis for you. You can call or email.
When searching for a tax settlement online, you will see many ads. Many of these are non-licensed firms that prey on persons in a vulnerable position. These companies will frequently overcharge the clients while doing minimal work – usually, they only put a stop on liens & a temporary hold on collections activity. However, since they are not Licensed IRS Enrolled Agents or CPAs, they do not have the authority for full Power of Attorney.
We, on the other hand, are licensed Certified Public Accountants and have a fiduciary duty to our clients. We do not oversell the service and are honest about expectations. We are also Licensed IRS Enrolled Agents, which is the highest designation available for practicing before the IRS. You can expect premium service from us because not only do our licenses demand it – our personal values and reputation of our firm prove it.
We may be able to abate the interest & penalties from your account based on the first-time abatement or the reasonable cause exclusions. Please contact us below to see if you qualify.
Alternatively, the solution to any letters you have been receiving may also be to just file your back taxes. Let us know if you need assistance with that. We have a streamlined process for filing back taxes while simultaneously petitioning for removal of penalties and associated interest.
We have an award-winning audit representation and tax controversy practice boasting a 98% success rate on our first IRS/state response.
Types of tasks covered include CP2000 letter resolution, state letter resolution, IRS offers in compromise, IRS & state debt settlements, audit defense, etc.
Our first step here is to take a look at the IRS or state notice you have received, if possible. We are registered to serve all 50 states and are fluent in all 50 state tax matters, so feel free to approach us with state issues, as well.
Please tell us about the IRS or state matter you are experiencing using the contact form below and we will reach out with next steps right away.