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Offer In Compromise
The first notice of tax debt received can cause a lot of unpleasant feelings and stress in an individual’s life. The best advice anyone can give for taxpayers that owe federal or state tax debt is to get help on these issues. Community Tax, with a well-trained team of experts in the field of income taxes, has the experience necessary to get personalized resolutions for its clients. Some of these clients qualify for an Offer in Compromise, which settles a tax balance at a fraction of the original amount.
Offers in Compromise are not the easiest path to take to tax debt settlement. The process can take a long time, compared to some others, and requires a detailed look at a taxpayer’s finances. However, if the IRS will accept the offer, it’s often worth it for the incredible discount provided through this method of resolution. That’s why hiring tax practitioners who know how to negotiate with tax agencies, like those at Community Tax, is the most effective way to increase your chances of Offer in Compromise acceptance.
Recently, Community Tax has worked with clients to reduce a total of over $1,000,000 in tax debt to under $100,000. These ten people saved over $900,000 thanks to their partnership with our hardworking tax negotiators, case processors, case managers and other resolution experts. The table on display here outlines the details of each client’s case. The columns show the agency the individual owed, the amount of their original balance, the Offer in Compromise settlement and the total savings in their case. We’ve also included the names of some of the team members that helped the taxpayers get their resolution approved. We’ve removed our clients’ last names for privacy purposes.
|
Agency |
Tax Balance |
Settlement |
Savings |
Client Name |
Practitioner |
Case Processor |
|
Federal |
$8,829.00 |
$500.00 |
$8,329.00 |
Charles |
Irina Cedano |
Daniel Verastegui |
|
Federal |
$243,898.00 |
$500.00 |
$243,398.00 |
Joy |
Jeremy Brunner |
Emily Brisseau |
|
Federal |
$29,511.00 |
$500.00 |
$29,011.00 |
Inez |
Jeremy Brunner |
Angela Davis |
|
Federal |
$37,578.00 |
$1,984.00 |
$35,594.00 |
Daniel |
Jennifer Schaffer |
Kevin Karpiel |
|
State of Georgia |
$133,433.00 |
$72,000.00 |
$61,433.00 |
Charles |
Daniel Urban |
Daniel Urban |
|
Federal |
$163,171.00 |
$500.00 |
$162,671.00 |
Jose |
Daniel Kattan |
Angela Davis |
|
Federal |
$15,264.00 |
$500.00 |
$14,764.00 |
Francisco |
Irina Cedano |
Angela Davis |
|
Federal |
$169,871.00 |
$500.00 |
$169,371.00 |
Steven |
Jeremy Brunner |
Daniel Kattan |
|
Federal |
$130,793.00 |
$19,206.00 |
$111,587.00 |
Doina |
Robert Kitson |
Robert Kitson |
|
Federal |
$103,788.00 |
$500.00 |
$103,288.00 |
Jose |
Marek Grabowski |
Daniel Kattan |
|
Total |
$1,036,136.00 |
$96,690.00 |
$939,446.00 |
As you can see, the settlement balances range from approximately $500 to thousands of dollars. This agreed upon resolution is a result of many factors, such as finances, that the IRS takes into account. The payments made from Offers in Compromise are mostly done in lump sum payments as part of the agreement between the taxpayer and the tax agency. Once the balance is completely paid, the taxpayer’s only remaining responsibility is to stay compliant with all future tax returns. They have to file and pay all future tax returns and estimated tax payments by their deadlines. Doing this will prevent any further trouble with their taxes.
No tax debt is easy to get rid of. Trying to tackle a process like the Offer in Compromise can be very difficult to handle alone and will decrease chances of it being accepted by the appropriate tax agency. If you are looking to get rid of your tax debt once and for all, call an expert with the training and experience to help you get the best possible settlement in your case. The staff of Community Tax works hard to place their clients in a fitting resolution program and sees it through to the end. Make a single phone call today and you could be on the way to federal and state debt freedom!
