Tax Resolution and Your Finances: What is an Offer in Compromise?

Owing money to the IRS can be frightening to say the least. It is easy to feel helpless in such a situation, but you should not let fear and feelings of helplessness freeze you into inaction.

Every day you wait is one more day interest and penalties are accruing, and those charges could balloon your liabilities and wreck your finances. In this article, we talk about one of the many options for tax relief out there called an “Offer in Compromise.” Before we jump into it, if you have a tax problem, contact Jim Liang for a consultation.

What Are Your Options?

Even if you think there is no hope of paying what you owe, you need to explore all your repayment options. The IRS may be a feared and powerful collection agency, but they can be surprisingly reasonable when it comes to the repayment of back taxes and the settlement of long-standing debts.

If you owe back taxes to the IRS or have years of unfiled returns, you may qualify for programs that will make paying what you owe faster and easier. One of those programs is the Offer in Compromise, and if you qualify you could settle your IRS debt for far less than you owe. You must qualify however, and the best way to know if you do is to reach out to Jim today.

The Offer in Compromise is a widely known, yet little understood, part of the tax code, and it can be extremely complicated to navigate. Not all taxpayers will qualify for the Offer in Compromise program, and even those who qualify may have trouble navigating the ins and outs of the IRS.

That is why it is so important to work with a tax resolution expert when you owe back taxes. If you do not have an expert on your side, the IRS may turn down your offer of a compromise, and the amount you owe could keep ticking up with the addition of new penalties and interest.

If you have received a tax due notification from the IRS, you cannot afford to wait. When the tax agency wants their money, they want it now, and without an Offer in Compromise, you could see your options shrink considerably. The longer you wait, the worse your situation could become, but hiring the right tax professional, one who fights the IRS for a living, could turn things around.

An experienced tax resolution specialist will have thorough knowledge of all the IRS programs, including the Offer in Compromise option. And even if you do not qualify for an Offer in Compromise, the tax relief expert could help you find other options, so you can pay off what you owe and still have money left over to live your life.

Few things in life are as frightening as owing money to the IRS. When that letter arrives in the mail, it is easy to panic and do nothing, but this situation demands quick action. The faster you move, the easier it will be to find a qualified professional, one who has your best interests at heart. And once you find a great tax resolution firm, you can work on paying off what you owe, so you can get a fresh start with the IRS and put this unfortunate chapter of your financial life to rest.

If you are in tax trouble, reach out to Jim to schedule a free, no-obligation confidential consultation to explain your options in full to permanently resolve your tax problem.

Categories: Collection Matters

Meet Jim Liang

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Jim has over 20 years of experience as a CPA in Maryland, completing state and federal taxes for individuals, families, and businesses. He also has over a decade of legal experience representing clients in audits, collections, and disputes with the IRS and Comptroller of Maryland.

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