Tax Relief Programs Explained
IRS has several tax debt relief programs which we utilize at US Tax Professionals to help you resolve your tax debt.
Since each case is unique we will get on the phone with IRS and determine which program you qualify for before working out complete game plan for you.
✓What is Offer In Compromise (OIC) ?
Offer in compromise is one of the most popular IRS programs and can save you thousands of dollars in tax penalties and fees if you qualify for it.
Once the qualification process is complete we can build the cas with you and eventually submit offer to IRS from you proving that your full debt them is not collectible and offering them to settle for the amount that is much less the total amount you owe to them.
The tow conditions under which offer in compromise can be accepted are: doubt as to collectibility (that is when it is doubtful the amounts owed can ever be collected by the IRS in full) or doubt to liability (when the taxpayer can prove that the amount owed is not actually his liability).
Proving this to IRS is your responsibility, but US Tax Professionals can hep you do it right!
✓What is Wage Garnishment or Bank Levy ?
If owed taxes are not paid to IRS in time, the have the authority to seize your assets – this is called levy.IRS has legal right to levy anything that you owe : car title, property, bank accounts, they can also begin withholding money form your paycheck – garnish your wages.
This process usually begins after taxpayer has received thirty or sixty day notice of intent to levy, and is one of the most humiliating and crippling processes.
When you have received notice of intent to levy from IRS you need immediate help from professionals. This is time to contact US Tax Professionals who have great experience in resolving those hurtful issues before they destroy your life and credit.
✓What is Penalty Abatement ?
Not everyone would qualify for an offer in compromise. For those who do not there is another great program offered by IRS. Penalty Abatement – if we can work with you to prove that you had hardships and circumstances beyond your control that led to delinquent taxes, we would be able to negotiate removal of penalties and interest and significantly decrease the amount you would need to pay out.
Terms of a successful penalty abatement negotiation are very specific. This Tax relief program demands a great amount of skills to meticulously follow the IRS protocol and accomplish resolution.
More then in any other program the right preparation fo documents and negotiation is important for Penalty Abatement, that is why our experts with years of experience would be of great help to you in this case.
✓What is Installment Agreement?
Majority of the US tax payers who owe money to the IRS are unable to pay off the whole amount owed in one payment. And when they do not qualify for Offer in Compromise or bankruptcy relief. US Tax Professionals then can negotiate payment plan with the IRS ( Installment Agreement) that will allow you to pay of your tax debts in comfortable amounts over time, preventing harsh actions towards you such as wage garnishments and levies.
Our tax Experts have successfully negotiated thousands of cases in all of the IRS programs.