What to Expect When Resolving Your Tax Debt
Many of my clients are interested in knowing two things:
- Can you settle this for less than I owe?
- How long will this take?
Upon retaining my firm, Gary D. Whidby, CPA, to resolve your tax issues, some of the relief may be immediate and some will be over time. It is important to keep in mind that you IRS problems didn’t arise overnight and will take time to resolve. The good news is that generally you won’t have to meet or speak with the IRS while I am representing you. An average Offer in Compromise case can take anywhere from 6 to 12 months (and longer) depending on the amount of tax owed and the complexity of your individual facts and circumstances.
Pathway to Tax Debt Resolution
Request a Consultation: If you have never been my client, the first step is to call for a confidential, no obligation evaluation. I will evaluate your situation and discuss your next steps.
Retaining Gary D. Whidby, CPA: At the end of your consultation and if selected as a good “fit” for my firm, you will be given the opportunity to retain me to represent you before the administrative levels of the IRS. You will be required to sign an Engagement Letter and make financial arrangements in order to pay the professional fee for service. I will file a Power of Attorney (POA) with the IRS. This will provide you with immediate relief because from that point on the IRS will be required to contact me instead of you. If the IRS should happen to contact you, all you need to do is politely request that it contact Gary D. Whidby, CPA directly by dialing (770) 483-1860.
Beginning the Tax Resolution Process: Gary D. Whidby, CPA will personally be in charge of your case. I will develop a strategy for resolving your case and advise you on what steps to take for the most effective resolution. I will be available to you by telephone, in person, or e-mail.
IRS Compliance: Before any negotiations or settlements will be accepted by the IRS, you must become a compliant taxpayer. That means that all past due delinquent income tax returns must be prepared and filed. Compliant also means you have to be “current” on your quarterly estimated income tax payments and you must be withholding at the correct rate if a wage earner.
For those of you who are unable to furnish records necessary to prepare your tax returns, Gary D. Whidby, CPA. has developed methods, in accordance with IRS regulations, for completing the preparation of tax returns in order to get them filed ASAP.
Client Responsibilities: Clients who achieve successful resolution of their tax issues have the following traits:
- They view the relationship with me as a collaborative one.
- They view this as a “project” that requires cooperation.
- They follow through, on a timely basis with requests for information and documentation.
- They return my phone calls, check their e-mail. and stay in contact with me throughout the duration of their case.
Tax Settlement Negotiation: Upon authorization of the tax debt resolution plan by you as the client, I will propose the tax debt resolution plan to the IRS. I have an excellent IRS settlement record and pride myself in obtaining the best settlement for clients under the law. However, it is rare that a proposal is accepted right away. Through diligence, persistence and follow-up, I will monitor the progress of your case and provide additional information to the IRS as needed to negotiate your proposed resolution.
Tax Debt Resolution is Reached: I will review the final resolution of your case to make sure it reflects the agreement of the parties. If not, I will insist that it be changed to reflect the agreement of the parties. If the IRS is unwilling to do this, I will advise you of your options for the next step. Finally, you will be advised on what you must do in order to succeed with the permanent resolution of your case and how to avoid future tax problems.
STEP 1: Analyze Your Situation
- I will interview you to obtain a thorough understanding of your current financial situation.
- I will decide whether to accept your case after your free consultation interview.
- Should I accept your case I will proceed to obtain the files the IRS has on you for analysis. You will neither have to meet with, nor speak with, the IRS Revenue Agent or Revenue Officer regarding your case except in very rare circumstances.
Step 2: Customize Your Options
- Using information from your IRS files and the financial information you provide us, I then analyze the tax resolution options available to you.
- There are several IRS plans to resolve tax debts that are dependent upon how much you owe the IRS, your net worth, and your income. I carefully consider the plans that are available to you, and then I customize a specific strategy to implement. I answer your questions and address your concerns so that you can make an informed decision.
Step 3: Implement Your Solution
- I present your tax debt resolution plan to the IRS and monitor the progress of the tax debt resolution plan throughout the time the IRS is considering it. I will provide you with an update at least once a month so that you always know the status of your tax debt resolution plan.
- I realize that my clients are anxiously awaiting word as to whether the IRS will accept the proposed offer. Accordingly, while your offer is being considered by the IRS, I will keep you informed of all developments. I will gladly answer any questions you have throughout this process.