Tax Resolution Services
for Long Island Residents and Businesses
DO YOU OWE THE IRS MORE THAN $10,000?
Every year millions of individuals and small business experience tax problems with the IRS. If you owe the IRS more than $10,000 we can provide help.
Silverman & Associates is dedicated to helping people on Long Island get their lives back on track, we can remedy your IRS problems and get you back in good standing.
We have the knowledge, understanding and personal experience of how the Internal Revenue Service operates, how they think, and what to expect. Whether you owe money to the IRS due to filing incomplete tax returns, or not paying your taxes we can access your issue and find the best solution for your situation.
The last thing you want to do is wait to address this situation as the problem will only escalate. Heavy penalties from both State and Federal include steep fines, wage garnishment, property confiscation and jail time.
Contact us today to get started in getting back on track and getting relief from this stressful time. We will analyze your situation to determine if we can reduce your debt to pennies on the dollar. The consultation is free, call us today.
CALL US AT 631-878-5188
A FRESH START FOR LONG ISLANDERS
In general, an Offer in Compromise, or OIC, is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax debt for less than the full amount owed. However, an OIC is not a one type of compromise. Each taxpayer is unique. There are several factors that go into the process of an OIC that both the taxpayer and the IRS take into consideration.
The good thing about an approved OIC: Improved credit score— Once the OIC is resolved, the IRS will release all tax liens that they hold on you so you can move forward. Think of it as a new start from the IRS.
The process, however, can be involved. You will have to tell the IRS where you work, what bank you use, and what your assets are (such as your house, cars, valuables, etc.). The IRS will have to review everything from tax returns to bank statements to monthly bills. As grueling as it sounds, if the OIC is accepted, there is a light at the end of the tunnel and the issues will be resolved.
Unfortunately, there could be a chance where the OIC is denied. An OIC is generally not accepted if the IRS believes the liability can be paid in full as a lump sum or through a payment agreement. The IRS looks at the taxpayer’s income and assets to make a determination of the taxpayer’s reasonable collection potential.
CALL US TODAY TO GET STARTED AND FIND OUT IF AN OIC CAN HELP YOU. 631-878-5188
HOW LONG DOES AN OFFER IN COMPROMISE TAKE?
Keep in mind that an OIC is not a quick fix—it can take the IRS a minimum of 9-12 months to investigate the offer and another 6 months if an appeal is needed, and then 5-24 months to pay the settlement.
It is possible to wipe your tax debt clean at a big discount. If you qualify for something referred to as an offer-in-compromise, OIC, or Offer, the IRS will accept less than the amount you owe on your tax debt.
CAN I JUST HANDLE THIS ON MY OWN?
The IRS has the forms available on their website so that you can apply for an OIC yourself. However, I have 11 years of experience working within the IRS and 22 years working outside the IRS. When dealing with such a serious situation wouldn't you prefer to have a experienced professional on your side?
OTHER OPTIONS AVAILABLE TO YOU
Rest assure, if an offer-in-compromise is not possible, there are other options and we will work with you and the IRS or State to find one that works best for your situation.
INSTALLMENT PAYMENT ARRANGEMENTS: individual taxpayers who owe up to $50,000 can pay through monthly direct debit payments for up to 72 months
RESOLVE AND/OR REMOVE TAX LEVIES, WARRMANTS, etc.: We will work with the IRS to remove levies and warrants.
AMENDING PAST RETURNS: We will review and amend previous 3 years tax returns to help reduce the tax liability. If we find that money is owed to you this amount will be applied to the tax debt to help reduce the amount owed.
INNOCENT SPOUSE RELIEF: If your spouse filed the return in question and you can prove you had no knowledge of the error you may be able to file for Innocent Spouse Relief . If approved the the IRS won’t hold you liable for the amount owed.
FINANCIAL HARDSHIP: If your able to demonstrate a financial hardship you may qualify for a “currently non-collectible” status which will temporarily delay the payments.
CALL US TODAY TO GET STARTED ON YOUR FRESH START.