Jenny sighed as she opened the envelope that had “Internal Revenue Service” stamped on the left corner. She was a resident of Greensboro, North Carolina, and like many others, she was struggling to cope with inflation and rising costs. To have some extra cash, Jenny decided to go tax-exempt for the year. However, she didn’t realize the consequences of this strategy. As she opened the envelope, she was shocked to find that she owed Uncle Sam $17,456. Fortunately, Jane learned about Joshua Scott & Associates, LLC, a local tax expert team that specializes in IRS representation. She decided to set up a consultation with them right away.
During her meeting with the tax advisor at JS&A, Jenny was presented with three options in case she couldn’t afford to pay her taxes all at once. Her first option is to get an Installment Agreement, which would permit her to pay small and periodic amounts instead of the full amount upfront. The second option is to request an Offer in Compromise (OIC), which means asking to settle the unpaid taxes for a lesser amount than the original. It’s important to note that the OIC process can be overwhelming and challenging to navigate alone, and its success rate is typically low. As such, it’s recommended to work with a professional that has adequate experience in the matter. Finally, Jane may want to consider pursuing Currently Not Collectible status. If Jane is unable to pay any amount due because doing so would prevent her from meeting basic living expenses, she can request that the IRS delay collection until she is able to pay.
If you owe the IRS, don’t go at it alone. Schedule a consultation with experienced IRS Representation today.
