If you currently find yourself stuck in tax debt, then here’s a little bit of good news: we can help you successfully get your tax debt forgiven by sending the IRS what is known as an Offer in Compromise on your behalf. Through the Offer in Compromise that we will file on your behalf, you will not have to face a tax bill for the amount of tax debt forgiven.
It is no secret that if you owe money in taxes to the IRS, they can garnish your paycheck, seize your property in equivalence to the amount if taxes owed, put a lean on your bank account, and in some cases, they might even be able to revoke your passport and prevent you from travelling internationally, thanks to the new law passed by congress in 2015 that allows the IRS revoke the passports of citizens who owe in excess of $50,000 to the IRS. The IRS may even go as far as preventing the passport of a tax defaulter from being renewed or issued.
The IRS accepts an Offer in Compromise under certain conditions, you will, however, be required to disclose the value of all your major assets, sources of income, and your expenses. You can also ask the IRS for an instalment plan if you have financial problems that prevent you from resolving your debt.
How Do We Help You Get Tax Forgiveness?
No two cases are the same; therefore, the first step in our tax forgiveness process is to access the peculiarities of your case. We will do this by reviewing your Tax transcripts and evaluating your financial situation. Once this is done, we will be able to determine which option is best for you according to the strict guidelines the IRS sets as to who will qualify for these programs.
We will check your tax returns to see if the amount reported there can be reduced, as it is not uncommon for people to receive taxation letters with balances that are erroneous. WE will do this by:
- Fixing the errors on your tax returns: This entails filing a substitute tax return on your behalf if there were any errors such as missed credits or deductions. If the state or the IRS accepts this new tax return, it can reduce the amount of penalties and interests accrued, as well as the overall tax bills.
- Abatement of penalties: Your penalties for non-compliance with taxation laws may be reduced if you can provide authorities with a good reason why you were unable to fulfill your tax obligations. This can significantly reduce the amount of added charges.
Once we have determined the real tax balance you owe, we will begin to consider which tax relief method is most suitable for you. The resolution methods we offer include:
- Offer in Compromise: This gives you a chance to pay an amount smaller than the original tax amount owed in a lump sum that is split into instalments.
- Instalment payments: The IRS often accepts to enter into instalment payment agreements with taxpayers who can afford to meet the required amount every month. Although interest rates still apply, it stops penalties from being carried out against you.
- Currently not collectable: If you do not have sufficient income to put towards the resolution of your taxes, this option puts a hold on all tax collection activities until you are in a better financial condition.
- Partial payment instalment agreement: This option subsidizes the amount of monthly payments due in a regular instalment payment agreement. It is open to individuals whose standard of living would decline if they were required to pay full amounts under the regular instalment plan.
- Innocent spouse relief: This is a way for married couples to separate tax liabilities even if they have previously filed joint tax returns.
To find out what options will work best in your peculiar situation; schedule a free consultation with us today! Or better yet, call us immediately at 877-700-5790. We are an A+ accredited member of the Better Business Bureau, and we have helped countless other consumers settle their tax issues with the IRS. Give us a call today, and let us help you take the first step towards financial freedom.