Long Island Tax Resolution Services provides professional solutions that are customized to settle your tax debts for less than what you owe through Offer in Compromise.*
- Personalized assistance from a top-notch team of experienced Tax Specialists who are U. S. Department of the Treasury Enrolled Agents.
- Assistance from our tax attorneys when needed.
- Minimizes your costs while maximizing your results. You save thousands while presenting a far stronger defense.
Call LITRS at – 631-244-1650
If you are in a position where you need assistance in getting things right with your taxes, then Long Island Tax Resolution Services should be your first, and only phone call.
Utilizing up-to-date software technology that helps to keep the process organized, and forward-moving, James is on top of all aspects of his clients’ cases.
Truthfully speaking, your challenges didn’t occur overnight, so do not expect to solve the same challenges overnight either. James helps you start down the right path, and over time, with a little patience, gets you started in a whole new direction.
I highly recommend James Grennan, and Long Island Tax Resolution Services, to help solve your tax issues.
James Grennen, MBA, CFP, EA, CTRS founded Grennen Financial in 1998. The company would ultimately become Long Island Tax Resolution Services. James Grennen’s expertise has developed over 40 years of serving in key positions in the New York financial services industry. James hold dual designation as a U.S. Treasury Enrolled Agent (EA) and also as a Certified Tax Resolution Specialist (CTRS).
John P. Bagattine
John P. Bagattine EA, ABA, ATA, CFP is the President and Founder of Bagattine & Co. in Bohemia, Long Island. John received his Bachelor’s and Master’s degrees from Long Island University. He is a practicing accountant and a U.S. Treasury-licensed Enrolled Agent (EA).
- Ability to pay
- Asset equity
The IRS will accept an offer in compromise if the amount being paid is the most they can expect to collect within a specified period of time. To participate in the offer in compromise process, tax filings must be current and you cannot file for bankruptcy.[/text_block]
The IRS offers several safeguard programs for delinquent taxpayers. The IRS designed these programs for taxpayers in financial distress and for taxpayers who would suffer by strict interpretation of the tax law. One program is Offer-in-Compromise or OIC. Qualified delinquent taxpayers negotiate settlement with the IRS for less than the owed amount. There are three separate ways that a taxpayer can qualify for a reduced settlement under the OIC program:
- Doubt as to Collectibility. The taxpayer has tax debt and an inability to pay.
- Doubt as to Liability. The taxpayer has tax debt and a legitimate reason for not paying.
- Effective Tax Administration. The taxpayer has tax debt and possible ability to pay. But to do so would cause extreme financial distress.Achieving Success
Doubt As To Collectibility
The first type of Offer-In-Compromise (OIC) is known as Doubt As To Collectibility. The delinquent taxpayer proves convincingly the taxes owed are greater than the taxpayer can ever afford to pay. If the IRS accepts this Offer-In-Compromise, then they agree to settle all of your delinquent tax debt for a single reduced amount. IRS has calculated what they think they can collect from you. The IRS calls this amount the Reasonable Collection Potential. Your settlement offer must equal or exceed the Reasonable Collection Potential amount. The IRS will reject an offer of less than the Reasonable Collection Potential amount.
Doubt As To Liability
The second type of Offer-In-Compromise (OIC) is Doubt as to Liability. The delinquent taxpayer proves convincingly to the IRS there is a legitimate reason the assessed tax debt is wrong. A common example would be the taxpayer presents evidence not previously considered. A seemingly legitimate reason cannot compel the IRS to agree to review a case. The IRS does not have to accept an Offer-In-Compromise application or to decide in favor of the taxpayer.
Effective Tax Administration
The third type of Offer-In-Compromise (OIC) is Effective Tax Administration. You agree the assessed tax debt is correct and that you could potentially pay it. However, you prove to the IRS that to collect the total tax debt would create a significant economic hardship for you and your family. The IRS calls economic hardships ‘special circumstances.’ Inconvenience does not qualify as a hardship. The IRS refers to economic hardship as Effective Tax Administration. You must collect, analyze and present extensive supporting documentation to satisfy the IRS hardship guidelines.
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