Frequently Asked Questions
Q: I keep hearing about tax resolution services for those in tax debt. What exactly does this mean?
A: “Tax resolution services” refers to the many ways in which the Reese Law Firm works to eliminate your IRS or state tax debt. These services may include things like an Offer in Compromise (OIC), tax debt negotiation, penalty abatement etc. We can also work to remove a bank levy or wage garnishment and our team members are available to prepare personal and business tax returns the correct way.
Q: What is an Offer in Compromise (OIC)?
Q: Why would the IRS settle for so much less than I owe in back taxes?
- Doubt as to Liability – If it’s not clear that you actually owe the money.
- Doubt as to Collectability – Based upon your assets and income, you can’t afford to pay the IRS the full amount you owe in a reasonable period of time.
- Effective Tax Administration – The IRS may allow you to pay less if you can show that it would be unfair to require you to pay the whole amount even though you could afford to do so (for example, if you are retired and paying the tax debt might mean losing your home).