IRS or State Installment Agreement Killing You? The ultimate, most aggressive form of tax relief is an Offer in Compromise (OIC) submission. Taxpayers currently in an any installment agreement, Federal or State, may have additional viable options via new Fresh Start initiatives set by the Internal Revenue Service.
DWKTaxGroup.com and their team of strong IRS Tax Attorneys and IRS Enrolled Agents will engage the back tax problem in a sound, transparent, orderly, time sensitive fashion matched by no other tax resolution industry competitor today. In January of 2009, this company was established to do right by taxpayers experiencing relentless collection activity. Those who sought help in the time of most need, when most vulnerable were either being mislead, lied to, ripped off or filled with empty promises without any accountability.
DWK Tax Group put a stop on that sort of representation behavior.
A true form of IRS or State tax relief can only be experienced by delinquent taxpayers if certain factors are identified. Each and every case file is unique, therefore the taxpayer’s scenario needs to be heard, most importantly discussed. Cognoscente of this fact, DWK Tax Group changed the industry approach by conducting a detailed 20+ minute tax analysis upfront. DWK’s consistent policy has always been one of, “We will only accept your case if we can save YOU money”.
For the sake of today’s blog we will focus specifically toward the federal side of back taxes owed for individuals and businesses alike.
Viable & sustainable reasons for an Offer in Compromise acceptance is as follows;
- Doubt of Liability
- Doubt of Collectability (DWK’s specialty: Economic Hardship Status)
- Estimated Tax Administration
Obtaining an Installment Agreement (IA) or Payment Plan (PP) usually means an amount is determined by the taxing authority as acceptable terms to pay back a tax liability. Ordinarily, the Taxpayer cannot pay the balance in full at the time the income tax is due. The current longest IRS term to pay the tax debt back is 72 months via the fresh start program. Be aware, the liability or balance owed will continue to accrue penalties and interest during the term of the IA. The amount of the IA or PP usually indicates the amount of monthly disposable income, per month. Pending determining factors such as compliance, exemptions, assets, business structure, court ordered judgments (child support & alimony) and forms of income, the taxpayer currently in an IA or PP should explore other avenues to lower the amount currently owed.
General Example: $25,000.00 balance due, including penalties and interest; Difficult $500.00, IRS IA due on the 28th of per month due to disposable income. Pending assets, pending household income, etc…An Offer in Compromise can be submitted for the short term lump sum cash payment (Option 1: 5 months, settle for $6000.00) or periodic payments (Option 2: 24 months, $12,000.00) terms of payback. The IRS is not in the business of forgiving tax debt, hence the payback terms will not be easy. In summary, the higher the balance of record owed, means a larger degree of tax relief is realized.
IRS released new application fees for an Offer in Compromise as of 1/1/2014 the new fee is $186.00, up from $150.00 for 2013.
Look to the most trusted, the proud, the battle tested, the friendly, the IRS & State safest credentialed representation available today. A 20 minute phone call can and will make an extraordinary difference in your goal to be rid of the financial chokehold currently being experienced today. Tomorrow, DWK Tax Group will free you of the daily tax problem anxiety, wage or bank levies / garnishment (24 to 48 hour releases) and payroll / trust fund recovery, revenue officers and multiple years of unfiled tax returns. Dial 1 – 8 6 6 – 2 2 6 – 6 1 0 2 for a tax settlement so desperate or not, needed. Often DWK will provide some free advice for future use as well…
Thank you for reading and your time in advance…