IRS & Tax Relief
IRS Tax Relief - FAQs
What is tax relief?
Who normally needs tax relief?
What are the penalties for not filing tax returns?
Does DebtKO use licensed tax professionals?
Can I negotiate with the IRS myself?
How soon could I get tax relief?
What is the IRS Fresh Start Initiative?
What is an Offer in Compromise?
How do I know whether I qualify for tax relief?
Is there any guarantee I can save money on my tax debt?
How much will it cost?
How much can I save if I use DebtKO?
Can you help with years of unfiled taxes?
Can you stop the IRS from garnishing my wages?
Do you arrange loans to help me pay back taxes?
1. What is tax relief?
Tax relief is any program which reduces tax debt. Our program facilitates agreements with the IRS that relieve and in some cases fully settle your debt for a fraction of the cost. For those that need assistance, the IRS does provide a means to settling your liabilities for less than what may be owed.
2. Who normally needs tax relief?
Pretty much anyone at some point in their life may need IRS or State tax relief. The IRS recorded 859,745 delinquent taxpayers for 2017 alone. And the number of Offers in Compromise filed was about 62,000. See here for more statistics.
3. What are the penalties for not filing taxes?
Penalties for not filing your taxes can be severe. You can face $25,000 in fines and up to a year in jail. For more serious offences, penalties can be even tougher. To be clear, tax evasion is not something you want to get involved in so the sooner you take proactive steps to resolve your tax issues, the better. Even if you cannot afford to pay your tax bill.
4. Does DebtKO use licensed tax professionals?
Yes. DebtKO uses licensed IRS enrolled agents for stage 1 and stage 2 who are allowed to speak to and negotiate with the IRS on your behalf subject to a signed Power of Attorney. You can find out more about an IRS enrolled agent here. https://www.irs.gov/tax-professionals/enrolled-agents/enrolled-agent-information
5. Can I negotiate with the IRS myself?
Yes you can negotiate with the IRS. If you’re notified about small errors on your taxes, you can likely handle them yourself or with a tax preparer. But negotiating your taxes with the IRS or state is more difficult. It often involves a number of complex factors. That being said, to get hold of the IRS on the telephone is difficult for consumers (they even have a special name for dropping unanswered calls). If you’re facing an IRS audit, haven’t filed taxes for years, or owe over $5k, then it is in your best interests to seek help from a reliable tax relief firm that can do this more easily for you.
6. How soon can I get tax relief?
Our process has 2 phases. After your free tax relief consultation, you can sign up to the Discovery Stage where our tax professionals will establish your exact situation with the authorities. This Discovery Stage takes 2 to 3 weeks. Following this, if your case qualifies for further work, we will create a plan to negotiate to settle your debt with the IRS. How long this resolution phase takes depends on the particulars of your case. Our goal is to get you the best outcome in the quickest time possible.
7. What is IRS Fresh Start?
It’s an initiative which eases our ability to work around tax liens and settle unpaid debts. More information on the IRS Fresh Start initiative can be found here.
8. What is an Offer in Compromise?
An offer in compromise (OIC) is a proposal made to the IRS to settle your debt for less than what is owed. If the IRS predicts that is unlikely to collect the full amount owed within a 10 year timeframe, your taxes could be reduced to a fraction of the cost. On your behalf, our tax professionals will work to present the IRS with the strongest case possible.
9. How do I know whether I qualify for tax relief?
If you owe more than $5k in taxes to the IRS or state you may be eligible. Due to the complexities of tax law, it is advisable that a tax relief specialist assesses your situation. When you sign up for the Discovery Stage, our tax team will contact the relevant tax authorities and request your xxx. This will give us a complete understanding of your current tax situation.
10. Is there any guarantee I can reduce my tax debt?
Despite the fact some firms will make far-fetched guarantees to entice new clients, DebtKO is committed to being honest and realistic with you. We can’t predict how your case will turn out until our specialists become familiar and work with your specific situation. In most cases, the IRS will look at your financial situation and determine what you can pay them.
11. How much will it cost?
Our discovery phase costs $595 for IRS – it’s a little more if you have state tax debt too. The resolution phase is then determined on a case-by-case basis. We work to resolve your debt in the most cost-effective way we can. For more information on what you receive for this sum, download our free IRS tax relief guide.
12. How much could I save if I use DebtKO?
After the discovery phase, our tax team will estimate your potential outcome and savings. Without conducting the discovery phase, we are not able to see or verify your tax status.
13. Can you help with multiple years of unfiled taxes?
Yes. Many people who don’t file their returns gain debt much more quickly because the IRS files it for them as a Substitute for Return. This is the by far the worst option because it blocks your deductions.
14. Can you stop the IRS from garnishing my wages?
Yes, if your wages are being garnished by the IRS, we can look into your specific situation and seek to protect you from IRS wage garnishment.