Offers in Compromise
At LBS Tax we know that when financial problems present themselves, there isn’t always an easy solution. Debt can become overwhelming, and sometimes it may be difficult to see a light at the end of the tunnel. We are experts at finding solutions to difficult problems, and helping you in times of need. When your tax debt is more than you can afford to pay, our offers in compromise in Chandler can provide you with the option to settle for less than what you owe.
With a number of complicated forms and factors to consider, it’s advisable to get help from a tax accountant like those at LBS Tax. We have years of experience as a leader in the industry, and we’ve helped thousands of individuals work with the government to find a solution that is acceptable for both parties. We work closely with you to bring you peace of mind, knowing you have a confident, skilled team of tax professionals on your side. We can go over all your information in order to get you the lowest payment possible. The IRS will consider a number of factors when considering a Chandler offer in compromise. These include:
- Your ability to pay
- Your current income level
- Expenses you currently have
- The equity level of any assets you control
If you are in an open bankruptcy proceeding the IRS will not consider any offer of compromise. We can help you with bankruptcy proceedings and make sure that your payment requirements and filings are all current. This will ensure there is no question as to your offers in compromise eligibility.
Offers in Compromise Options
When submitting an offer in compromise you will also encounter several options that we will help you navigate. Through careful study of your current financial situation and projected levels of income we can help you determine if a lump sum or periodic payment is right for you.
Lump Sum – These allow you to quickly eliminate the burden posed by your tax debt. The IRS collects a 20 percent initial payment of the total offered amount. If we receive a written acceptance, you will then have five or less payments to pay off your remaining balance.
Periodic Payment – After the initial payment submitted with your application, you will be able to continually pay off the balance in monthly installment at the same time the IRS decides whether or not to accept your offer. If it is accepted, you can continue to make monthly payments until the balance is paid in full.
It’s Never Too Late for Offers in Compromise
It’s incredibly important to begin to solve these issues as soon as possible, but it is never too late to submit an offer in compromise. The IRS has a number of ways that they can force you to make payments. These can include wage levies, asset seizure, and property liens. Once the IRS has actively begun attempting to re-coup the money you owe, we can still help you reduce the money you owe through an offer in compromise. Don’t go through financial problems alone, call LBS Tax (480) 664-1249 to find out if offers in compromise in Chandler can reduce your IRS debt today.