Tax Relief with Logan Allec, CPA
Do you owe back taxes to the IRS or your state government or have unfiled tax returns? Then this is the podcast for you! Every Monday, Wednesday, and Friday, Logan Allec, CPA — owner of A+ BBB-accredited tax resolution firm Choice Tax Relief — explains exactly how to get tax relief for your back tax debt. Would you like a FREE tax relief consultation with Logan's company, Choice Tax Relief? Schedule your consultation now by calling 866-8000-TAX!
Tax Relief with Logan Allec, CPA
Why Would I Need an Offer in Compromise?
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Do you owe at least $10,000 in IRS or state back taxes, or have multiple years of unfiled tax returns? Book a FREE consultation with my team at Choice Tax Relief:
https://choicetaxrelief.com/free-tax-...
Or call 866-8000-TAX.
Why would you need an offer in compromise if you’re already making payments to the IRS? I answer a viewer’s question about paying old tax debt, when an IRS settlement may make sense, and whether tax relief is fair.
I’m Logan Allec, CPA and owner of Choice Tax Relief. The key question is whether you can fully pay the tax debt, not simply whether you’re making payments right now.
CHAPTERS
00:00 Why would I need an offer in compromise?
00:12 If you can fully pay your IRS debt
00:35 The bankruptcy comparison
01:02 Your financial situation matters
01:23 Is tax relief fair?
02:00 Watch the tax-relief fairness discussion
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Is Tax Relief FAIR?
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IRS RESOURCES
Offer in compromise overview: https://www.irs.gov/payments/offer-in...
Eligibility and grounds for an offer: https://www.irs.gov/taxtopics/tc204
IMPORTANT CLARIFICATION: Current filing and required estimated-tax payment compliance are prerequisites for an offer. Making installment payments by itself does not establish whether you qualify. The IRS considers income, allowable expenses and asset equity, and generally will not accept an offer if you can fully pay through a payment plan or assets. Exceptions can apply. Bankruptcy has separate eligibility rules. This video is general education, not advice for your specific tax situation.
#OfferInCompromise #IRSTaxDebt #TaxRelief