Do you owe back taxes? Do you need to setup a payment plan to avoid wage garnishment or levy? Do you qualify for the Offer program?
It's amazing how fast tax penalties and interest add up on back taxes. And a payment plan negotiated by us is always more favorable than any IRS wage garnishment. But you may also qualify for the IRS Offer in Compromise program.
Back Taxes Owed
You have filed your returns but didn't have the money to pay what was owed. You may think, "Oh well---I will catch up next year." Before you know it you find yourself several years behind and suddenly there is a notice from the IRS, stating that you owe three or four times the original amount. It's truly amazing how fast tax penalties and interest add up on unpaid taxes. Now you have a choice, you can write a big fat check and pay the full amount, including interest and penalties. Or you can just keep ignoring them while the penalties and interest keep piling up. The "problem" will not just go away.
IRS Wage Garnishment and Levy
You received an IRS Notice of Intent to Levy 30 days ago and you forgot or ignored it. Now it's Payday. Expecting a check, you open the envelope and find that the IRS has taken most of your money. What's left is not enough to pay the rent, car payment, buy groceries, or pay the rest of your monthly bills. This action will continue on every paycheck, until the tax owed is paid in full. No matter how hard you plead, your employer cannot give you your money. Once a wage garnishment is filed with your employer, your employer is required by law to collect a large percentage of each of your paychecks. The IRS can also issue levies against other things you own, such as savings accounts or sell-able assets.
Offer in Compromise
Did you know that you can settle your debt with the IRS for just pennies on the dollar with their Offer in Compromise program? The program allows taxpayers to settle with the IRS on tax debt that has been incorrectly assessed or for liabilities they cannot afford to pay. The IRS Code states: "We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential..." (Internal Revenue Code section 7122). Often it is possible to fully and completely eliminate the taxes you owe - including all penalties and interest - at an enormous discount.