Premier Tax Solutions, Inc.
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Premier Tax Solutions, Inc.
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Frequently Asked Questions
Frequently Asked Questions

Welcome to our Frequently Asked Questions page. If you cannot find the answer you are looking for, please contact us.

  Questions
1|
I have not filed tax returns for a number of years. What can I do to settle with the IRS and have a fresh start?
2|
What can I do if I have lost most, if not all, of my records to prepare these tax returns?
3|
I filed all of my tax returns but do not have the money to pay the taxes that are owed. What do I do now?
4|
What is an offer in compromise?
5|
Is an offer in compromise the best option for me?
6|
If I am making payments on an installment agreement, can I still submit an offer in compromise?
7|
What is a hardship deferral?
8|
How do I know whether the IRS will accept my offer in compromise?
9|
How much can I save in taxes with an offer in compromise?
10|
How long does it take for an offer in compromise to be approved by the IRS?
11|
When do I have to pay the offer in compromise?
12|
Can the IRS revoke an offer in compromise once it has been approved?
13|
Will an offer in compromise show up on my credit report?
14|
Are there any other solutions to tax problems besides an offer in compromise?
15|
Who can I hire to represent me before the IRS?
16|
What is an enrolled agent?
17|
Can my local CPA or tax attorney help me with my tax problems?
18|
Why shouldn’t I handle the case myself?
19|
Will I have to speak with the IRS once I have retained your services?
20|
What are your fees?
21|
Can you still help me if I am located in another state?
22|
How do I get started?
 
Answers
1|
I have not filed tax returns for a number of years. What can I do to settle with the IRS and have a fresh start?
Since all tax returns must be filed before the IRS will consider an offer in compromise or an installment agreement, we can prepare all of your necessary tax returns before negotiating a resolution of your outstanding tax debt.
 
2|
What can I do if I have lost most, if not all, of my records to prepare these tax returns?

As part of our service, we will obtain your income information and account transcripts that are on file with the IRS, and state agencies if applicable. We can also obtain necessary information from the IRS through the Freedom of Information Act. We then work with you to reconstruct any missing information to prepare your tax returns.

 
3|
I filed all of my tax returns but do not have the money to pay the taxes that are owed. What do I do now?
You may have several different options available to you. Depending on your financial situation, you may be able to qualify for an installment agreement, a hardship deferral, and/or an offer in compromise.
 
4|
What is an offer in compromise?
An offer in compromise is an agreement between a taxpayer and the government to settle a tax debt for less than the full amount owed.
 
5|
Is an offer in compromise the best option for me?
This depends on the facts and circumstances of your case. An initial consultation with one of our tax attorneys, enrolled agents, or CPA’s will allow us to determine what options are available to you and advise you on how best to proceed.
 
6|
If I am making payments on an installment agreement, can I still submit an offer in compromise?
Yes. The installment agreement can be stopped while the offer in compromise is being considered. We can accomplish this by demonstrating that the payment plan is causing a financial hardship.
 
7|
What is a hardship deferral?
A hardship deferral is another term for placing your account in “currently not collectible” status. By doing so, you will not be required to make any payments to the IRS, and they will not take any collection action against you. However, penalties and interest will continue to accrue on the unpaid tax debt until it is satisfied, whether through an installment agreement or offer in compromise.
 
8|
How do I know whether the IRS will accept my offer in compromise?
While the IRS is not required to accept your offer, we conduct a detailed analysis during the initial consultation to determine the likelihood of your offer being accepted. Based on our experience and knowledge of IRS guidelines, we can advise on whether you are a good candidate for an offer and what a potential offer amount may be.
 
9|
How much can I save in taxes with an offer in compromise?
This depends on the individual facts and circumstances of your specific case. Factors that will determine the settlement amount include your total assets, liabilities, monthly income, living expenses, retirement of debt, dissipated assets, projected future income, age, health, etc. While there may be companies that promise settlements for “pennies on the dollar,” the IRS is not required to accept an offer in compromise in all instances, and the amount of the settlement will vary from case to case.
 
