We all have to pay taxes. Period.
IRS settlements for less than the amount owed are reserved for those who have gotten into a messy financial situation and cannot afford to get out. What this means is that if we have socked away money into a savings account, a house, a car, a boat, a retirement account, a life insurance policy or we have paid other debts down ahead of the IRS such as unsecured credit cards, then we still have to pay our back taxes. The IRS will require us to liquidate the assets that we chose to create instead of paying our taxes, in order to pay them.
Do not believe that if you dangle a carrot in front of the IRS, perhaps $10k cash to write off the rest, that this will work. The IRS does not need to be offered a reduced settlement if you have the ability to pay them. IRS settlements are purely mathematical. If you have money left over each month or have any assets that can be liquidated or borrowed against, then you will have to pay. Period.
A tax resolution specialist cannot change this math. It doesn’t matter how “good” they are. It doesn’t matter how may IRS agents they have rubbed shoulders with throughout their career. You either qualify for a settlement or you don’t. Period.
When I state the above facts, I generally get asked the following: “What about the ads I hear on the radio claiming that I can settle my debt for less than I owe?”
My answer: Don’t be deceived by telemarketers who promise settlements before they analyze 1) Your IRS account and 2) your financial picture. If someone is telling you over the telephone that they can guarantee a settlement and you have not provided them with an IRS power of attorney so that they could review your IRS account, and you have not provided them them your full financial picture, please hang up the telephone. You are not talking to an honest, reputable tax resolution expert.
Sadly, a large percentage of my clients have been duped by a lying, inexperienced telemarketer who took their money and then set them up on a full pay payment plan. You deserve to know 1) what you qualify for with the IRS and 2) what you’re getting; so that you can make an informed decision.
Call my office today to setup a low cost initial consultation. During this consultation, I will collect preliminary information about the details surrounding your tax debt history. If I believe that I can assist you, and you and I feel we are a good fit for each other, then I will agree to perform the Research and Financial Analysis. The minimum fee for this process is $650 for individuals who are wage-earners, or $1,250 for self-employed persons or businesses. You will be asked to provide me with detailed information including: your paystub, your profit and loss statement if self-employed, several months of bank statements, your credit report, and all your expenses. This process will be similar to applying for a mortgage loan or a bankruptcy. After you provide your information, this process usually takes 48 hours to 2 weeks to complete.
OK, what’s next?
After I finish your Research and Financial Analysis which consists of: your IRS account research, any state income tax account research and an analysis of your financial picture, I will advise you of the best resolution option for your situation. You may qualify for a Guaranteed Payment Plan, an Offer in Compromise, a Partial Payment Plan, a Reasonable Cause Penalty Abatement, a First Time Penalty Abatement, to be placed in a hold also known as Currently not Collectible, or a combination of the above IRS programs. I will provide you with the option of DIY (do-it-yourself) or if you would like to continue with work with me, and I feel comfortable continuing to work with you, a quote for me to provide you with the recommended services.
Because I take a comprehensive approach, I cannot offer “quick” advice over the phone without analyzing the numbers. To do so would be foolish and irresponsible. Just because “everyone else” in the industry provides quick promises without analyzing and researching the facts, doesn’t make this approach right.
If you want to hire someone to tickle your ears, go ahead. If you want to be told the truth and to get results, then call my office today for an initial consultation at 602-687-9768, or schedule an appointment here.
Renee Sieradski, EA