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IRS Offer in Compromise Information Brigham City UT

If you owe the federal government back taxes, there are two approaches you can take to resolve the issue. The first is to file an installment agreement wherein you agree to pay off the debt by making monthly payments.

Mr. A. Wayne Margetts (RFC®), LUTCF
(801) 532-1871
175 S Main St, Ste 1050
Salt Lake City, UT
Company
LPL
Qualifications
Education: BSc (Math)MBA
Years of Experience: 16
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

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H&R Block
(801) 272-0412
5002 S HIGHLAND dr
SALT LAKE CITY, UT

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H&R Block Premium
(801) 355-4649
888 S 200 E STE B
SALT LAKE CITY, UT

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Liberty Tax Service
(866) 871-1040
438 E 12300 S
Draper, UT

Data Provided by:
SC ACCOUNTING TAX SERVICES LLC
(801) 652-8755
408 S 900 W SLC - UT 84116
SLC, UT
 
Mr. Gregory W. Williams (RFC®), CFP, CHFC, CLU, LUTCF, MSFS
(801) 453-2271
6340 South 3000 East, Suite 500
Salt Lake City, UT
Company
Exit Strategy Specialists, LLC
Qualifications
Years of Experience: 26
Membership
IARFC, MDRT, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, BuySell, Compensation Plans

Data Provided by:
H&R Block
(801) 546-3091
27 S FORT LN
LAYTON, UT

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Gardner Tax & Accounting
(435) 656-8291
32 E 100 S, STE 202
St. George, UT
 
H&R Block
(801) 733-0847
3438 BENGAL BLVD
SALT LAKE CITY, UT

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Robert Blake Accounting and Tax
(801) 763-8295
9626 Dorchester Drive
Cedar Hills, UT
 
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IRS Offer in Compromise Information

IRS Guidelines - Offer In Compromise

The Tax Increase Prevention and Reconciliation Act of 2005 has ushered in new rules for settling debts with the IRS. Here is the scoop on IRS guidelines for offer in compromise efforts.

IRS Guidelines - Offer In Compromise

If you owe the federal government back taxes, there are two approaches you can take to resolve the issue. The first is to file an installment agreement wherein you agree to pay off the debt by making monthly payments. The second is to try to settle the bill with a one time payment, the offer in compromise, which is often relatively low given your position you will not reasonably have the money to pay back the total bill. The IRS guidelines for offer in compromise have changed dramatically.

The settlement process underwent a massive change with the passage of the Tax Increase Prevention and Reconciliation Act of 2005. Starting July 16, 2006, the new rules go into affect and they are a bear. The biggest issue is you now must pay 20 percent of your offer amount to even have the settlement offer considered!

The procedure now works as follows. To file an offer in compromise, you must prepare and file Form 656. This form essentially lays out your assets, income, debt amount and the offer you are making given these figures. You must pay $150 when submitting the bill. You must also now pay 20 percent of your offer amount. Neither of these amounts is refundable.

It may take the IRS up to two years to get around to making a decision. If the agency accepts your offer, it will send you acknowledgement and the terms thereof. If the agency does not accept the offer, it keeps your deposit and comes after you. Welcome to the wonderful world of taxes!

There are two exceptions to the 20 percent deposit rule. If you are a low income taxpayer under IRS rules, you need not make the deposit. Further, if you are contesting the taxes due because you believe there has been an error and you are not reasonably responsi...

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Opinion Corner
Tax Payers in Utah shared their opinions about Government
Was the service you received worth the fee you paid?
Yes: 100%
No: 0%
What are the reasons you have not consulted an IRS settlement/mediation service?(Select all that apply)
Cannot afford it: 18%
Do not need it: 63%
Think it is a scam: 18%
Do not know what that is: 13%
Not sure: 0%
Would you use an IRS settlement/mediation service if there was no upfront fee?
Yes: 27%
No: 18%
Need more information: 54%
Source: Survey.com