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.
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. Another benefit of 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 so call today for the help you deserve!