LOS ANGELES (PRWEB) June 15, 2020
Orange County-based tax relief professionals Benefit Tax Solutions have announced they will offer free consultations for taxpayers interested in applying for an Offer in Compromise with the IRS. As the COVID-19 pandemic continues to create uncertain financial futures for thousands of taxpayers across the country, an article in NewsmaxFinance titled “Time May Be Right to Make IRS an Offer in Compromise” (May 2020) states this might be the best time to seek an Offer in Compromise deal.
“With taxpayers all across the country worrying about their financial futures and how they’re going to pay back their tax debt, now may be an advantageous time to apply for an Offer in Compromise deal with the IRS, and we’re here to help,” said Dan Niven, CEO of Benefit Tax Solutions. “While there’s never a guarantee that one will be approved for an Offer in Compromise, the IRS may be more lenient on some taxpayers who are currently struggling financially. We encourage taxpayers who are interested in applying for an Offer in Compromise to give our office a call for a free consultation as soon as possible.”
A tax relief option provided by the IRS, an Offer in Compromise allows taxpayers to negotiate a tax settlement amount that’s oftentimes much lower than their original amount. For example, a taxpayer may owe over $140,000 in back taxes, and if approved, could get their tax debt down to less than $5,000. However, Benefit Tax Solutions notes that every taxpayer’s individual situation is different, so it’s best to call for a free consultation to see which tax relief option may be most beneficial.
The NewsmaxFinance article goes on to state that many taxpayers’ net worth has dropped considerably amid the coronavirus pandemic. When the IRS is determining whether to approve a taxpayer for an Offer in Compromise deal, they will look at the taxpayer’s balance sheet. In other words, the IRS will use the taxpayer’s financial health to determine if they can pay back their full taxes owed. If the IRS determines the taxpayer cannot pay back their taxes and still have money left over to pay basic expenses, they are more likely to be approved for an Offer in Compromise.
Additionally, Benefit Tax Solutions notes that there have likely been many taxpayers applying for an Offer in Compromise right now due to the COVID-19 pandemic. If a taxpayer regains their employment while an Offer in Compromise is being negotiated, it could affect the offer. Therefore, Benefit Tax Solutions recommends that taxpayers call right away for a free consultation and to see if they may be eligible to apply for an Offer in Compromise. Additionally, Benefit Tax Solutions recommends that taxpayers file for an Offer in Compromise, or another form of tax relief, before the IRS resumes their collection actions on July 15, 2020.
Located in Laguna Niguel, CA, Benefits Tax Solutions has helped thousands of U.S. citizens with their tax problems. Their team of expert tax relief professionals can help with completing back taxes, removing wage garnishment and bank levies, setting up Installment Agreements, applying for an Offer in Compromise deal, and more. Benefit Tax Solutions takes pride in getting to know their clients and understand their individual tax situations. They are always available to taxpayers to help them navigate their tax issues and challenges, especially during these difficult times.