IRS Offers in Compromise

Let Wynne Law, P.C. assist you with filing an IRS Offer in Compromise.


An Offer in Compromise allows eligible Taxpayers to settle their debts for less  than the full amount they owe if the Taxpayers are unable to pay their full tax liability or if paying their full liability will result in hardship.  The IRS will consider their unique set of facts and circumstances including their ability to pay, income, expenses and equity in assets.


Taxpayers have two payment options for the amount they are offering:

  • Lump Sum:  Taxpayers must submit an initial payment of 20 percent of the total offer amount with their application. If the offer is accepted, any remaining  balance due must be paid within five months.
  • Periodic Payment: Taxpayers must submit their initial payment with their application and then continue to pay the remaining balance in 23 monthly  installments

 Call or email me today to find out if you may be a candidate for an IRS Offer in Compromise.


For further information:


https://www.irs.gov/payments/offer-in-compromise

IRS Installment Payment Agreements

  

Let Wynne Law, P.C. assist you with setting up an IRS Installment Payment Agreement. 


If a taxpayer is unable pay their balance due in a lump sum, the IRS may allow them to pay off their balance in monthly installments.  Entering into an Installment Payment Agreement with the IRS will prevent further collection actions such as bank levies or passport revocation.  However, interest and penalties will continue to accrue until the balance is paid in full.


Depending on how much the taxpayer owes, the IRS may require financial disclosure and the completion of several forms. However, the IRS currently has streamlined options for entering into an Installment Payment Agreement that eliminate the need for most of the paperwork. The IRS has recently extended their streamlined program to taxpayers who owe up to $100,000.


Call or email me today to find out if you may qualify for an IRS Installment Payment Agreement.

IRS Currently Not Collectible Status

  

Let Wynne Law, P.C. assist you in having your account placed into Currently Not Collectible status by the IRS. 


Some taxpayers, due to their current financial situation, cannot afford to pay both their taxes and their reasonable living expenses. These taxpayers may be eligible for IRS Currently Not Collectible status.


While a taxpayer’s account is in Currently Not Collectible status, the IRS generally won't try to collect from them. However, the IRS will continue to assess interest and penalties to their  account. The IRS will also keep any tax refunds the taxpayer may be due.


The IRS may review a taxpayer’s income annually to see if their financial situation has improved.


Call or email me today to find out if you may qualify for an IRS Currently Not Collectible status.