THE LURE OF OFFERS-IN-COMPROMISE
Tax Problems are Legal Problems. We solve both.
Everyone is in love with the idea of making tens of thousands of dollars of tax debt vanish for pennies. Taxpayers who owe back taxes sit up at night stressed out and listen to those late-night commercials and think to themselves: “What I really need is to settle my tax debt with these people who promise they can get rid of a gazillion dollars for 50 cents and then I can book a tee time at the Ledges on Friday without a care in the world. Why not send them $10,000 right now?”
The reality is that taxpayers who owe back taxes can take advantage of the Offer-in-Compromise program “IF THEY QUALIFY!”
The IRS uses a formula to determine a taxpayer’s ability to pay. The formula is called the “Reasonable Collection Potential” or “RCP.” Knowing how to calculate it is why we get most of our Offers-in-Compromise accepted, and why so few other professionals and practitioners do not. Most practitioners do not understand how the IRS evaluates the taxpayer’s situation and so many of them cannot determine if a taxpayer is an Offer-in-Compromise candidate and so the practitioner fails to offer the appropriate amount to the IRS.
The same situation exists for Installment Agreements. Taxpayers have options when it comes to resolving their back taxes, including several variations of installment agreements. There are automatic agreements, streamlined agreements, regular agreements and even partial-pay agreements.
CONFUSED? Fear not! We walk with our clients through the variations of installment agreements, offers, etc. so that they can start the process of resolving their tax problems.
To get started, look through my personal web page, select the topics that apply to you and if it looks like we can help, reach out to us to schedule an appointment. If you or someone you know has tax problems, feel free to reach out and contact us. (801) 532-7080 – ask for Kent. https://strongandhanni.com/attorneys/attorney-kent-brown/