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How Can A Tax Settlement (Offer In Compromise) Help You | San Diego

Updated: Dec 4, 2020


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Your inability to pay your personal can be an anxiety filled "adventure." This will be particularly true if your primary creditor is the Internal Revenue Service or IRS. When this happens, and you do nothing, it might be difficult to make ends meet and settle your tax obligations for good.  The IRS can very easily hurt your finances and personal life. If you struggle with paying your tax bill, then a tax settlement (#OfferinCompromise) could be your ticket out of "trouble town."  This article is brought to you by the tax professionals at Flat Fee Tax Service. Our tax pros have been providing valuable IRS tax debt help at a very affordable fee for more than a decade. Our teams are located in San Diego, California, and Clearwater, Florida. Our hours of operation are 8 A.M. Eastern to 6 P.M. Pacific time. This allows our IRS Tax Attorneys to be available to our clients and the IRS for an extended time. This comes in handy when stopping an IRS levy. Keep reading this article to know a few ways on how a tax settlement offer in compromise can help you.

What Is A Tax Settlement Offer In Compromise?

A tax settlement - Offer in Compromise is a federal program that enables an ordinary citizen who has a tax bill and is having trouble with the IRS to settle their tax debts at a dramatically lesser amount. An Offer in Compromise is a legitimate solution for taxpayers who can’t pay their full tax liability due to their current financial situation. 

Under a tax settlement offer in compromise, the IRS will take a look at the tax debts you owe and assess how much you can afford to pay to determine what percentage of your total tax debts you should pay them back. You need to know that the IRS will carefully inspect your personal and business before you can avail yourself to a successful Offer in Compromise. It’s important to know that the IRS always has two (2) goals. The first goal is to collect money, and to close a file. An Offer in Compromise accomplishes both IRS goals. Even if the IRS collects as little as $100, it goes in the "collection" column and will close the file. Currently, the IRS has been approving approximately 42% of the 80,000 or so tax settlement offer in compromise submissions the agency receives yearly. Most rejections are due to taxpayers attempting to do their own tax settlement (DIY). The tax professionals at Flat Fee Tax Service has been averaging a 96% success rate for many many years. What Are The Benefits Of A Tax Settlement Offer In Compromise For You And Your Business?

Hopefully, you are now aware of what a tax settlement offer in compromise is, and how it can be a benefit to you. The next step is to get familiar with how this method can help with your tax debts. Below are the benefits of filing an offer in compromise in IRS:

  • You Can Avail Of More Affordable Payments

As mentioned, a tax settlement offer in compromise allows you to reduce your overall tax liabilities, especially if you have tens thousands of dollars in tax debts. Hence, when you avail of this remedy, you’ll have a better chance of paying your tax debts without compromising your wealth. 

Moreover, when you take advantage of this approach, you’re able to negotiate a more affordable tax payment, which can be paid either in lump sum or installments. Also, making an offer in compromise means you can protect your income and other assets from possible garnishment by the IRS. 

  • You Can Free Yourself From Long-Term Collection Of Debt Payments

When you fail to pay your personal and business tax debts, the IRS will not hesitate to put a lien on your income until you settle the whole amount. Consequently, you lose control over your earnings or company income, which can also lead to further financial hardships. This is one of the reasons why a tax settlement offer in compromise is the best thing you can do to stop the collection.  

By submitting an offer in compromise, any levy on your income will be stopped and released. From there, you can finally save yourself from the financial stress brought by your inability to pay your tax liabilities to the IRS. 

From the time someone becomes a client of Flat Fee Tax Service to the completion of the tax settlement offer in compromise is usually 10 to 12 months. During this period of time all IRS enforcement action action ceases.

  • You Can Resolve A Tax Issue That’s Been There For Many Years

Should decide to struggle with making payments to the IRS through an Installment Agreement, your outstanding tax debt will take many years before it ends. Your tax liabilities can have a significant impact on your personal life. With your attempts to resolve the IRS problem, you might end up struggling with your finances, which can cause you and your family more stress and anxiety.  

Because of this, an offer in compromise (#IRSsettlement), if you are eligible and qualified, can be a beneficial way to resolve tax issues. Once the IRS accepts your offer, you can settle your tax debts and have peace of mind, knowing you no longer owe money to the government. That way, you can focus on achieving financial freedom and growing your business financially through tax planning

Bottom Line to a Successful IRS Settlement

Indeed, dealing with the Internal Revenue Service is never easy, especially if you owe them thousands of delinquent taxes. Thus, if you’re looking to free yourself from a stressful impossible to pay tax bill, keep this information in mind so you’ll know how a tax settlement offer in compromise can help you. 

In case you need help in negotiating a deal with the IRS, find an experienced tax lawyer who can do that for you. In doing so, you’ll be more confident that everything will be back to normal once you settle your tax debts.  FLAT FEE TAX SERVICE OFFERS A FREE, NO OBLIGATION CONSULTATION. OUR CONVERSATION WITH YOU WILL ONLY TAKE UP 20 TO 30 MINUTES OF YOUR TIME. FLAT FEE TAX SERVICE