An offer in compromise is the preferred solution for many people. In a nutshell, an offer in compromise is the IRS’s acceptance of less money than is owed, which is settlement for the entire liability. There is a specific set of rules you must follow to qualify for an offer in compromise and seeking professional help is not uncommon. You have to provide very detailed information which is negotiated to determine what ability you have to pay them now and what they think you could pay over time with installment payments. (At times it may be a one time settlement payment when they factor what COULD be paid.) All kinds of things factor into what the IRS will accept and our Denver based tax professionals are here to help you give the IRS the least you can. They consider not only what you owe on an asset, like a house, but what it would be worth if you had to sell it quickly. They have methods to consider the future value of your income. We understand those processes and ways they value the income and various assets and offer OIC tax services in Denver to those in need.
When evaluating the best solution for our clients, especially an offer in compromise, we generally do a very detailed financial analysis to determine if IRS offer in compromise help is the best way to go. In some cases, after the analysis is completed, we determine that it is not the best solution, but perhaps Uncollectable Status is better. Sometimes we conclude that a payment plan would be better. Our Denver professionals have even set up many payment plans that will never pay the IRS off. Any unpaid balance remaining after the Statute of Limitations expires simply goes away. You don’t have to make any more payments, you simply don’t owe it any more. Sometimes this provides a better solution than an offer in compromise.
Sometimes it's abundantly clear with us that IRS offer in compromise help is the best solution, so we proceed with that. However, the offer in compromise program is full of loopholes, nooks and crannies so you certainly don’t want to be flippant about it. We have seen many offers prepared by tax resolution companies and submitted to the IRS that had no hope of winning when it was submitted! This is why so many of the big national chains are in trouble and some have even been closed down for improper business practices. As I write this, I saw another national chain is in trouble and being disciplined for unfair business practices. I know this because their employees have been sending me resumes right and left hoping that I will hire them. They’ve told me that they’ve been let go because the company is in trouble and had to eliminate the staff who offer OIC tax services. This isn’t the first round I’ve seen. Many chains have been put out of business and I end up with a plethora of job applications--JK Harris, Tax Masters, Ronnie Deutch, American Tax Relief to name a few and the list goes on.
These big box IRS resolution chains have taken money with no chance of winning and no real hope have legally been put out of business to protect the public. Not only is it expensive when a careless company takes your hard-earned money and fails at winning a successful offer in compromise, but there are consequences. When someone needs IRS offer in compromise help, the form walks the IRS through your ability to pay. This thorough form gives the IRS a good picture of your ability to pay them and what they should expect to be able to settle the debt. What do you think happens when the offer fails? You just told the IRS where your cash is, where you work, who owes you money, all about your IRAs, your home, your investments and even the value of the miscellaneous items of a personal nature. Everything! No stone left unturned, they know everything there is to know about you financially! I’ll leave it to your imagination to pontificate about what they will do with all that personal financial information now that they said no to your solution! The famous sermon “Sinners in the Hands of an Angry God” by Jonathan Edwards comes to mind.
If you are in need of OIC tax services in Denver it’s critical to truly understand the ramifications of offering any type of solution with the IRS but especially an offer in compromise. You certainly don’t want to be flippant and submit an offer that has no hope of winning. (Please read the section on Uncollectable Status Solution in the Tab Header above this one.) If you are seeking out IRS offer in compromise help, you better be sure you are making it count. Sometimes even if you do qualify for an Offer in compromise, there may be an even better solution. Every case is different, and your individual situation must be thoroughly considered to find the best solution for YOU.
Our tax firm in Denver, Colorado understands these complicated rules. We truly have your best interest at heart when we are considering what the best solution is. You’ve probably read in other places on our website the importance of not using sales people to determine your solution. There are many considerations that must be factored into a solution that unless you are extremely knowledgeable about IRS problems and the nuances that affect your personal situation, you cannot properly advise people on how to fix a tax problem. You have a lot to lose if you choose someone who is only trained on how to collect a commission check rather than meeting a professional to guide you through this process.
Most of the people I speak with looking for IRS offer in compromise help have been harassed by other companies in an attempt to sell them an OIC. Imagine the anger when the smoke clears, and you’ve paid big bucks to a person who either didn’t understand the rules, or even worse, sold you the most expensive product they offer to get themselves a tidy commission check! They may not even care, because they do not perform the work. Your case gets immediately transferred to someone else to fill out the forms.
Our professionals located in Denver are all salaried employees who do not receive a commission for “upselling” you. They are all here to give you the best OIC tax services they can provide. Please check out the bios of the professionals we have on staff and you will see that at a minimum the person you meet for a free initial consultation is not only licensed professionally, but also has been qualified by outside organizations, such as the American Society of Tax Problem Solvers and/or the National Association of Enrolled Agents, to prove competency in understanding these complicated rules. Besides being professionally competent, another benefit of on an Initial Consultation with a professional is that this same person is most likely going to be the lead on your team. When it comes to offer in compromise help, you will not be passed off to a staff person and never be able to talk to the original person who came up with the solution. In rare circumstances there may be another PROFESSIONAL that becomes the lead on your case, but that would only be if there was someone else that would be better suited for the project. If you want to sit down and talk with the person working on your case...
We are right here in beautiful Denver. No runaround trying to figure out who is working on your case. The cost to have an initial consultation with one of our professionals for help with IRS debt is the same as what you would pay an unlicensed and unqualified "sales person". Free.