Yes, if you have no ability to pay and no equity in assets after completing the IRS financial statement 433A or B. It's called an offer in compromise and is filed on IRS form 656. The form says the offer must be more than zero ($0) and payable within 90 days of the notification of acceptance. I submitted several offers for taxpayers in the Texarkana area for $1 and those that have been accepted have been negotiated to a higher amount until recently. I realized my goal and had an offer accepted for $1.00 so it can happen. You do have to meet all the requirements of acceptance and they do keep your tax refunds for the current year. The IRS fresh start initiative announced by IRS in April 2013 did relax some of the requirements for an offer in compromise and make this a more attractive option. As always we will meet with you, gather the necessary documents, and determine the appropriate course of action for your federal or state tax debts. If you qualify an offer in compromise can be an excellent way to resolve a tax debt for less than you owe. Maybe even $1.00 will take care of it.
Selph & Friday CPA
Phone: 903-792-0281
www.selphandfridaycpa.com
Email: rselphcpa@cableone.net
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IRS or state tax problem? We've been representing taxpayers since 1986. If you hire us, you are done talking with the IRS. We do that for you. After 25 years of representing taxpayers, we understand the physical and mental toll a tax problem can have on you. Let's get started on a solution! Need a tax preparer? Bring all of your information and I will prepare your tax returns while you are here. If you have a refund, lets get it in your bank account.
Our Offices| 1909 Mall Drive | Texarkana, TX 75503
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