Home
Contact
About Me
Businesses
What Does it  Cost?
Testimonials
   
 

               ARE YOU OVERWHELMED WITH THE IRS MAZE?

I do IRS Negotiations and Tax Consulting for:

Personal                                             Business

Non-Profit                                          Corporate

In addition to consulting for tax problems, I am also available for business consulting.  I can give you professional advice on the day-to-day operation of your business. 

I can represent you and negotiate the least expensive solution for your problem!.....Karen Olsen

I can represent you and negotiate the least expensive
solution for your problem!
    

......Karen Olsen
Enrolled Agent

The IRS requires a representative to be an Enrolled Agent, an attorney, or a CPA.

          I am an Enrolled Agent.

          I will work directly with you!



Your confidentiality is guaranteed!

Do you owe taxes?
Has the IRS levied your wages or bank account?

Are you afraid to open those IRS envelopes?

Do you own your own business?

Offers in Compromise:                          Financial Analysis:

Your tax debt can be forgiven!
The options available are
cash offers or
deferred payment offers
Which is best for you? 
An analysis of your
financial situation is essential
to choose the right option.
All offers require you to be
up to date in filing your tax
returns and paying your
current taxes before you
apply.
This is the key to dealing with the IRS.
How do you show the value of equity in your assets?
Do you know all the expenses that the IRS allows for
"Necessary Living Expenses"? 
Do you understand the terms, "Fair Market Value,"
"Quick Sale Value," "Realizable Equity," and "Future Income"? 
Do you know how to calculate the statue
of limitations (how long the IRS has to collect the taxes
from you)?

Who can represent you?......

The IRS requires a representative to be an Enrolled Agent, attorney, or a CPA.  I am an Enrolled Agent with over 30 years of tax experience.  I know the procedures and how to resolve difficult issues.  Negotiating with the IRS is a highly specialized field and most CPAs and attorneys do not work with delinquencies and are at a disadvantage in getting you the best settlement.   Be sure to ask anyone who wants to represent you if they are authorized to practice before the Internal Revenue Service.  Please be aware of "tax counselors", which is a term for "salesman".

Offer in Compromise

Is it really the right solution?

You may see many advertisements on TV about offers in compromise.  Here are some of the things they don't tell you on the phone: 


First, this is a lengthy process and can easily take 6 months to complete. 


Second, several conditions are imposed before the IRS will accept your application.  You absolutely must have corrected the underlying problem and be current in all your filing and paying requirements.  The IRS monitors your filing and paying record for two years after an offer is accepted; if you fail to remain current, they will reverse the offer and you will receive a new assessment with a new 10-year statute for them to collect.


Third, there is an application fee and you must make a down payment with your application. 


Fourth, most people must borrow money to fund their offer.  In the offer process, the IRS determines the equity in all your assets and what you could pay during the future of the statute of limitations and bases the acceptable offer amount on that figure.  Most people simply cannot liquidate all their assets to secure the funds for an offer.  For instance, if you sell your vehicle to liquidate the equity in it, how would you get to work and the grocery?


Payment Agreements:

Is an agreement right for you?

The IRS will review your income and expenses, look at your equity in assets, and determine if you can pay the entire balance right away.  If not, an installment agreement might be the best option for you. The key to determining the right option for you is the financial statement, which the IRS requires, and this form needs to be completed with care.

What is "Currently Not Collectible"?

Sometimes you don't have to pay!

It is possible that you simply can't pay at this time.  Your account may be reported as "Currently Not Collectible" if monthly payments would create a financial hardship.  A properly completed financial statement will determine how the IRS should treat your account. 

Innocent Spouse

Are you divorced?  Was a joint return filed?  Did the IRS audit you and find unreported income?  You may be able to file an "innocent spouse" claim.

Special circumstances allow the tax to be separated for each of the spouses who signed the tax return.   This assigns the responsibility for the unpaid tax, found through the audit process, to the spouse who earned the income.  The time allowed for filing this claim is very short, so don't delay!