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HELP FOR IRS TAX PROBLEMS
Ignoring IRS tax problems can be a costly mistake. If you owe back taxes and don’t deal with your tax debt, penalties and interest will add up and the IRS may resort to liens, levies, or wage garnishment to recover their money. If you’re in this situation, there is hope. The trusted tax professionals at Axiom Tax Resolution Group are ready to find a permanent solution to your tax problems with the IRS.
For most taxpayers, trying to deal with the IRS is stressful, confusing, and ultimately unsuccessful. But when you turn to Axiom Tax Resolution Group for assistance, we’ll work directly with the IRS on your behalf. We know their rules, understand their tactics, and can speak their language to negotiate a fair payment plan or help you take advantage of an appropriate tax relief program.
Contact us at 205-872-1100 now or request a consultation online. We’ll examine your situation and recommend a course of action that will resolve your tax problems as quickly as possible while minimizing the impact on your finances.
IRS TAX PROBLEM RESOLUTION
IRS TAX PROBLEMS?
TAX RELIEF
FREE CONSULTATION
Since 2011, the IRS has used the Fresh Start Initiative to help struggling individuals and small businesses pay their federal taxes. The following FAQ’s are provided directly from the IRS. If you have any additional questions, or need to know if this program is the right fit for you, Contact us at 205-872-1100 now or request a consultation online. We’ll examine your situation and evaluate if this course of action will be best for you. Our goal is to resolve your tax problems quickly without a significant impact on your finances.
Are you struggling to pay your federal taxes?
If so, the IRS Fresh Start program can help. The IRS began Fresh Start in 2011. Now, to help a greater number of taxpayers, the IRS has expanded the program by adopting more flexible Offer-in-Compromise terms. This expansion will enable some of the most financially distressed taxpayers to clear up their tax problems, possibly more quickly than in the past.
What is an Offer in Compromise?
An OIC is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed. Generally, the IRS does not accept an OIC if they believe the liability can be paid in full as a lump sum or through a payment agreement. The IRS looks at the taxpayer’s income and assets to make a determination of the taxpayer’s reasonable collection potential. OICs are subject to acceptance on legal requirements.
Why is the IRS making this change?
The IRS recognizes that many taxpayers are still struggling to pay their bills so they have put in place common-sense changes to the OIC program that more closely reflect real-world situations. This expansion focuses on the financial analysis used to determine which taxpayers qualify for an OIC. These changes also enable some to resolve their tax problems in as little as two years compared to four or five years in the past.
How is the program changing?
In certain circumstances, the changes include:
- Revising the calculation for the taxpayer’s future income.
- Allowing taxpayers to repay their student loans.
- Allowing taxpayers to pay state and local delinquent taxes.
- Expanding the Allowable Living Expense allowance category and amount.
Other changes to the program include narrowed parameters and clarification of when a dissipated asset will be included in the calculation of reasonable collection potential. In addition, equity in income producing assets generally will not be included in the calculation of reasonable collection potential for on-going businesses.
How is collection potential now calculated?
When the IRS calculates a taxpayer’s reasonable collection potential, it will now look at only one year of future income for offers paid in five or fewer months, down from four years; and two years of future income for offers paid in six to 24 months, down from five years. All offers must be fully paid within 24 months of the date the offer is accepted.
How do I apply or get more information?
Visit our Offer in Compromise page for more details. We’re ready to help represent you to the IRS. Contact us at 205-872-1100 now or request a consultation online. You can also find forms and an Offer in Compromise booklet on the IRS website, IRS.gov.
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