Tax Debt Resolution
Do you owe back taxes? Have you recently received a letter from the IRS, and they are asking for a lot more money than you bargained for?
The IRS will convert 1099 forms received by them from parties that have paid you in the past into a short-form 1040. What happens next is that they generate a tax bill that does not give you the benefit of writing off ordinary expenses, tack on interest and penalties, and send you an unpleasant surprise!
We have extensive experience in filing prior-year tax returns, and we can catch you up on your past year filings, creating a strategy for the timing of submitting them, and then help you every step of the way toward resolving catastrophic debt.
You may file an installment agreement with the IRS to get the ball rolling.
But what if you owe $25,000, $50,000, $100,000 or more by the time it’s all said and done?
As an Enrolled Agent Eric Owings will represent you before the IRS, handling those nerve-wracking communications for you.
For large past-due tax obligation an Offer in Compromise (OIC) lets taxpayers permanently settle their tax debt for less than the amount they owe. What they will do for you depends largely on their perceived ability of the taxpayer to pay.
Many people are able to settle their tax debt for quite a bit less than the original tax liability, often as little as less than 10% of the original debt.
There is no guarantee, and every situation is different.
We are happy to provide a full range of resolution as well as representation services. Quite often people just find themselves frustrated by their inability to negotiate with the IRS. This is what we do, and we love to help good people navigate these uncertain waters.