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Settlement Programs

Offer in Compromise

If you can’t pay your total tax debt, or if paying it would create a financial hardship, an “Offer In Compromise” is a great option. An Offer in Compromise allows you or your business to settle a tax debt for less than the total amount owed. Submitting an Offer in Compromise and receiving an outcome takes 4-12 months.

While the offer is processing, there is a hold on all collection activities. A Tax Hardship Center Accountant makes sure you are eligible before entering you into this worthwhile process.

Release Of Federal Tax Lien

The Fresh Start Program increased the amount that taxpayers can owe before the IRS generally files a Notice of Federal Tax Lien. The amount is increased from $5,000 to $10,000. Typically, a taxpayer must pay the debt before the lien is removed. However, some taxpayers qualify to have their lien notice withdrawn if they meet specific requirements. See if you are eligible to have your lien withdrawn by speaking with our tax professionals.

Release of Wage Garnishment

The IRS can garnish your wages by sending the employer a Wage Garnishment Letter to withhold a certain percentage of every paycheck. The withholdings will be sent to the IRS to pay the past taxes.

A financial document must be filled out and submitted to the IRS to remove the wage levy. Other alternatives are to enter into a payment plan arrangement or an Offer In Compromise if you’ve qualified.

Currently Not Collectible [CNC]

CNC may be the appropriate option if a taxpayer is in a financial crunch because little to no money is left over after paying monthly bills. This program allows taxpayers who are experiencing a financial setback to get back on their feet.

The individual or business who owes is not obligated to pay any amount, and the IRS ceases all collection activity. For those who are currently struggling to make ends meet, “Currently not collectible” status is a great option.

Penalty Abatement

Penalty abatement is best coupled with a taxpayer or business that is paying the tax liability in full. Penalty abatement is utilized when the taxpayer does not qualify for an OIC and eventually plans to pay the liability. Penalty abatement is a remedy for a taxpayer who has back taxes due and, in turn, a large sum of penalties that have been added as a result. For this, an accountant drafts a letter to the IRS and attaches it to form 843 for submission.

Installment Agreement (IA)

The IRS can garnish your wages by sending the employer a Wage Garnishment Letter to withhold a certain percentage of every paycheck. The withholdings will be sent to the IRS to pay the past taxes. A financial document must be filled out and submitted to the IRS to remove the wage levy. Other alternatives are to enter into a payment plan arrangement or an Offer In Compromise if you’ve qualified.

IRS Bank Levy

A Bank Levy is one of the IRS’s harshest collection mechanisms to collect an outstanding tax debt. An IRS bank levy is the seizure of funds from your bank account to satisfy the unpaid tax debt. The IRS places a 21-day hold on the bank until funds are remitted to the IRS. Be sure to get in touch with us immediately for a higher probability of retaining your funds.

Resolve Tax Issues Now, we’ll Defend Your rights

We’ll provide assistance to resolve your tax liability, delinquent tax issues, tax disputes. Our team is exceptional at dealing with the IRS, reducing tax liabilities, eliminating tax disputes, creating tax solutions, and providing ethical tax representation.

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