10|
How long does it take for an offer in compromise to be approved by the IRS?
Generally, the entire process takes between 6 and 12 months. If the initial offer is rejected and an appeal is filed, it may take longer. However, during this entire time, the IRS will usually agree not to take any collection action on your account.
 
11|
When do I have to pay the offer in compromise?
Upon receiving notice that the offer in compromise has been accepted, you can either make a lump sum payment within up to 90 days of acceptance, or make monthly payments over 24 months, or longer, until the offer amount is paid in full.
 
12|
Can the IRS revoke an offer in compromise once it has been approved?
Yes. The offer in compromise may default if you do not remain in compliance with your tax filing and payment obligations for at least five years after the offer is accepted. This means that future tax returns must be filed, quarterly estimated tax payments made, and future tax obligations paid in a timely manner. If the offer does default, you would then be liable for the original balance, plus additional penalties and interest that would have accrued prior to default.
 
13|
Will an offer in compromise show up on my credit report?
No. Unlike a bankruptcy or credit card charge off, an offer in compromise is not reported to the credit reporting agencies and will not affect your credit score. However, if you have tax liabilities that remain unpaid, the IRS may file a Notice of Federal Tax Lien, which would show up on your credit report.
 
14|
Are there any other solutions to tax problems besides an offer in compromise?
Yes. There may be several types of relief available to you, including a bank levy/wage garnishment release/modification; installment agreement; currently not collectible; penalty abatement; tax lien release, withdrawal, or subordination; innocent spouse relief; audit reconsideration; statute of limitations review; and bankruptcy.
 
15|
Who can I hire to represent me before the IRS?
You can retain the services of an attorney, enrolled agent, or CPA to represent you before the IRS or a state tax agency.
 
16|
What is an enrolled agent?
An enrolled agent is an individual who is licensed by the IRS to assist individual taxpayers and business with all different types of tax problems. To become an enrolled agent, an individual must have been employed by the IRS for a certain number of years, or pass a comprehensive 2-day examination administered by the IRS and devoted entirely to income taxes.
 
17|
Can my local CPA or tax attorney help me with my tax problems?

Yes. However, most CPA’s and tax attorneys do not specialize in tax resolution cases and cannot match our expertise in this area. We specialize in representing taxpayers before the collections and examination divisions of the IRS and state tax agencies and have helped thousands of taxpayers in similar situations.

 
18|
Why shouldn’t I handle the case myself?

If you are dealing directly with the IRS, you need to understand that an IRS representative is always working for the best interests of the government. Your interests are never their first priority, and it is not the IRS agent’s responsibility to protect your rights. If you don’t know what your rights are, no one else will assert them. By being represented properly, you will find that you have saved not only a lot of time and energy, but also money by having a tax professional negotiate the best possible resolution to your case.

 
19|
Will I have to speak with the IRS once I have retained your services?

No. All future communications will be conducted through our office. While you may continue to receive notices from the IRS, we will receive copies of all notices that are sent to you, and you will no longer have any direct contact with the IRS.

 
20|
What are your fees?

Our fees are based on a flat rate and will depend on the nature and complexity of your case. We will quote you the fee and the terms of our engagement during the initial consultation and provide this to you in writing. If you decide to move forward with our services, we ask that you pay a portion of the fee upfront, and the balance may be paid in monthly installments.

 
21|
Can you still help me if I am located in another state?

Yes. The IRS has offices located all over the US, and they communicate with taxpayers mostly by phone and mail. Similarly, we stay in continuous contact with our clients by phone, fax, mail, and email, no matter where they are located. We represent taxpayers all across the US and also in foreign countries.

 
22|
How do I get started?

You can contact us at (866) 482-9735 and speak directly with one of our tax attorneys, enrolled agents, or CPA’s. We offer a free, confidential consultation to assess your needs and recommend a specific course of action. If you are receiving certified mail from the IRS or being threatened with bank levies and wage garnishments, we can begin working on your case immediately to stop any further collection action. You can also contact us by completing the online form, and one of our tax professionals will respond to your inquiry immediately.

 
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