What Panache can do to help!!
What is an Offer-In-Compromise?
In layman’s terms, an Offer in Compromise is a proposal to the IRS to settle your tax debt for less than you owe based on the doubt that the IRS will be able to collect the full amount owed to them within the statute of limitations which is 10 years. If you are not financially capable of paying back the IRS, you may be able to negotiate an Offer in Compromise, where you can settle your back taxes for less than you owe. If the IRS accepts your offer, you can pay the amount agreed upon, and all federal tax liens or levies are removed. Negotiating an OIC can last up to 12 months and can be very difficult to achieve. Only about 10% of taxpayers are accepted. So we encourage you to hire Panache Consultants to make sure that you get this issue resolved.
Multiple Options Available
People call us and want to immediately talk about getting an offer in compromise (OIC) so they can settle their tax debt. While the OIC is the highly favored settlement tool, it is not always applicable in everyone’s situation. We help our clients settle federal and state tax debts by taking advantage of ALL the programs that are available. As we listen, we want to know how you got into the tax situation that you are in. We also want to know what hardships you have been through that are causing an inability to pay the tax debt back. While every case is different, there are many ways, to help a tax payer to resolve their tax debt. Amending tax returns is a very common way to help a taxpayer if there have been mistakes in the past. You may also qualify for an installment agreement or a partial payment installment agreement. Both allow you to pay over time; however, the partial payment installment agreement allows for a portion of the debt to be forgiven. You may qualify for a penalty abatement, or to be put in a “Currently Not Collectible” status. Panache Consultants will use all of your information to decide what is the best way to travel when settling your back taxes.
Don’t carry your tax burden alone another day! GIVE US A CALL!
The IRS knows that you have not filed your taxes and they will eventually file a SFR (Substitute File Return) on your behalf. They will not give you the benefits of deductions and will place you in the highest tax bracket that they can. Once they file this return they will then start the collection process and an asset seizure will be soon to follow.
Don’t miss out on possible tax refunds. Get you unfiled tax returns filed before it’s too late.
Notice of Intent to Levy (CP-90)
If the IRS has sent you a notice of intent to levy then you need to act now. The Final Notice of Intent to Levy and Final right to a Hearing is the last document you will receive before being levied. We need to immediately contact the IRS today to set up a hearing so that you do not get levied.
Once we are able to temporarily stop the collection activity, we can then work to fix the problems that led to the tax debt that you have. Stopping the IRS levy is only the first step of many needed to complete full tax relief. Normally, if the IRS has levied you, they have also filed a Tax Lien on you or your property.
Call us today, so that we can help!
If you owe back taxes, and have not established a resolution plan, the IRS or state will file a tax lien on your property . The IRS has the ability to seize all assets, should you fail to pay your tax debt. If you continue to ignore your tax debt, you will receive a notice that the IRS is demanding immediate payment, or your property will be seized. Once you receive this notice, you’ll either pay within the specified time, or your property, including your house, can be seized and auctioned off to satisfy your debt.
Removing tax liens is possible if the IRS did not file in accordance with regulations, if removing tax liens speeds up the collections process, or if removing tax liens will be in the best interest of both parties. Removing tax liens is also possible by appealing the lien. The IRS must notify you of the lien within five days of filing a Federal Tax Lien. A few reasons to appeal the filing of a Federal Tax Lien are:
• The debt has been paid in full.
• The IRS filed a Federal Tax Lien while you were undergoing bankruptcy proceedings.
• The IRS did not follow procedures when filing the Federal Tax Lien.
• The statute of limitations for tax debt collection, which is generally ten years, has expired.
• The IRS did not give you a chance to dispute the Federal Tax Lien.
Panache’s consultants are very effective at getting federal tax liens suspended, removed, or subordinated. These actions allow you to be able to sell, refinance, or take other actions to position yourself to pay your tax debt and get on with your life. There are several steps in resolving a tax lien. Give us a call and allow one of our tax consultant to assist you in that process.
Enforcement by the IRS or a State Tax Agency can cripple the best of us.
YOU HAVE OPTIONS
Call Panache Consultants Today!
Free Consultation … You know your options up front … then you decide