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Tax Preparation
IRS Offer in Compromise
Fresh Start Program
The IRS debt forgiveness program is a way for taxpayers who owe money to the IRS to repay their debts in a more manageable way. The program offers tools and assistance to help taxpayers find the best way to repay their debts, and it also provides a way for taxpayers to get relief from penalties and interest charges.
The IRS offers a debt forgiveness program for taxpayers who meet certain qualifications. To be eligible, you must claim extreme financial hardship and have filed all previous tax returns. The program is availableThis program allows you to consolidate all of your debts into one monthly payment, making it easier to manage. Additionally, tax debt forgiveness can improve your credit score in the long run. So if you are struggling with tax debt, be sure to explore all of your options and get help from the IRS. to certain people only, so be sure to check if you qualify.
Fresh Start Program
IRS Offer in Compromise
Fresh Start Program
We provide legal representation and advice for high net worth cases. Our attorneys are experienced in handling complex financial issues and will work tirelessly to protect your assets and interests.
The IRS Fresh Start program is a set of initiatives that the IRS offers to help taxpayers who are struggling to pay their taxes. These initiatives include payment plans, streamlined procedures for filing taxes, and more. If you owe taxes and are struggling to pay them, the IRS Fresh Start initiatives may help you. The IRS Fresh Start Program is great for those who are unable to pay in full what they owe, some benefits include:
- Prevention of lien being filed against a tax payer
- In some cases removal of a tax lien that has already been placed
- Reduction in penalties and interest on penalty
- No requirement to disclose income or assets to IRS, which for some taxpayers will yield in a more affordable installment plan.
There are four main programs available to taxpayers through the Fresh Start Program:01.
Installment Agreement
03.
Currently Non-Collectible Status
04.
Penalty Abatement
IRS Offer in Compromise
IRS Offer in Compromise
IRS Types of Debt Relief
Our attorneys are well-versed in the laws and regulations of the US Tax Code, and will work with you to ensure that your divorce is conducted according to the applicable laws.
Paying taxes can be difficult, but don’t worry there is good news. If you are unable to pay what is owed you may be eligible for an IRS Offer In Compromise settlement that can lessen your current level of debt. Our team of professionals will utilize our comprehensive analytic skills to conduct an audit of your current financial situation and compare your income to the financial standards to illustrate your inability to pay back taxes monthly. If we are able to prove a lack of disposable income and your inability to pay monthly installments we can work with agencies to devise a settlement. Oten the result is large reduction on overall tax debt owed.
An Offer in Compromise allows a taxpayer to settle their past-due back tax liabilities for less than the full amount owed. It is a great option for taxpayers suffering from financial hardship. The factors considered by the IRS include the following:
- The taxpayer’s ability to pay;
- The taxpayer’s income;
- The taxpayer’s expenses; and
- The taxpayer’s asset equity.
IRS Types of Debt Relief
IRS Types of Debt Relief
IRS Types of Debt Relief
Our attorneys are experienced in handling the unique legal issues that arise in Tax issues and will work to ensure that your rights are protected.
Types of Tax Debt Relief
If you’ve got tax debt, you need to take care of it ASAP. But if you don’t have the money to cover your back taxes right now, there are several tax relief options out there. Some are more helpful than others, so let’s dive into how each one works—and what your best option is.
IRS Payment Plans
IRS Types of Debt Relief
IRS Payment Plans
Our attorneys will work with you to protect your financial situation regarding your tax liability.
Types of Tax Debt Relief
If you’ve got tax debt, you need to take care of it ASAP. But if you don’t have the money to cover your back taxes right now, there are several tax relief options out there. Some are more helpful than others, so let’s dive into how each one works—and what your best option is.
IRS Payment Plan
The most common way to get rid of your tax debt is with an IRS payment plan. This lets you pay back what you owe over time.
The benefit of a payment plan is that you have more time to pay back your tax debt. The downside is that you’ll still be collecting interest and fees until it’s paid in full. But if you can’t pay off your back taxes in one lump sum, applying for a payment plan will at least help you start making progress.
Offer in Compromise
Another option is to apply for an offer in compromise (OIC). This is a type of tax relief that lets you settle your tax debt for less than you actually owe. Think of it like a form of debt settlemtn for your back taxes. When you apply for an offer in compromise, you’re basically offering the IRS an amount you can pay in the hopes they will accept the lower amount and settle your tax debt. The IRS looks at your ability to pay, your income, your expenses and how much your stuff is worth to decide if your offer really is all they’ll be able to get from you.
But you should know that the odds of qualifying for an offer in compromise are pretty low. OIC applications are rarely approved, and you usually have to be in a really bad financial situation to get this kind of tax relief.
Am I Eligible for an Offer in Compromise?
