Taxpayers looking for tax relief help aren’t sure what to expect when hiring a professional to fix their back tax issues. Their two main questions are:
(1.) Can you settle my tax problem for less than I owe?
(2.) How long will the process take?
Upon retaining our firm to resolve your tax matter, some relief will be immediate, and some will take effect over time. Keep in mind that your IRS problem didn’t develop overnight. It will take some time to resolve. The good news is that we start working on your behalf immediately, so that you won’t have to meet or speak with the IRS again.
An properly structured Installment Agreement will typically take anywhere from 2 months to 6 months to work out with the IRS. An Offer In Compromise will generally take 6 to 12 months. (Your mileage may vary; these are typical time ranges.)
ROAD MAP TO RESOLUTION
Determining whether you can qualify for an Offer in Compromise (to settle for less than you owe) depends on the circumstances of your case. How much you owe, how much you earn, what assets you own, your future income potential — all of these factor into assessing which IRS “Fresh Start” program is best suited to your tax matter.
That’s why the first step in the process is a free consult. It may be in-person meeting, or it may be a simple phone consult. Either way, this is when an experienced tax resolution professional (Enrolled Agent, CPA or Attorney) will evaluate your situation, let you know your rights, and present options for resolving your matter. Be sure to provide all recent IRS notices so we have all the info necessary to make an informed assessment.
RETAINING A PROFESSIONAL
If you decide you’d like to move forward with professional representation, and we agree to take on your case, you will be required to sign an Engagement Letter outlining the work to be done and the financial arrangements to pay for our services. A Power of Attorney (POA) is then filed with the IRS, which will provide you with immediate relief, because from this point on the IRS will be required to contact us instead of you.
If an IRS agent should happen to contact you, all you need to do is politely request that they contact us directly and provide them with our contact information including phone number. A separate POA will be required for resolving a State tax problem.
For further info on what to expect, and what the next steps are on the road to resolution of your tax matter, please email or contact us by telephone today.