Tax Resolution Services

There are many different ways that an individual can find themselves with IRS tax debt and State tax debt. If you underestimated your earnings for the year, received an expected gift or struggled to keep your business afloat, you may find yourself in a position where you owe the government and are clueless as to how you are going to settle the growing tax debt. Omni has a vast number of tax resolution experts, and provide tax resolution services can help you wade through the confusing government paperwork and come to a resolution that will give you some tax relief.

Tax Resolution Service: Offer in Compromise

Offer in Compromise (OIC) is a settlement offer with the IRS that allows the tax payer to pay less than the total tax amount owed. This solution is not offered to everyone, and there are certain stipulations that the IRS will look at before agreeing to an OIC.

Because an OIC is normally half of the original tax amount, the IRS will look at the taxpayer’s ability to repay the original debt. The IRS will calculate the reasonable collection potential (RCP) by factoring in:

· Current and future potential earnings

· Bank Accounts

· Property

· Automobiles

· Homes

If the taxpayer’s ability to pay is less than the total tax amount owed, then the IRS may consider an OIC.

To qualify for an OIC, you must meet 1 of 3 requirements:

· You are unable to pay the full amount within the statutory period

· There is some doubt as to whether or not you owe the full amount

· To make you pay the full amount would be considered an economic hardship

Tax resolution services can see if you meet any of these qualifications and, with the tax resolutions provided, help you fill out the necessary applications to start the qualification process.

Tax Debt: Repaying an OIC

One factor that the IRS will look at to determine you qualify for an OIC is how you will pay the settlement amount. The three main repayment options available for an OIC are:

· Payment in full

· Short term

· Deferred payments

Short Term repayment must be completed within 24 months in order to qualify. Deferred repayment is allowed over the statutory period if you include the first payment with your application.

Tax Resolution Service: Payment Plans

In addition to an OIC, there are payment plans available for those who owe back taxes to the IRS and state government. It depends on the amount owed, the taxpayer’s ability to repay and the term the taxpayer requires to repay the debt. With the aid of an enrolled agent from Omni Financial, tax resolution services will be provided. These services will help to determine if you qualify for a payment plan and from there help you apply for one with the state or federal government.

Tax Resolution Services: Penalty Abatements

One of the main tax problems of taxpayers who owe back taxes is the penalties that accrue at an alarming rate. In a short period of time, interest and penalties can equal the original amount owed, and in some cases taxpayers owe more in penalties than the original tax debt. It is possible to get some tax relief by eliminating some or all of the penalties owed to the state or IRS. In some cases it is even possible to reduce the total interest that the taxpayer owes on the debt.

The typical settlement that the IRS will agree to is a 25% reduction of the total owed in interest and penalties. Another agreement that tax resolution services can negotiate is an elimination of the majority of the penalties but none of the interest owed. If the taxpayer can pay the entire amount of the taxes owed in one lump sum, our tax resolution specialists can often negotiate a reduction in the interest or penalties that have accrued on the debt.

Tax Resolution Services: Release of Liens

One method the IRS uses to collect the amount a taxpayer owes is to place a lien on any bank accounts or property the taxpayer owns. In this instance, it is possible for Omni’s tax resolution experts to provide tax resolution services to help you remove the lien and find another way to settle your tax debt with the state or federal government.

Tax Resolution Experts: Omni Financial- Contact Us Today!

Owing the state or federal government for back taxes can seem like a frightening situation and you may feel like there is no way out.

Call OMNI Financial Tax Resolution Services and take the critical first step towards IRS and State back tax relief. Omni will find a solution that will put you back in control. There's no obligation and no cost to call and discuss your tax debt situation with one of our caring professionals. Your call is confidential. Call us