Houston IRS Offer in Compromise

Tax Relief Services

Tax relief is an exemption given to reduce the taxpayer’s tax debt. The relief can be given to anyone experiencing any of the following financial hardships; affected by a natural disaster like a hurricane, flooding, or wildfires. You recently lost your job, medical emergency, or you simply made an error when filing your taxes. If any of these scenarios apply to you, you may qualify for the tax relief program.

The IRS or the Internal Revenue Service is the United States’ government agency that is responsible for the collection of taxes from all the taxpayers around the country, including Houston. The IRS team accesses the social media, travel history, and credit and debit transaction records of its defaulters along with their other personal and professional assets. If you try to avoid your taxes for an extended period of time, this is a criminal offense.

The Internal Revenue Service follows such criminals to collect their pending debts. If an individual fails to pay his taxes off and wishes to get his tax evaded, he has to pay a high price for that. Such a person has to bear a felony conviction, a $250,000 fine, five years’ imprisonment, and the cost of prosecution.

However, since the past few years, the IRS has become more amenable in working out tax debt and making it easier for taxpayers to pay off their taxes in small and manageable installments. It works through three provisions-the installment-payment plan, Offer In Compromise, and a temporary delay in collection. Through these provisions, the IRS encourages taxpayers to pay their debts conveniently and simply.

Guidelines for Fresh Start Program: Tax Relief Houston

If you reside in Houston and wish to apply for the Internal Revenue Service Fresh Start program, there are a few guidelines established by the IRS that you must follow:

• If you are self-employed, you must possess a document to prove that you have had a 25% drop in your net income.

• If you are a starter, your debt amount should be $50,000 or less.

• For joint filers, as in the case of a married couple, your net income should not be more than $200,000 per annum.

• For single filers, you must not be earning more than $100,000 annually.

When you file forms for the IRS Fresh Start Program, you also have to file all your back and current tax returns. If you have any outstanding tax returns that you have not filed for, you can not request any of the repayment options available in this program.

Why Trust Global Gate CPA?

If you are having trouble paying your tax debt, especially if the amount is large, you may be eligible for one of the IRS’s assistance programs.

The IRS has a number of programs available, and we will review your situations to determine which one best fits your needs. In our five years of serving Houston, Texas, as a CPA firm, Global Gate CPA has helped over thousands of taxpayers just like you from beginning to end and has received over 200 reviews of five stars.

Choosing a Tax Relief Company in Houston?

Tax relief companies services are to help you or your business with your tax problems with the IRS. They will negotiate your tax debt, file your tax returns, and help you resolve any tax liens if necessary.

Understanding Your Options for Your Tax Problems

Identifying your tax problem is the first step required to understand your best options available. As a taxpayer, you have the opportunity to apply for an offer in compromise or for “currently not collectable” which is a reduction of tax debt depending on your situation. The other options are the innocent spouse relief and the statue of limitation. 

Disputing the amount is another option if you think that the tax owed is incorrect. However, you will be required to provide additional documentation for filing an appeal. If you need additional guidance, please fill out the contact form below to get started.

Forgiveness of Tax Debt 

The IRS provides a settlement solution called the Offer in Compromise (OIC) for taxpayers who have received insurmountable tax debt. Under this provision, the taxpayer can negotiate to lessen the amount of tax that he owes to the IRS. Due to the recent expansions in this provision and relaxation in qualification standards, it is made easier for taxpayers to qualify for OIC.

To apply for the same, you must file any one of the two forms-Form 433-A (OIC) or Form 433-B (OIC). You will need to pay an application charge of $186 that is non-refundable. However, taxpayers qualifying under the low-income certification guidelines shall not pay the application fee.

Tax Lawyer

In a situation where you have to pay a large sum of tax debt that you believe you can’t afford, seeking professional assistance is the best way to help you out of the situation. To get your debts paid off quickly, you must make a reasonable offer in compromise, and your offer must accurately display your financial condition.

A lawyer can advise you if you qualify for any of the provisions provided by the IRS, and if you do, they can help to file the appropriate IRS forms and negotiate your tax debt and get an installment agreement for you.

You can search on the internet and easily find a capable lawyer near yourself. A lot of firms are willing to fight and bring out the most favorable outcome for you or your business. Also, the IRS Hardship Program Experts can help you to find out if you qualify for any of the programs offered by the IRS.

Who should I speak to about tax debt?

When you wish to get consulted about your tax payment, you can try contacting tax professionals online or online tax advisors. There are several organizations that provide a 24×7 consultation and answer all your tax-related queries. This way, you not just save your time and money, but get the best guidance from the comfort of your home.

To enroll for these programs, you have to visit IRS.gov and select the repayment option you wish to use through its Payment Agreement Tool. If you don’t want to enroll online, the IRS provides a form – IRS Form 9465 on IRS.gov that you have to fill and submit to the IRS.

Enrolling for this program can be very complicated sometimes. To ensure that you register yourself for only the best and the most suitable repayment method, you must hire a tax professional. He or she can advise you on the best option and guide you in enrolling for the program and getting your offer in compromise accepted.

Frequently Asked Questions: