Apr 102017
 

U.S.A.

In interviewing thousands of people for tax resolution services, we are asked this question all the time. Actually, the conversation usually starts off like, “I saw a TV ad that said I could get off of my $50,000 IRS tax debt for a small amount, is that trus ?”  This is common these days, due to TV ads that make claims across the board, as if every person can accomplish this. Is it possible ? Maybe. Do you really want me to tell you that within talking to me for 5-10 minutes ?  And if I did, would you really believe me ?  Shame on you if you did !!!!

Years ago, when the IRS didn’t disclose the “Offer in Compromise” option to taxpayers, because the Internet didn’t exist and most people didn’t know how to find that information, several companies were “selling” it, as they had discovered it in the Internal Revenue Code. I started nearly 27 years ago working for the second largest company in the tax resolution services field. Both are out of business now for shady practices. I left the company I worked at, after figuring out what they were doing, and telling myself it was not ethical and I left.  The question is, do you want the best solution, or are you someone who will only move forward in solving a tax problem, if its on your terms.

What do we mean by that ?  Let me explain by telling a true story of a fellow in texas who owed nearly $45,000. This was over 20 years ago. We were able to reduce his debt down to $7800. Now if I was his stockbroker and he invested $7800 and I put him in an investment that returned $45,000 into his pocket within one year, he would be tickled pink. This man was mad as hell and actually cursed at me, demanding a refund. The problem was, during the processing of the Offer in Compromise, he stopped selling annuities on the weekends, which he never told us about when we submitted his offer. This reduced his ability to pay. So the IRS accepted a lower Offer than what we had submitted, and he deemed that our fault, even though he never gave us the information.

After I explained to him that we were not mind readers and had no way to know the offer amount would be lower, he was undeterred and still wanted a refund. The amazing thing about this story is that the impact on his net worth would be the same either by eliminating debt, or if I was a stockbroker, had put money INTO his picket.

 

 

 04/10  Tagged with:  Add comments

 Leave a Reply

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

(required)

(required)