Do you owe more in taxes than you can afford to pay? Are you feeling overwhelmed by tax debt and unsure if you will be able to overcome it with your current salary? You may qualify for an offer in compromise.
What Is An Offer in Compromise?
The Offer in Compromise program is a program that was developed by the Internal Revenue Service in the United States. It was designed to help qualified individuals, with an unpaid tax debt that is higher than they can reasonably afford to pay, negotiate a settled amount that is less than the total amount owed to clear their debt. An offer in compromise may be a legitimate option for those who are unable to pay their full tax liability, or if by doing so they would be in financial hardship. The IRS considers individuals unique situations and takes into account the following facts and circumstances:
-Ability to pay
The IRS is most likely to approve an offer in compromise whenever the amount the individual offers represents the most they can expect to collect within a reasonable period of time. It is important to explore all other payment options before submitting an offer in compromise.
When you work with a tax professional such as Enrolled Agent, Sandra King, you can file your offer in compromise with confidence. There is no guarantee your offer will be accepted, but Sandra King can help to ensure the amount you are offering is fair and that your financial situation aligns with the set of standards the IRS is looking for. If your unique situation does not qualify you for an offer in compromise, the financial professionals at King Financial Services in Dallas can help you to find other payment options that work for you.
You may be able to put a hold on your taxes, allowing you to avoid collecting interest until your financial situation improves. This can be extremely helpful for individuals who have fallen on financial hardship as your tax debt will continue to grow every month that it goes unpaid. Contact King Financial Services to learn more about your options and explore the ways you can eliminate your tax debt. Schedule an appointment with King Financial Services today so that we can meet with you and review your specific financial situation. Using IRS guidelines our team will take the time to carefully analyze your tax obligations and your true ability to pay those obligations. Using our detailed analysis, we work with you to bring about the best possible resolution for your situation. Call King Financial Services and get the ball rolling and end IRS letters as soon as possible!
Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. While her services are offered nationwide, Sandra King locally serves the greater Dallas-Fort Worth area, including but not limited to Arlington, Bedford, Colleyville, Euless, Fort Worth, Grand Prairie, Hurst, Mansfield, North Richland Hills, and Richland Hills.