Will I qualify for financing of tax relief?

If you are unable to settle the entire tax debt at one time, Benefit Tax Advisors will work directly with the IRS and/or state to negotiate the most favorable payment plan. In some instances, this plan will result in you paying much less than your total tax balance. If the taxing authority has burdened you with an unreasonable payment plan, or is threatening a levy on your wages, bank accounts and other assets, we can structure a payment strategy that will accommodate your current financial situation. If you qualify, we can also have your account deemed “Currently-not-Collectible,” forcing the taxing authority to immediately STOP all collection activity without requiring a monthly payment plan.

What is an Offer in Compromise?

An Offer in Compromise is an agreement between a taxpayer and the government to settle a tax liability by paying less than the full amount owed, often implemented when the entire tax liability cannot be collected. The government’s goal with an offer in compromise is to obtain what is reasonably collectible at the earliest possible time and incur the least amount of cost. There are three basis under which an offer in compromise may be accepted:

• Doubt as to Collectability – If the IRS believes that the amount owed can never be paid back, they will be willing to take a portion of what is owed.
• Doubt as to Liability – If there is doubt that the actual debt exists, the government may accept an Offer-in-Compromise.
• Effective Tax Administration – Even if the IRS or State feels the tax owed is valid and that you have sufficient assets and income to pay the entire debt, the taxpayer can show that, due to exceptional circumstances, it would be unfair and inequitable to demand full payment of the tax debt: for example, such a collection could put you and your family on the street.

Benefit Tax Advisors professionals have successfully conducted thousands of cases, and, if they believe you qualify, will prepare the best Offer-in-Compromise available, giving you the opportunity to resolve your liability for the lowest amount possible.

Can I get an abatement of penalties and fees?

IRS tax penalties and interest can make up the bulk of one’s delinquent tax bill and often are the main reason for an unmanageable tax problem. However, several IRS provisions can provide taxpayers justice. The most common approvals for penalty abatement include:

1. First-Time Penalty Abatement

2. Reasonable Cause

3. Correction of Service Errors

4. Administrative Wavers

5. Statutory Exceptions
Under reasonable cause, the IRS will thoroughly assess the initial situation that resulted in penalties. Reasonable cause relief will be granted on the basis of if the taxpayer exercised ordinary business care and prudence in determining their tax obligations but was unable to comply with those obligations.

6. Unable to Obtain Records

7. Serious Illness

8. Loss of Household Provider

9. Incorrect Advice from Tax Advisor

10. Incorrect Advice from Service

11. Natural Disasters

12. Service Error

If you qualify, BTA can assist you in getting some or all your penalties and interest removed, or even obtaining refunds directly from the IRS.

Can Benefit Tax Group help with a Bank Levy?