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Offer in Compromise: Are they for real?

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Education & Training with Arch Tax Resolution

I represent tax payers in the greater St. Louis area, state of Missouri as well as nationally who have issues with unfiled tax returns and outstanding tax liablities. Whenever someone contacts me regarding a tax issue the first question that comes up is what can this be settled for

Usually the question comes from watching too much TV or listening to the radio. If it sounds too good to be true take it with a grain of salt. The reality is the IRS does accept offers in compromise if it's in the best interest of the goverment, not because of advertising.

The worlds most intimidating collection agency has powers that no other collection concern can match. But you can't just pick up the phone and get it done with one phone call. It is a process that requires exchanging revelent information and patience. Offers today because of the pandemic will likely take up to 18 months before a decision is made.

A question someone recently asked is can they take my house? Can they take my car? Yes seizures are possible if you don't cooperate or communicate. But the IRS really isn't interested in your car or house. They just want to be paid.

They use a formula to determine was they think you can pay. Think of it as a cash flow analysis. Can you get the equity out of your house. How much can you borrow from retirement plans? What about going to a pawn shop? Are you kidding me? 

Equity plus cash flow after deduction of allowable expenses is the determining factor. In a future blog I will go into more detail how you might qualify for an offer.

If you or someone you know are having IRS or State Tax issues please feel free to reach out to me by email @steveshapiroea.com or call me at 636-397-2759 or text me at 636-866-4554. I will give straight answers. As an attorney told me recently, I do not over promise. I will do my best to get the most favorable outcome for you.

 

                                                    Arch Tax Resolution

                                                    620 South Benton Street

                                                    St. Charles, MO 63301

                                           (P) 636-397-2759  (F) 636-397-6312

                                                 www.archtaxresolution.com

                                                 www.steveshapiroea.com

 

 

 

CANDACE (Candy) STEVENS, EA
Number Cruncher LLC - Overton, NV
Helping Taxpayers Resolve IRS problems

Awesome information!  

Thank you for posting!

Have a Happy Day!

Jan 26, 2021 05:45 PM