914 Tax

Pay My Invoice Now 914-712-6919
  • Home
  • About
  • Tax Solutions
    • Asset Seizures
    • Audit Representation
    • Delinquent Returns
    • Federal Tax Liens
    • Innocent/Injured Spouse Relief
    • Installment Agreements
    • Levies and Garnishments
    • Offer in Compromise
    • Payroll Tax Problems
  • Tax Preparation
  • Testimonials
  • Tax Tips
  • Contact Us

Is it Bad to Settle With the IRS?

June 22, 2022

Are the claims you hear about settling your tax bill for less than you owe, on  radio, TV, and online,  actually true?  And can you really settle your tax debt without hurting yourself in the long run?

Some of these national tax resolution firms you hear advertising offer very little service, just look at their Google and Yelp Reviews.  So it’s important to know who to trust and get educated on what your options are to resolve your tax problem.

As a local expert Tax Resolution Firm ourselves serving the entire metropolitan area, we encourage all readers facing a tax problem to contact us for a free case evaluation: Get help from Ron Friedman, CPA.

The truth is that though it’s often harder than they claim to settle for less than you owe the IRS, it is possible and you must first learn if you qualify for the program. This is called an “offer in compromise,” but settling is not necessarily a bad thing.

An “offer in compromise” is a negotiated settlement between the taxpayer and the IRS that is intended to help taxpayers who owe more than they can pay. In a lot of cases, you can settle your entire tax bill for a fraction of what you owe, if you qualify. You can only get one if you genuinely can’t afford to pay back taxes or if doing so would cause extreme hardship. This can apply, for example, if you have become disabled.

You have to be current on all legally required income tax returns and must be current on any estimated tax payments if you are self-employed and you cannot file for bankruptcy.

The IRS would rather take an offer in compromise than send you to collections and potentially get less money. Taking an offer in compromise will NOT affect your credit score.. Having your offer in compromise accepted is a far better financial decision in the long run.

However, working out what offer to make on your own and learning the whole process can be challenging. That’s like representing yourself in a court of law without a lawyer.  Not smart. A better answer is to find a tax resolution specialist that can help you with the process to see if you qualify and determine what you will have to pay. A tax resolution specialist will also be a licensed CPA, Enrolled Agent or an Attorney.

One of the great things about working with a qualified and local tax resolution firm is that you get protection from the overbearing IRS, letting you sleep better at night knowing you’re on your way towards permanent tax resolution. They can head-off any impending garnishments of your paycheck or levies on your bank account.

Settling with the IRS is a good thing and is often the best answer to dealing with your back tax bill and moving on with your life.

If you want an expert tax resolution professional who knows how to navigate the IRS maze, reach out to our firm and we’ll schedule a no-obligation confidential case evaluation to explain your options to permanently resolve your tax problem. Get help from Ron Friedman, CPA.

Facebooktwitterredditpinterestlinkedinmail
June 22, 2022Categories: Offer in Compromise

Recent Posts

  • Payroll Tax Relief 101 for Small Business Owners
  • Do You Owe Money to the IRS? Possible Tax Resolution Strategies to Set Your Mind at Ease
  • If You Don’t Have Money to Pay Your Taxes, You Have Legitimate Options
  • Is it Bad to Settle With the IRS?
  • Do You Owe Back Taxes? Why You Should Stop Panicking & Start Planning

Archives

  • July 2022
  • June 2022
  • May 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • December 2020
  • October 2020
  • September 2020
  • August 2020
  • June 2020
  • January 2020
  • August 2019
  • July 2019
  • October 2016
  • September 2016
  • March 2016

Ron Friedman Tax Relief Pro

150 White Plains Road
Suite 310, Tarrytown, NY 10591
Tel: (914) 712-6919
Fax: (914) 631-0939
ron@ronfriedmancpa.com

Recent Posts

  • Payroll Tax Relief 101 for Small Business Owners
  • Do You Owe Money to the IRS? Possible Tax Resolution Strategies to Set Your Mind at Ease
  • If You Don’t Have Money to Pay Your Taxes, You Have Legitimate Options

Servicing Areas

Westchester County, NY, Fairfield Cty, CT, New York City, The Bronx, Brooklyn, Queens, Staten Island, and surrounding areas.

IRS Circular 203 Disclosure: Any tax advice on this website (or any attachment hereto) is not intended or written to be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law.
Facebook LinkedIn
© 2023 914 Tax. All Rights Reserved.