tax relief: Getting an Offer-in-Compromise Accepted by the IRS - El Cerrito, California
- 05/29/22 08:05 PM
By Ralph Nelson, EA, Kenny Kim, EA, MD An offer-in-compromise (OIC) is an agreement between a taxpayer and the IRS to settle their tax debt for less than what is owed. Financial Harmony Tax Resolution LLC specializes in submitting OICs for local taxpayers in the San Francisco Bay Area. And in doing so, we have noticed that many taxpayers have misconceptions about the OIC. There's no secret to an Offer-in-Compromise. The offer amount is based on your ability to pay, taking into consideration your income, expenses, and assets. The IRS OIC program is based on a calculation known as "Reasonable Collection Potential," or RCP. Your … (1 comments)
tax relief: Your IRS Debt Can be Resolved
- 12/23/19 08:35 PM
"Your IRS debt has nothing to do with the goodness of your soul." - Ralph Nelson That saying is the foundation of my business. Because sometimes people come into my office with a lot of shame. They have been getting letters from the IRS, and eventually, their bank accounts get levied or their paychecks are garnished - or both! They live their life under the radar, and then they get that notice. This happens to fine upstanding folks who have had an unusual event, or two, occur in their life. It can be a divorce, illness, job loss, or any other situation … (4 comments)
By Ralph Nelson, EA, Kenny Kim, EA, MD
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