What to Expect When Resolving Your Tax Debt
Clients who retain my tax relief services are interested in knowing two things: 1) can I settle this for less than I owe; and 2) How long will this take?
Upon retaining me to resolve your tax issue, some of the relief will be immediate and some will be over time. An average Offer in Compromise (settlement for less than you owe) case can take anywhere from 6-12 months (or longer) depending on the amount of tax liability owed, the complexity of the case, and your individual facts and circumstances.
Road Map to Resolution
Free Consultation: The first step is to call or come in for your confidential, no-obligation free consultation. At this meeting, I will evaluate your situation and discuss all available options for resolving your matter.
1. Retaining Our Firm: At the end of your consultation, and if we determine that your case has a high likelihood of success, you will be offered the opportunity to retain me as your tax representative. You will be requested to sign an engagement letter and make financial arrangements in order to pay for our tax help services.
I will file a Power of Attorney with the IRS. This will provide you with immediate relief because from this point on, the IRS will be required to contact me instead of you. Then I will obtain your IRS transcripts and Record of Account, so I can best evaluate all your alternative settlement options.
2. Beginning the Tax Resolution Process: As an experienced CPA licensed in Florida, I will be directly responsible for your case. Together we will develop a phased strategy for resolving your case and advise you on what steps to take for the most effective resolution. I will be available to you by phone, e-mail, or in person.
3. IRS Compliance: Generally, before any negotiation/settlement will be accepted by the IRS, you must become a compliant taxpayer. Compliance means that all past due delinquent income tax returns must be prepared and filed. Compliance also means you have to be current on your quarterly estimated income tax payments and you must be withholding at the correct rate if a wage earner, and I will advise you accordingly. If you cannot furnish records necessary to prepare your taxes, there are methods, in accordance with IRS regulations, for completing the preparation of tax returns in order to get them filed right away.
4. Tax Settlement Negotiation: We will propose the best (lowest) and most affordable resolution plan to the IRS. It is rare, however, that a proposal is accepted right away. Through diligence, persistence, and follow-up, I will monitor, provide additional information to the IRS as needed, and negotiate your proposed resolution until a resolution is achieved.
5. Tax Resolution is Reached: We will review the final resolution of your case by the IRS to make sure it is as agreed upon. If not, we will insist that it be changed to reflect what was agreed to. If the IRS is unwilling to do this, we will advise you as to what your options are for the next step. Finally, you will be advised on what you must do in order to succeed with your resolution and avoid future tax problems.