FAQs

Q: What is tax relief?

A: Although it may be hard to believe, the IRS isn’t always as heartless as it seems. You may be eligible for an “Offer in Compromise,” an alternative resolution that satisfies your tax debt without paying in full. Depending on your circumstances, you may be able to resolve your tax troubles with an offer in compromise, potentially paying pennies on the dollar to legally and wholly satisfy your tax liabilities. Contact the tax attorneys at Levy and Associates for additional information.

Q: What is an “Offer in Compromise?”

A: An offer in compromise is the requested tax debt settlement we propose to the IRS or state tax officials on your behalf. Based on the understanding that you will likely never be able to pay the IRS in full, an offer in compromise is a way for the IRS to collect some of the monies owed and a way for you to completely resolve your tax problems. Not everyone is eligible for an offer in compromise settlement, so be sure to have a qualified tax lawyer review your particular situation before proceeding. Levy and Associates can give you expert advice on your tax resolution situation as well as file your offer in compromise paperwork. Call now to learn more.

Q: Am I eligible for an offer in compromise or other tax debt resolution?

A: U.S. tax laws are extremely complex, so it’s impossible to make a universal statement about who is and isn’t qualified to pursue an offer in compromise. Your tax attorneys at Levy and Associates are specialists in this complicated legal field, and we can review the specifics of your particular case to help you understand your options for resolving your tax problems. When it comes to tax resolution, there is no one-size-fits-all answer. But our experienced staff will work with you every step of the way, providing you with the expert tax advice and emotional support you need to overcome this stressful tax situation.

Q: How much can I save by using a tax attorney to help resolve my tax debts?

A: There is no simple answer to this question. Just as everyone’s tax debt is unique, so is their resolution. Our tax lawyers will work diligently to help ensure you get the best tax debt solution available for your particular circumstances, reducing the amount owed as much as possible. Many of our clients are only required to pay pennies on the dollar! To learn more about your potential tax resolution outcomes, we invite you to speak with one of our qualified tax attorneys today. Let Levy and Associates go to bat to help you save as much as you can.

Q: Things are looking really bad. How soon can tax representation from Levy and Associates help resolve my tax troubles?

A: It’s always a good idea to seek help from an experienced tax lawyer the moment you know you’re in trouble with the IRS, but it’s almost never too late to get help. Although there will be additional legal obstacles if your finances have already been levied or there is a lien on your property, the tax attorneys at Levy and Associates can still help. Our tax resolution team can go to work for you right away and we’ll work to take care of your tax troubles as efficiently and effectively as possible. We’ve been able to reach agreements in some cases in as little as 24 hours. Learn more when you call now!

Q: What is federal 940 tax and what does it mean to me?

A: The 940 tax is a federal tax that requires companies and individuals who employ workers to file unemployment tax payments for those individuals. Failure to make these payments can lead to fines, levies, and in extreme cases, the liquidation of your business or criminal charges. The tax resolution specialists at Levy and Associates know the ins and outs of 940 tax, and our team can help you resolve your back taxes. From filing delinquent tax returns to settling with the IRS our tax accountants can help. Learn more when you call now.

Q: What is the Collection Information Statement(CIS)?

A: The Collection Information Statement (CIS) is commonly used by the IRS to gather the necessary information to determine the taxpayer’s ability to pay – the CIS is the taxpayer’s financial statement. The forms used are Form 433-A for wage earners and self-employed individuals and Form 433-B for businesses. The IRS has established standards for allowable and necessary monthly living expenses. For assistance with the 433-A or 433-B form, please view our video tutorials.