Do you feel numb and overwhelmed because of owing $20,000 or more to the IRS? Have the IRS notices been stacking up? You hear an advertisement on the radio or see one on the television claiming that the IRS will settle your tax debt for pennies on the dollar. You sit back and ask yourself is this really possible? Or, you think that it is too good to be true?
My answer to your questions is that with the proper guidance and professional assistance you can qualify for an IRS settlement. But, you must complete the IRS process and provide substantiation of your claim. You must also have mountains of patience. The process with the IRS can take time.
How do I know this? About two years ago I had a new client come in with over $80,000 in taxes owed going back to 2013. After completing an analysis of the taxpayer's circumstances and documents, I was able to determine that the taxpayer would qualify for a Doubt as to Collectability Offer in Compromise. I completed the paperwork, gathered the support for what was stated on the OIC form, and had the taxpayer sign the OIC form. I then submitted the package to the IRS.
After we received an acknowledgement letter, a few weeks later, it took about one year to get the initial response of a denial of the taxpayer's claim. Since we felt we had a strong case, we appealed the initial result. After a few months and some some communication with the appeals officer, we finally received the acceptance letter. We were able to settle the taxpayer's $80,000+ debt for $100. We both expressed a sigh of relief. The taxpayer now has two responsibilities 1) pay the $100 and 2) stay tax compliant for the next 5 years.
This case shows that we can help taxpayer's to resolve tax debts they are unable to pay.
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
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