Did you know that MKG Tax Resolution Center specialize in Tax Debt Relief Solutions
We provide Tax Debt Relief Solutions for IRS or Franchise Tax Board Notice for failure to file or audit letters. Contact us Toll-Free 866-675-3933 or (559) 412-7248
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship. MKG Tax Debt Relief Solutions will consider your unique set of facts and circumstances:
- Ability to pay;
- Expenses; and
- Asset equity
IRS generally approve an offer in compromise when the amount offered represents the most IRS can expect to collect within a reasonable period of time. Explore all other payment options before submitting an offer in compromise. The Offer in Compromise program is not for everyone. If you hire MKG Tax Consultants professional to help you file an offer, be sure to check your eligibility.
What you can expect from client engagement process form MKG Tax Resolution Department:
- Tax Resolution Analytics
- Billing and Invoices
- World-Class Customer Service
- Offer in compromise
- Payment plan
- Penalty Abatement?
- Filing back taxes from 2000-2017
Client Management (Portal)
- Track your results and the deadlines
- resolution progress, and documents associated with your case in one secure place.
If your return wasn’t filed by the due date (including extensions of time to file):
You may be subject to the failure to file penalty, unless you have reasonable cause for your failure to file timely.
Tax not paid in full by the original due date of the return (regardless of extensions of time to file) may also result in the failure to pay penalty, unless you have reasonable cause for your failure to pay timely, or the IRS has approved your application Form 1127 Application for Extension of Time for Payment of Tax Due to Undue Hardship).
Interest is charged on taxes not paid by the due date, even if you have an extension of time to file, and is also charged on penalties.
There’s no penalty for failure to file if you’re due a refund. However, you risk losing a refund altogether if you file a return or otherwise claim a refund after the statute of limitations has expired. An original return claiming a refund must be filed within 3 years of its due date for a refund to be allowed in most instances. After the expiration of the three-year period, the refund statute prevents the issuance of a refund check and the application of any credits, including overpayments of estimated or withholding taxes, to other tax years that are underpaid. However, the statute of limitations for the IRS to assess and collect any outstanding balances doesn’t start until a return has been filed. In other words, there’s no statute of limitations for assessing and collecting the tax if no return has been filed.
Your initial payment will vary based on your offer and the payment option you choose:
- Lump Sum Cash: Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
- Periodic Payment: Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.
If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer. See your application package for details.
Understand the process
While your offer is being evaluated:
- Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);
- A Notice of Federal Tax Lien may be filed;
- Other collection activities are suspended;
- The legal assessment and collection period is extended;
- Make all required payments associated with your offer;
- You are not required to make payments on an existing installment agreement; and
- Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
We enjoy helping other people by lowering their tax liability or maximizing their tax refund.