Frequently Asked Questions
An Offer in Compromise (OIC) allows you to negotiate a settlement amount on your tax debt and thus pay less than what you owe. This can be a good option for you if you know that you can’t afford to pay the full amount you owe in taxes, or if doing so will result in financial hardship.
A taxpayer installment agreement is when you agree to pay off your federal tax debt over an extended period of time. The IRS offers four different types of installment agreements: guaranteed, streamlined, partial payment, or non-streamlined.
A tax lien means that the IRS has a legal claim against your property used as security for your tax debt. A levy, on the other hand, is much more aggressive than a lien and it involves the actual seizure of your property. Finally, liens are public records and can have a negative impact on your credit report, whereas levies are not public records and should have no impact on your credit.
Yes, If you’re not current with your tax return filing, we can provide you with advice to help get you started during your free consultation, but we won’t be able to move forward until you are current, don’t worry as we also offer tax preparation services to get your tax filings current. Both the IRS and State Tax Authorities will require that you’re up-to-date on your filings in order to qualify for an Offer in Compromise (OIC) or an Installment Agreement.
We work with both individuals and businesses.