Settle Your Taxes For Less (Often Much Less) Than The IRS Claims You Owe With an Offer in Compromise

**IRS continues to accept more Offer in compromises every year**

Welcome to our tax services page, where we offer expert assistance to taxpayers who need help with tax return preparation and representation for back taxes. If you're struggling with back taxes, we're here to help.

Our team of experienced tax professionals understands the stress and anxiety that can come with back taxes. That's why we offer a range of services designed to help you navigate the complex tax system and find the best possible solutions for your tax situation.

We specialize in tax return preparation, ensuring that you get the maximum deductions and credits available to you. We know that tax laws can be confusing and ever-changing, so we stay up to date on the latest regulations to provide you with accurate and reliable tax preparation services.

If you owe back taxes, our representation services can help you deal with the IRS and negotiate payment plans, settlements, and other solutions. We know how to communicate with the IRS and can help you avoid penalties and interest charges.

Our goal is to help you achieve financial freedom by resolving your tax issues as quickly and efficiently as possible. We'll work with you every step of the way to find the best possible outcome for your tax situation.

Don't let back taxes keep you up at night. Contact us today to schedule a consultation with one of our tax professionals and let us help you find the solutions you need.

In the past the IRS strictly applied its rules with respect to taxpayers’ budgets and valuation of assets. As a result, most taxpayers who sought a compromise received a rejection. Below are the statistics for offer acceptances during the past several years:

The changes focused on the financial analysis used to determine which taxpayers qualify for an OIC. These changes also enable some taxpayers to resolve their tax problems in as little as two years compared to four or five years in the past. The changes announced 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; and
• Expanding the Allowable Living Expense allowance category and amount.

Contact Nick today to see how an Offer in Compromise may help you.

pros and cons of submitting an offer in compromise

Advantages to making an Offer in Compromise:

It is possible to save a significant (yes, sometimes even pennies on the dollar) amount of money.
The IRS will suspend collection actions, such as bank levies, wage garnishments, and seizure of assets.
Your credit rating will improve dramatically if the Offer is accepted as the Federal Tax Lien will be removed.

Disadvantages to making an Offer in Compromise:

Filing an Offer will toll the statute, meaning that while the Offer is still being worked on by the IRS the statute of collections (10 years) will stop, allowing the IRS more time to collect if the Offer is rejected. This tolling of the statute is automatically extended for the entire period the Offer is under consideration, plus any time the case is in Appeals, and an additional 30 days for sugar on top.
Whether the Offer is accepted or rejected, you lose your right to contest in court the taxes for any years covered by the OIC.
The IRS may revoke the Offer in the event it determines you did not fully disclose all your assets or income, meaning you wasted any money submitted with the Offer, allowed the statute to toll, and your right to contest the taxes in tax court.

Contact Nick today to see how an Offer in Compromise may help you.

accepted offer in compromise-001.jpg — What an accepted offer in compromise looks like

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Do I Qualify for an Offer in Compromise?

Offer in Compromise Pre-Qualifier

Nick Hartney, EA will review your answers and get back to you on if you qualify and if you would qualify if we cleaned some items up (such as missed tax returns).

Name

First Name

Last Name

Email Address

Have you made all required estimated tax payments this year?

Yes

Are you in an open bankruptcy proceeding?

Yes

Have you filed all required federal tax returns?

Yes

If you are self-employed and have employees, have you submitted all required federal tax deposits?

Yes

N/A

State

County

Total Members of Household

Total Members of Household 65 years or Older

Total IRS Tax Debt

What is the most recent tax year you are requesting to compromise

For example, if you owe 1040 taxes for 2013, 2014, 2015, 2016, enter 2016

Total bank balances

Home market value

Home loan balance

Vehicle 1 equity

Vehicle 2 equity

Retirement account equity (401k, IRA, etc.)

Other real property equity

Other asset equity (airplane, motorcycle, recreational vehicles, etc.)

Stocks, bonds and other investments, etc.

Miscellaneous

Gross wages including Social Security, pensions, unemployment, etc.

Interest and dividends

Distributions from partnernships, sub-S corporations, etc.

Net rental income

Net business income

Child support received

Alimony received

Additional Income

Rent or mortgage and utilities

Total vehicles owned

Vehicle 1 loan or lease payment

Vehicle 2 loan or lease payment

Vehicle operating costs

Public transportation costs

Health Insurance premiums

Life insurance premiums

Federal, state and local taxes

Court-ordered payments

Child dependent care costs

Message

➤ locations served

Available for all taxpayers in every state and all Expatriates living abroad.

☎ CONTACT NICHOLAS HARTNEY, EA

nick@genesistaxconsultants.com
and tell me about your situation.

Areas of Practice

expat tax preparation

Foreign earned income and housing exclusions for both federal and state income tax returns. Foreign bank account reporting (FBARs), Statement of Specified Foreign Financial Assets, Tax Treaties, Application for IRS Individual Taxpayer Identification Number,etc.

business tax debt representation

We will file a power of attorney with the IRS and State Taxing Authority to negotiate a hold on all enforcement action such as bank and account receivable levies while we work on an appropriate resolution including Installment Agreements, Company Restructuring, Penalty Abatements, Offer in Compromises, and Currently Not Collectible Status. We will also advise you if bankruptcy is an option.

irs and state tax debt representation

We will file a power of attorney with the IRS and State Taxing Authorities to negotiate an appropriate resolution for back tax debt including Installment Agreements, Penalty Abatements, Offer in Compromises, Innocent Spouse Requests, and Currently Not Collectible Status. We will also advise you if bankruptcy is a option.

new business entity formation

We will educate you of the pros and cons of organizing an Limited Liability Company versus a Corporation, S-Corp., Limited Partnership, etc. and assist in the formation of the entity of your choosing.

previous years tax returns

We will prepare your previous years tax returns to bring you back into compliance with the IRS and State.

business tax return preparation

Whether you have a sole proprietorship with a Schedule C or a 1120 Corporate return we will prepare any business return.

“The hardest thing in the world to understand is the income tax.”

— Albert Einstein, physicist

Let's Chat

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