The IRS has increased audits and other tax enforcement actions, and more taxpayers are finding themselves in a situation where they owe substantial tax debts. Penalties and interest continue accruing and many people find themselves in a difficult situation and needing guidance.
TV commercials from dubious firms promise a magical "pennies on the dollar" solution to troubled taxpayers. Before speaking to a sales rep at one of these firms, they can get instant results about their potential eligibility for an Offer in Compromise.
An Offer in Compromise is made to the IRS when a taxpayer owes more in taxes, penalties, and interest than they will be able to pay. They can offer to pay a portion of the debt and the remaining debt is forgiven. For many people in tax trouble, it is a life-saver.
To see if they might qualify, users enter their assets, income, expenses, and tax debt into the free online Offer in Compromise Calculator. If the results show they would save on their tax debt by submitting an Offer in Compromise, they are encouraged to call for a more detailed and accurate calculation in a free, no-obligation consultation with Wendy Litten, EA, creator of the online Offer in Compromise Calculator.
"If I can qualify a taxpayer for an Offer in Compromise, they're always happy. If they don't qualify, there are other options that might save them money and will definitely help resolve their tax problems," says Wendy Litten, EA, a tax resolution specialist located in Central New Jersey. "A qualified tax professional has an arsenal of tools to help taxpayers being pursued by the IRS."
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Wendy Litten, EA specializes in tax problem-solving, including IRS notices, back taxes, overdue returns, liens, offers in compromise and all types of IRS problems. She represents taxpayers throughout NJ and all 50 states.