Now that tax season is here, there are all kinds of scams that are going on and you need to be mindful of these scams. The one in particular that I want to tell you about are tax resolution companies that promise that they can save you pennies on the dollar for the tax debt that you owe the IRS.
I've heard horror about these companies not working very hard, fast, or at all on your case. If this happens, you end up spending a huge amount of money on the company and STILL owe the IRS. This adds to the stress!
What these companies are talking about is the Offer-in-Compromise program. The offer-in-compromise program is not a given right we have. It is a process, a long process. You have to fill out an application and send it to the IRS, with the required documentation. Since the IRS is considering accepting less money than what you owe them, they are going to dive deep into your financial situation. The IRS is looking to see if you have the ability to full the debt. They're going to be looking at all of your assets and liabilities. Don't think that you can hide anything from the IRS either.
When you are talking to a tax resolution company, they need to be asking you a lot of questions about your situation. Form 433 should be mentioned. If they're not asking many questions and tell you they need $5,000 to work with them, run away, hang up the phone! Don't even go there. You'll be spending a lot of your hard-earned money for nothing with nothing to show for it but added interest and penalties from the IRS.
The focus of our practice is helping individuals and businesses resolve their IRS tax problems in the Las Vegas, Nevada, St. George, Utah areas, and elsewhere. If you or someone you know is dealing with IRS problems, contact me at 702-469-9426 or candy@numbercruncherllc.tax.
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