{"id":210,"date":"2016-11-04T22:44:54","date_gmt":"2016-11-04T22:44:54","guid":{"rendered":"http:\/\/corey-law.com\/family-law\/?p=210"},"modified":"2016-11-04T22:44:54","modified_gmt":"2016-11-04T22:44:54","slug":"settle-outstanding-tax-liabilities-pennies-dollar","status":"publish","type":"post","link":"http:\/\/corey-law.com\/index.php\/2016\/11\/04\/settle-outstanding-tax-liabilities-pennies-dollar\/","title":{"rendered":"Settle Your Outstanding Tax Liabilities for Pennies on the Dollar!"},"content":{"rendered":"

\t\t\t\tSettle Your Outstanding Tax Liabilities for Pennies on the Dollar!<\/u><\/strong><\/p>\n

We have all seen those late night ads informing us that the IRS has been \u201cforced\u201d by the government to \u201callow\u201d taxpayers to resolve their liabilities for next to nothing.\u00a0 In fact, we have been inundated with these ads; but are they a scam?\u00a0 What\u2019s all this \u201cpennies on the dollar\u201d stuff really about?\u00a0 The purpose of this short article is to answer that question and briefly explain what to expect if you qualify for the relief in question.<\/p>\n

The start with, the process in question is known as an Offer in Compromise and it isn\u2019t anything new.\u00a0 It shouldn\u2019t cost you $5,000 in attorney fees to obtain (as anyone who has called one of those late night firm\u2019s numbers will discover) and should be fairly painless if you qualify.\u00a0 But qualifying is a big \u201cif.\u201d<\/p>\n

What is It:<\/strong><\/p>\n

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or if doing so creates a financial hardship. The IRS will consider your unique set of facts and circumstances, including:<\/p>\n

 <\/p>\n

    \n
  1. Ability to pay;<\/li>\n
  2. Income;<\/li>\n
  3. Expenses; and<\/li>\n
  4. Asset equity.<\/li>\n<\/ol>\n

    The way that I explain it to my clients is that there is a predetermined formula of sorts that takes all of these considerations into account and then spits out a number that has been generated just for you.\u00a0 The IRS will generally approve an offer in compromise when the amount offered represents the most that they can expect to collect within a reasonable period of time.\u00a0 In other words, you have to offer a number that fits into their formula\u2019s range, otherwise your offer will be rejected.\u00a0 How you arrive at those numbers, however, is very important.\u00a0 If you are considering an offer in compromise you should consult with an attorney to determine what you can expect.<\/p>\n

    Please also note that this does not mean that you cannot still settle your tax debts for pennies on the dollar; Instead it means that most people who qualify for an offer will be paying more than those late night ads have led you to believe might be appropriate, but it will still be saving you boatloads.<\/p>\n

    On to Eligibility:<\/strong><\/p>\n

    Before we can even consider helping you to prepare an offer in compromise you must be current with all filing and payment requirements<\/u>. You are not eligible if you are in an open bankruptcy proceeding or if you are not in current compliance. \u00a0In other words, file your returns before contacting our office.<\/p>\n

    Payment Options:<\/strong><\/p>\n

    You heard me.\u00a0 Just because the offer is dependent on this \u201cIRS Formula\u201d doesn\u2019t mean that you are without options.\u00a0 You have the ability to choose how to make this work with a variety of payment options, including:<\/p>\n

    Lump Sum Cash:<\/strong>\u00a0Where you submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.<\/p>\n

    Periodic Payment:<\/strong>\u00a0Where you submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer, and if accepted, continue to pay monthly until it is paid in full.<\/p>\n

    Note, that exceptions may apply for low income individuals.<\/p>\n

     \t\t<\/p>\n","protected":false},"excerpt":{"rendered":"

    Settle Your Outstanding Tax Liabilities for Pennies on the Dollar! We have all seen those late night ads informing us that the IRS has been \u201cforced\u201d by the government to \u201callow\u201d taxpayers to resolve their liabilities for next to nothing.\u00a0 In fact, we have been inundated with these ads; but are they a scam?\u00a0 What\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,10,12],"tags":[],"class_list":{"0":"post-210","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-debt","7":"category-irs","8":"category-tax","9":"czr-hentry"},"_links":{"self":[{"href":"http:\/\/corey-law.com\/index.php\/wp-json\/wp\/v2\/posts\/210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/corey-law.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/corey-law.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/corey-law.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/corey-law.com\/index.php\/wp-json\/wp\/v2\/comments?post=210"}],"version-history":[{"count":0,"href":"http:\/\/corey-law.com\/index.php\/wp-json\/wp\/v2\/posts\/210\/revisions"}],"wp:attachment":[{"href":"http:\/\/corey-law.com\/index.php\/wp-json\/wp\/v2\/media?parent=210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/corey-law.com\/index.php\/wp-json\/wp\/v2\/categories?post=210"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/corey-law.com\/index.php\/wp-json\/wp\/v2\/tags?post=210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}