Offer In Compromise

Friday, August 18, 2017

Navigating the Offer in Compromise - Avoid Tax Resolution Firm Scams

If you’ve ever turned on a radio or TV, you’ve probably heard advertisements for tax resolution firms.  Typically these ads will feature an attorney or his spokesman telling you all about how his firm has saved clients millions of dollars by settling their tax debts with the IRS for pennies on the dollar.  If you think this sounds too good to be true, you’re right!  Many of these companies aren’t what they promise they are and lots have been called “scams.”  One high-profile example is the JK Harris Company, which was sued into bankruptcy by the attorneys general for nearly half the states for deceptive advertising and business practices.  If you have a tax situation that needs to be resolved, it’s important to watch out for certain ‘red flags’ when selecting a firm to assist you.
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Saturday, May 13, 2017

What is an Offer in Compromise?

Being saddled with a significant tax debt is a pretty stressful situation to be in.  For some, the IRS concept of offers in compromise, which emerged in 2012 with the Fresh Start program, is a lifeline to better financial health. With an offer in compromise, the IRS is able to compromise tax debt more easily with taxpayers who struggle to pay what they owe.  There are some drawbacks though, so if you are having trouble paying your tax debt, consider talking to an Read more . . .

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