Don’t Fall Prey to Unscrupulous Marketers!

Don’t Fall Prey to Unscrupulous Marketers!

Do you have tax debt that’s weighing you down? If the answer is yes, you may be lured by fraudsters making promises to reduce your tax debt through the IRS Offer in Compromise (OIC) program. Beware and tread lightly when you think about contacting anyone on this topic.

We’ve all heard these aggressive commercials which are extremely misleading and trap taxpayers into paying steep fees, with none of the tax relief they promise. There’s no need to throw good money after bad. We’ve all heard, “If it sounds too good to be true, it probably is.”

OIC is Legit

Make no mistake, the OIC program is a very real program that the IRS has made available for qualifying taxpayers to settle a debt for less than the entire amount originally billed. It’s a viable option for people who simply cannot pay their full tax bill. To determine if a taxpayer is eligible, the IRS will consider the taxpayer’s specific set of circumstances, their income, and equity in their assets. This program is an agreement set up directly between the IRS and the taxpayer.

The IRS generally considers an OIC for taxpayers who meet the following criteria: 

• a total tax debt balance of $50,000 or less
• a total income below $100,000 for individuals or $200,000 for married couples

Posing As a Legitimate Solution

There actually are some companies who offer authentic services to help taxpayers file a request. However, there are several firms who engage in heavy marketing to make suspicious claims that they’ll settle the taxpayer’s debt at a steep discount. Their exorbitant fees leave taxpayers in no better situation, and taxpayers actually could have entered an OIC agreement directly with the IRS without any such “help.”

In fact, the IRS states that “OIC mills make a perennial appearance on the IRS’ annual Dirty Dozen list of scams and schemes that put taxpayers and the tax professional community at risk of losing money, personal information, data and more.”

Do I Qualify for an OIC?

Not sure if you’re eligible for an OIC agreement? Talk to the professionals at Adams Accounting Solutions. We can evaluate your situation and make recommendations on whether seeking an OIC with the IRS is a viable solution for you and your unique situation. 

If we determine you’re not eligible, Adams Accounting Solutions can help you set up scheduled payments to the IRS over a period of time so you can ease your mind about tax debt and legally pay your bill over time.

We can recommend other options for payment if you do not qualify for an OIC. We can assist in arranging an installment agreement with the IRS which allows you to pay off a balance gradually. There are short-term plans available (for those owing less than $100,000) giving taxpayers 180 days. Long-term plans for taxpayers who owe less than $50,000 will give taxpayers up to 72 months to make gradual payments.

Even if tax debt is keeping you up at night, don’t fall for ads or mailers that can trick you into paying your hard-earned money for services that are fraudulent and yield you absolutely no relief. Take a deep breath, give us a call, and our friendly, reassuring staff can help you sort through this trying time and get you the legal and viable solutions you need.