If you owe more in income taxes than you can afford to repay, you may be eligible to negotiate your outstanding tax debt using an IRS and/or CAState offer in compromise. The CA accountants at Smart Services Tax will give you a complimentary evaluation that determines whether or not you are a suitable candidate for our offer in compromise service.
A successful offer in compromise satisfies your tax debt(s) for less than your outstanding balance. Not everyone who owes back taxes to the IRS qualified for an IRS offer in compromise. The CA tax accountants at Smart Services Tax will evaluate your unique circumstances according to IRS guidelines. These include your ability to pay your tax debt, your current income and living expenses, and the current value of your assets.
Tax offers in compromise are most often accepted when you agree to settle for the most the IRS believes it can collect in a reasonable period of time. Before the IRS will accept your negotiated amount, you must first exhaust all other payment options. You must also meet certain qualifications. These qualifications include being current on all tax payment and tax filing requirements.
You can pay your final balance due in a lump sum payment or through installment payments. While the IRS evaluates your application, you do not have to make payments on an existing installment agreement. If you are eligible for a tax refund during the year, when your IRS compromise is accepted, it will apply that refund toward your tax debt.
The tax accountants at Smart Services Tax will review your finances and make the recommendations that are right for you. If you are a suitable candidate for the offer in compromise, we will complete all necessary paperwork, file it with the IRS and, if necessary, negotiate with the IRS on your behalf.
Many tax clients satisfy a federal tax debt with as little as 5% of the balance owed, including all penalties and interest. There is no bottom limit to what the IRS will accept.
If you are not qualified for an offer in compromise, we can help you determine your best options, including filing an installment agreement.
At Smart Services Tax, our experienced and qualified tax accountants will give your unique circumstances the personal attention they deserve. Before we accept any fees, we will review your tax, income and asset status. We will tell you honestly whether or not your offer in compromise is likely to be accepted by the IRS. If you are a good candidate, we will represent your interests aggressively. Do not attempt to negotiate with the IRS without professional help.
Our tax accountants also:
- Prepare and file state and federal income tax returns, including amended returns
- Provide tax audit preparation and representation services
- Provide a wide range of business services, including CFO services, payroll and accounts payable/receivable
The tax accountants at Smart Services Tax are prepared to provide you with the personal attention and representation you deserve. Learn more about Smart Services Tax, or call us to schedule a consultation.