Avoid Tax Liens and Wage Garnishments
Reduce or Possibly Eliminate Your Tax Debt
Must meet qualifying criteria for possible reduction of debt
Offer in Compromise/Fresh Start Program in Grand Forks
The IRS Fresh Start program helps make paying back taxes and avoiding tax liens easier for Grand Forks taxpayers. This program is provided through the Offer in Compromise (OIC), an agreement between the IRS and taxpayers to settle a taxpayer’s tax liabilities for less than the amount owed.
An OIC is dependent upon a taxpayer’s ability or lack of ability to pay back their taxes. Unfortunately, most OIC applications are denied due to being self-prepared and having complex qualifying requirements. Few taxpayers are familiar with the complex formulas used to calculate OIC qualifications, including allowable expenses, expenses based on geographical location, and asset and income allocation. As a result, self-prepared applications face a 95% decline rate.
Additional Programs Available Through the Fresh Start Program in Grand Forks
An installment agreement is a payment plan based on an individual’s financials. Individual taxpayers owing up to $50,000 may make monthly direct debit payments for up to 72 months without a financial statement. Those needing installment agreements for debts over $50,000 and six or more years to pay must provide a financial statement.
If you have debt under $50,000, we can help set up an installment agreement to pay off your debt within 72 months. With the payments being direct debit, we can assure a tax lien is not filed. If you already have a tax lien, after four consecutive payments, we can petition to have the tax lien removed for you. Removing a tax lien quickly is critical to your credit.
Installment agreements must be carefully prepared or taxpayers risk unreasonable and unaffordable payments to sustain. The help from experienced tax professionals is critical to reaching a resolution when requesting tax debt resolution from the IRS.
Taxpayers can owe up to $10,000 before receiving a Notice of Federal Tax Lien from the IRS. When conditions are met or a tax debt is paid off, the IRS may withdraw a filed notice. Taxpayers must also qualify to have the notice withdrawn if they are paying their debt through direct debit installment agreements.
Contact Key Tax Group for Professional Tax Relief Solutions in Grand Forks
At Key Tax Group, we are experienced in tax law and specialize in tax resolution. If you have tax debt or would like to learn more about Offers in Compromise, get in touch today by calling 800-557-4048 or fill out the form at the top of this page for a free consultation with a tax professional.
We’re proud to serve over 3,000 clients each year and have resolved over $175 million in tax debt. Our business is accredited and has been awarded an “A grade” by the Better Business Bureau.