Tax Expert and Advisor Barry G. Fowler On The IRS Offer-In-Compromise Program
Barry G. Fowler, EA, leading expert in tax resolution issues and CEO of Taxation Solutions covers the qualifications for requesting an Offer-in-Compromise from the IRS while making it clear that not all offers are not accepted.
Houston, TX – March 30, 2017 – Barry G. Fowler, CEO of Taxation Solutions, posted a new article on his website entitled “You Owe The IRS and May Qualify for An Offer-in-Compromise,” in which Mr. Fowler encourages taxpayers who owe back taxes to investigate the program.
Fowler writes, “If you’re squeamish about filing your taxes because you owe back taxes and aren’t in a position to pay in full, you might be able to qualify for an Offer-in-Compromise (OIC).” According to Fowler, “Depending on how much you owe, you could potentially save thousands of dollars in taxes, penalties, and interest by qualifying for an IRS offer-in-compromise settlement.”
For those who’ve never heard of it, Fowler explains, “An offer-in-compromise is an agreement between the IRS and a taxpayer to settle their tax liabilities for less than the total amount owed. It’s also is a good way to prevent the IRS from garnishing your paycheck.” He adds, “Unfortunately, the IRS will not accept an OIC if they believe you have the resources and can pay the liability through a payment agreement or in full as a lump sum.”
According to Fowler, “Some advertisers claim that tax debts can be settled through the OIC program for pennies on the dollar.” “However, this program is extremely complicated and time-consuming,” says Fowler, “and requires an experienced tax advisor. Getting qualified and having the IRS agree to an OIC can often take as long as two years to complete.” He adds, “As a professional tax service, we’ve been working with the IRS for years on behalf of our clients seeking IRS tax debt relief and are able to expedite and simplify the process.”
Fowler also cautions readers, “that you have no specific legal rights to have a valid tax bill reduced by the IRS. Each case is individual and is entirely a matter of government discretion.” He goes on saying, “In all but a few instances, however, the IRS must at least give a properly submitted OIC fair consideration. In recent years, up to 40% of the OICs submitted were accepted by the IRS, a relatively high percentage compared to prior years.”
The entire article can be read at https://www.taxationsolutions.net/you-owe-the-irs-and-may-qualify-for-an-offer-in-compromise/
About Barry G. Fowler, EA
Barry G. Fowler founded Taxation Solutions out of a genuine concern for the IRS issues his clients face, many of whom are self-employed, contract employees, or entrepreneurs. For his contributions to his profession and expertise in tax resolution and financial planning, Fowler has been featured as one of America’s Trendsetters on CBS and Yahoo, and as a Premier Expert in Inc. Magazine. He has been instrumental in helping hundreds of people resolve complex tax issues with the IRS.
Fowler is licensed to represent taxpayers before the Internal Revenue Service, and is a longstanding member of several tax industry professional organizations: NAEA, NATP, TSEA, ASTPS.