Settle my IRS Headaches?

What are my options?

The good news is thereare many options

find out more...

You'll hear a lot of marketing jazz about Offer InCompromise, by which you can settle your tax debtfor "pennies on the dollar."

For the most part, these claims are the BAIT thatgets you to call. The truth is that very few meet thecriteria for an Offer in Compromise.

BUT...don't be discouraged, because you canachieve a PERMANENT solution to yourIRS headache.

At Lighthouse Forensics & Accounting,we will gather your background informationand counsel you through the process. We willhelp you determine the BEST alternative, andwe will hold the IRS at bay during the process.

Now lets get to Specific Options

TEN RESOLUTIONoptions

Pay the Tax

Installment Agreement

Correct IRS Technical Errors

Prepare and File Missing Returns

Penalty Abatement

Innocent Spouse Relief

Request Non­Collectible Status

Bankruptcy

Offer In Compromise

Collection Statute Expiration

PAY THE TAX

INSTALLMENT AGREEMENT

continued...

Which Alternative May Work For Me?

Ahh, this one doesn't sound fun at all!

The most common resolution of tax disputes, but it isextremely important to make sure the tax assessment iscorrect, before agreeing to pay. In other words, you mustwork through several of the other alternatives before anyfinal installment agreement.

We have seen too many folksthrow up their hands and say"just tell me how to make this goaway."

The IRS justLOVES this

CORRECT IRS ERRORS

Which Alternative May Work For Me?

PREP MISSING RETURNS

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The IRS is highly computerized and this can lead to many"disconnects" between your return as filed and their records. GUESS WHAT? It is your responsibilitiy to find and correctthese errors! A thorough understanding of IRS adjustmentscan help you pinpoint where they have incorrectlyprocessed your tax return.

If you haven't filed your tax returns for a few years, the IRSwill step in and create a Substitute For Return with the partialbits and pieces they have in their computerized records ofW-2s and 1099s. By preparing those returns, you can get a more favorableresult. In addition the IRS will require you get current onunfiled returns before agreeing to settle or negotiate yourliability.

Which Alternative May Work For Me?

INNOCENT SPOUSE

PENALTY ABATEMENT

continued...

If you don't have a recurring history of tax deficiencies andyou can show that your situation was due to an inadvertentmistake, unemployment, an illness or incorrect taxadvice, you may be able to get some portion of assessedpenalties abated for Reasonable Cause.

The IRS understands that married couples filing jointreturns don't always share information or have a completeunderstanding of the tax positions taken on, or incomeitems omitted from a return.

If you can show that you were not aware of disputed taxtreatments taken on your joint return, you may be able to getrelief from tax assessed on those issues.

Form 843

Form 8857

CURRENTLY NOT COLLECTIBLE

Which Alternative May Work For Me?

BANKRUPTCY

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This is an important tool for getting you relief andprotecting you from liens, levies and garnishments. CNCstatus puts all collection activities on hold, sometimes foryears. This provides much needed time to find a solutionor to get your financial affairs in order. Prepare a Form 433-F financial statement and work withan IRS associate to request the status.

You might assume that Uncle Sam would never dischargetax liabilities through bankruptcy, but that is not the case. Tax liabilities may be discharged along with other debtsthrough Chapter 7 bankruptcy.

Clearly this is not an option

you should attempt without

professional help.

OFFER IN COMPROMISE

Which Alternative May Work For Me?

Form 656

The IRS has an online prequalification tool that shouldgive you an indication of whether you should request anOIC. You will also hear about the FRESH STARTprogram in which the IRS has loosened its criteria a bit toenable more taxpayers to use OIC.

If you meet the criteria, and your case is accepted, youreally can dramatically reduce the tax you will pay.

But please don't hold your breath!

Downsides of OIC

IRS collection statute oflimitations gets extendedFees and tax paid with requestare forfeited if OIC denied

Which Alternative May Work For Me?

STATUTE EXPIRATION

Finally, if you can fend off the IRS and ignore their pursuitand keep them out of your bank accounts for 10 years fromthe date they assessed you additional tax, they must dropyour case under the statute of limitation on tax collections.

this is very hard to achieve, because most folks owetaxes for a number of tax years, and if you never filed areturn for a certain year, the statute of limitationsNEVER closes.

Practically,

This approach will certainly never giveyou peace of mind.

Who can help at Lighthouse?

John Jupin

Bruce Swabb, CPA

John is often your first contact and he is a master atunderstanding your situation and helping you understandhow we can work to resolve your tax headache.

Bruce has been a CPA since 1990 and first went toe-to-toewith the IRS in 1997. He has resolved disputes forindividuals and companies large and small. He will overseeyour resolution all the way to completion.

772-708-6442

904-540-7360 johnpjupin@gmail.com

bruceswabb@gmail.com