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