In order to qualify for an offer in compromise, you need to make sure you’ve filed tax returns for every year you owe and be up to date on your tax payments for the current year. You also have to prove that paying what you owe the IRS would be a financial hardship for you. We’re not talking about having to give up your Starbucks habit or not being able to buy a new dishwasher. In this case, financial hardship means you’re so broke, you wouldn’t be able to pay rent or eat if you paid your back taxes.
If it looks like you have a decent enough income (or even the potential for a decent income) or if you’ve got money tied up in expensive assets (like cars or limited-edition action figures), the IRS probably won’t accept your offer. It’s also worth mentioning that you’re not eligible for an OIC if you’re in the middle of a bankruptcy. (And sorry, but tax debt can’t be erased through bankruptcy, so you’ll still need to take care of those back taxes at some point.)
Still not sure if you qualify for an offer in compromise? The IRS has an Offer in Compromise Pre-Qualifier tool with questions to help you determine if you’re eligible.
How Do I File for an Offer in Compromise?
After you’ve filed your returns and made sure you’re up to date on this year’s tax payments, the next step is to submit your OIC application. You also need to include the $205 application fee and your initial payment toward the offer (both are nonrefundable). (Side note: You don’t have to include any money with your application if you qualify as a low income tax payer). You’ll also need to provide a bunch of info about your income, expenses and assets. The process can be complicated, so it’s best to work with someone to make sure you’re doing it right.
When it comes to your initial payment for an offer in compromise, you’ve got two options: lump sum cash or periodic payment.
Lump Sum Cash
- Your initial payment is 20% of your offer.
- If your offer is accepted, you pay the remaining amount in five or fewer payments within five months.
Periodic Payment
- Your initial payment is your first monthly installment.
- You can keep making payments while you wait for the IRS to accept your offer.
- If your offer is accepted, you pay the remaining amount within 6–24 months.
After that, you just have to wait and see if the IRS will accept your offer. But like we’ve said before, it’s not likely that it will be approved, and the process invades your privacy almost as much as a bankruptcy. Trust us—you’re better off assuming you owe the full amount and making plans to aggressively pay it off.
IRS Programs
IRS Types of Debt Relief
IRS Payment Plans
Our attorneys will work with you to determine if your tax issue is eligible for IRS Programs and assist you through the legal process.
Types of Tax Debt Relief
If you’ve got tax debt, you need to take care of it ASAP. But if you don’t have the money to cover your back taxes right now, there are several tax relief options out there. Some are more helpful than others, so let’s dive into how each one works—and what your best option is.
Currently Not Collectible
If you’re constantly getting calls, emails and letters from the IRS about your tax debt but you don’t have any money to give them, one option is to apply for Currently Not Collectible status. If the IRS decides you aren’t able to pay your tax debt right now, they’ll temporarily stop trying to collect from you. But that doesn’t mean your tax debt goes away!
Even if your account is Currently Not Collectible, you’re still on the hook for your back taxes—and the IRS will continue to check up on you to see if your financial situation has changed. Plus, the longer you don’t pay, the more interest and fees pile up and the larger your debt grows. Applying for Currently Not Collectible status might help get collectors off your heels temporarily, but it isn’t a real solution to your tax debt problem.
IRS Payment Plan
The most common way to get rid of your tax debt is with an IRS payment plan. This lets you pay back what you owe over time. The IRS offers two options: a short-term payment plan and a long-term payment plan.
Short-Term Payment Plan
- You must owe less than $100,000
- You must pay within 180 days
- No setup fee
- Adds penalties and interest until balance is paid in full
- You can pay from your checking or savings account or by check, money order or card (preferably, debit)
Long-Term Payment Plan
- You must owe $50,000 or less and have filed your tax returns
- Repayment lasts more than 180 days
- $31–225 setup fee (unless you meet IRS low-income standards)
- Adds penalties and interest until balance is paid in full
- You can pay monthly through automatic bank account withdrawals (required if you owe more than $25,000)
The benefit of a payment plan is that you have more time to pay back your tax debt. The downside is that you’ll still be collecting interest and fees until it’s paid in full. But if you can’t pay off your back taxes in one lump sum, applying for a payment plan will at least help you start making progress.
Legal
Tax Attorney
William B. Jones, MA. JD.,
William attended both LSU and Southern University Law Schools in Louisiana. He received his mediation certificate from South Texas College of Law. He has a multi-state practice in Texas and Louisiana.
About Us
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Our Baton Rouge and Houston Locations can provide many Virtual Professional Legal Services. Tax preparation, Tax advocate service before the IRS. We also conduct telephonic Mediation and Negotiation services for Family, Real Estate and Insurance matters in the Houston and Greater Baton Rouge Area.
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Our Baton Rouge Attorneys and Notaries have over 20 years experience. We serve the Baton Rouge Metropolitan area. Call Us at 1-833-844-4507
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Houston, Tx and Baton Rouge, La. Legal Services. Mediators and Negotiators. Call our Office Manager, Honorable Frank A Jones (Ret.)
1-833-844-4507
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