Managing Large Tax Debts and Exploring Settlement Options
If you owe a significant sum to the IRS or state tax authorities, you may face demands to pay the full amount, often with added penalties and interest. These could include underpayment penalties, failure-to-pay penalties, or failure-to-file penalties. Interest will also accrue on the outstanding balance.
Offer in Compromise (OIC)
If you’re unable to pay your tax balance in full, you might be eligible for an Offer in Compromise (OIC). This program allows you to settle your tax debt for less than the full amount owed, particularly if your debt is large relative to your annual income.
Choosing the Right Firm for Tax Settlement
When seeking tax settlement services, be cautious of firms advertising online. Many are non-licensed entities that prey on vulnerable individuals, often charging high fees for minimal work. These firms typically only halt liens and temporary collection activities, without the authority to fully represent you.
Why Choose Us?
- Licensed Professionals: We are Certified Public and Licensed IRS Enrolled Agents, with the highest designation for practicing before the IRS.
- Honest and Transparent: We provide honest assessments and clear expectations, without overselling services.
- Fiduciary Duty: Our licenses and personal values require us to uphold a high standard of service and integrity.
Other Options If You Don't Qualify for OIC
If you don’t qualify for an OIC, there are alternative solutions:
- Penalty Abatement: We can explore options to abate interest and penalties through first-time abatement or reasonable cause exclusions.
- Filing Back Taxes: Sometimes the best approach is to file your back taxes and address any outstanding issues. We offer a streamlined process for filing back taxes and simultaneously petitioning for the removal of penalties and interest.