Business Entities
The choice of business entity is the most fundamental choice you must make when operating a business. There are many provisions of the Internal Revenue code that have differing tax impacts for individuals, partnerships, Subchapter C and Subchapter S corporations. I can assist you with this choice based on a review of your particular situation. I can allow assist you with the filing of necessary applications and elections.
Offers in Compromise
What is an offer in Compromise?
An Offer in Compromise (OIC) is an agreement between the taxpayer and the government that settles a tax liability for payment of less than the full amount owed. There are three types:
- Doubt as to Liability. This means that a legitimate doubt exists that the taxpayer owes part or all of the assessed tax liability.
- Doubt as to Collectibility. This means that doubt exists that the taxpayer could ever pay the full amount of tax liability owed within the remainder of the statutory period for collection.
- Effective Tax Administration (ETA). This means that the taxpayer does not have any doubt that the tax is correct and there is potential to collect the full amount of the tax owed, but an exceptional circumstance exists that would allow the Service to consider an offer. To be eligible for compromise on this basis, a taxpayer must demonstrate
that collection of the tax would create an economic hardship or would be unfair and inequitable.
My Services and Fees
I can assist you in preparing any of these offers and in presenting them to the IRS. I can also act as your agent in any discussions with the IRS if you grant me such authority. Fees for this can be on either a contingent or hourly basis. Contingent Fees will be a percentage of the amount waived, hourly fees are calculated at $120.00 per hour and require a retainer before I will commence work. The type of fee charged for this work is at my discretion.
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