- Offer In Compromise
- Tax Resolution
- Covid Tax Credits (Employee Retention Credit)
Did you know that you can settle your debt with the IRS for less than the full amount you owe 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 eliminate the taxes fully and completely - including all penalties and interest - at an enormous discount. There is no preset bottom limit that the IRS will accept to settle your debt especially if your offer is done "right."
If done correctly your debt may be settled for only 5-15% of what you presently owe. The key is to determine the least amount that the IRS will accept from you before you make the offer.
Our partner's 8-point plan includes the following:
- A thorough discussion about your tax situation: This is a personal interview that will provide us with the background needed to develop the appropriate strategy.
- Prepared Power of Attorney: With the Power of Attorney, we put the IRS on notice that we are representing you from this point on
- Obtaining transcripts of your accounts from the IRS: By reviewing your IRS transcripts, we will be able to accurately determine what the IRS thinks it knows about your tax situation.
- Developing the appropriate strategy for solving your IRS problem: Every taxpayer’s situation is unique. With the information you have provided, we will develop a strategy to get you the lowest possible settlement allowed by law.
- Sending you an easy-to-follow checklist of additional information you need to provide: Preparing complicated IRS forms is our business.
- Preparing of all forms required by the IRS to resolve your IRS problem
- Negotiating with the IRS to obtain the lowest possible settlement allowed by law
- A thorough discussion on all aspects of your settlement: They will explain all aspects of your settlement with you and answer any and all questions you may have and be sure you are completely satisfied.
What is the Employee Retention Credit?
The CARES Act of 2020 created the Employee Retention Credit (ERC) at the same time it enacted the Paycheck Protection Program. This significant opportunity for businesses of all sizes. The ERC allows businesses to recover costs associated with keeping employees on payroll during hardships related to COVID-19. This may result in $33,000 per employee.
First and most importantly, a proper business analysis is necessary to qualify for the most credit possible. Submit your request today and get the most accurate assessment.