What company offers the best solution to delinquent IRS tax relief?

Answer 1

There are only four ways that I know of to pay less than the full amount; bankruptcy, offer in compromise, collection statute expiration, partial payment installment agreement.

Bankruptcy
Chapter 7 bankruptcies will wipe out tax debt if the balance is old enough (at least 3 years old I think).
Chapter 13 bankruptcies will not wipe out the debt unless the bankruptcy plan full pays all creditors. While under the protection of a bankruptcy trustee the IRS must stop all penalties, interest and collection action. The IRS can’t even accept voluntary payments for the years in the plan (while in a chapter 13 plan you can’t pick which debts you will pay, the trustee does). When you emerge from the plan you will still owe the IRS the same amount you did before minus the payments the trustee made on your behalf. While you are not debt free with the government, now you can afford to make an agreement to pay your back taxes.

Offer in compromise
Don’t believe the late night TV commercials on this one. With an OIC you make an offer to the government where you will make a lump sum or payment arrangement for less than the full amount. If your offer is accepted you will have to agree to filing and paying your taxes on time for the next 5 years or the IRS will void the OIC. With the lump sum type (can be up to 6 payments) you have to make a down payment of at least 20 % of your offer. With the monthly payments type you must make the payments you propose while IRS is considering your offer. With either type IRS can take up to 2 years to decide to accept or reject the offer; if they reject your offer they keep your payments or down payment and apply it to your tax debt. I have seen newspaper articles that say the acceptance rate is 16% so IRS is very conservative about accepting OICs; if it is a deal you wouldn’t take, the government won’t take it either. Even if you would take the deal the government probably won’t. Current thinking in congress is all taxpayers should pay the full amount they owe the government.

Collection statute expiration date
The IRS has 10 years from the due date of the return or 10 years from the time you file if later to collect back taxes. Once the CSED had run out the taxes automatically fall off the taxpayer’s account. Some things extend the CSED such as chapter 13 bankruptcy, offers in compromise, amending your return, or the taxpayer waiving the CSED. While the IRS won’t tell you when the CSED occurs, they will tell you when the return was filed and you can figure it out for yourself.

Partial payment installment agreement
With this plan you only have to pay for 5 years then anything left is forgiven. In order to qualify you must prove you can’t afford to pay. You will fill out a form similar to a loan application called a collection information statement. They will then verify what you put on the CIS with what was on your last tax return and what 3rd parties have reported to IRS (banks, employers, mutual funds, etc). You will have to give them most of your income when they calculate your payment and this may force you into bankruptcy because they won’t allow anything for unsecured debts such as credit cards or unnecessary expenses, but after 5 years it’s over.

Answer 2

It depends on what you mean by delinquent tax relief. Unless the dollars involved are in the tens of thousands, you are likely to end up having to pay in any case - if you can't pay all at once, the IRS will set up a payment plan.

If the amount you owe is huge, you might try an offer in compromise - for that, you'd be wise to have a CPA that's familiar with doing OIC's help you.

Stay away from the firms that advertise on TV. They'll charge huge fees and not deliver much.

Answer 3

Tax Relief Companies

Answer 4

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RE What company offers the best solution to delinquent IRS tax relief?

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Answer 5

None of them.

The companies that advertise on TV and Radio tend to be huge ripoffs, charge $4000-$5000 in fees and don't do much.

You best bet is to contact a CPA or EA in your area that has experience in "Offers in Compromise" (OIC). The "form" for an OIC is 64 pages long. It is not a quick process.

A few things to remember: OICs are generally only for debts that exceed $10,000. If you owe under $10k, you should enter in to an installment agreement and stick to it. Also, the IRS declines OICs over 80% of the time.

Answer 6

Tax Attorney Danny Santucci

Answer 7

Where do you live? I can tell with certainty that you will get better service from a local tax professional than from a chain.

I suggest that you contact your state's Society of Enrolled Agents, get a list and interview a few. Also, look up what an Enrolled Agent is. As one, I can tell you that we are THE most cost-effective tax professional for this type of issue.

Answer 8

If you are talking HUGE dollars you will need a tax attorney - but for an individual person you could probably help yourself by contacting the ombudsman for the IRS.
Yea, they really do have a branch that is set up to help you argue with them.

Answer 9

Probably me with fees that ordinarily run in the $1,000 to $1,500 range for handling an offer in compromise. I cringe when I hear what it costs to add a cable TV ad to a client's bill.

Answer 10

For the best answers, search on this site https://shorturl.im/avUAj

You may qualify for an Offer in Compromise if you are unable to pay your taxes in full or if you are facing severe or unusual economic hardship.