OIC and the IRS | Tax Tiger Offers a Simple Comparison

Tax Tiger

Tax Tiger

An Offer in Compromise is similar to bankruptcy proceedings, says Tax Tiger.

According to Tax Tiger, over 1.5 million Americans file for personal bankruptcy each year. This number isn’t surprising given the current state of the economy, says Tax Tiger. However, far fewer eligible taxpayers file for debt forgiveness with the IRS, even when they know they cannot pay. Tax Tiger believes the numbers are in such stark contrast because of the fear most taxpayers have of dealing with the IRS.

The IRS, says Tax Tiger, has a program similar to bankruptcy that can keep the taxpayer out of court and thus out of trouble with Uncle Sam. This option is called an Offer in Compromise and takes into consideration many factors in common with a typical bankruptcy hearing, including ability to repay the debt and assets to liabilities ratio, says Tax Tiger.

There are three circumstances that allow a taxpayer to negotiate an OIC, reports Tax Tiger. The most common is the taxpayer’s ability to satisfy the debt, followed by the Effective Tax Administration (extenuating economic circumstances), and, very rarely, an incorrectly assessed tax. Once a taxpayer has made up his or her mind that they are ready to seek resolution with the IRS, Tax Tiger is there to step in and negotiate on their behalf.

If the IRS is willing to negotiate the debt, Tax Tiger will work with a taxpayer to determine which of three payment options is best for their current financial state. According to Tax Tiger, option one involves paying in full, in cash, in 90 days or less. Options two and three allow the taxpayer to divvy up payments over time. A Short-Term Deferred payment plan splits the negotiated amount up anywhere from greater than three months to two years. Tax Tiger points out that the final payment arrangement is longer in term, and lasts as long as the collection statute. Tax Tiger notes that the IRS will cease collection action against the taxpayer throughout the negotiation process.

Tax Tiger has extensive experience negotiating with the IRS on Offers in Compromise and numerous other tax resolution options. The team points to over a decade of successful cases in the company’s history by a staff of professionals who are held to the highest industry standards. For more information about Tax Tiger, please visit www.tax-tiger.com or follow them on Twitter @TaxTiger.

Ian Woodman, Idaho Businessman, Finds Adventure in St. Lucia

Ian Woodman Idaho

Ian Woodman Idaho

Ian Woodman of Idaho has learned that sometimes the best adventures come from a disappointing experience. The lesson came when Ian Woodman, Idaho co-founder of Instant Tax Solutions, took an anniversary trip to St. Lucia with his wife.

The two planned to spend the entirety of their vacation at the Sandals Resort. Ian Woodman, Idaho resident, paid a set fee to the all-inclusive resort that would include all meals, lodging, and activities during his stay. When the couple arrived they sampled the offerings at two different Sandals resorts—the Sandals Grande St. Lucia and Sandals La Toc—but found that the best experiences lay outside the grounds of the resorts.

While the beauty of St. Lucia is unmatched no matter where you stay, Ian Woodman of Idaho discovered the food and activities at the Sandals resorts weren’t quite what he and his wife expected. The couple was drawn to the island’s other offerings. During the trip, the Woodmans learned that an all-inclusive resort could be a waste in a location with so many other offerings.

One of the most memorable experiences was a zip line that took the couple through the rainforest, Ian Woodman, Idaho resident, recalls. While coasting through the air on a pulley, the Woodmans were able to get a bird’s-eye view of the St. Lucia rainforest. Woodman acknowledges zip lines aren’t for everyone. For those who aren’t as adventurous or are traveling with small children, Ian Woodman of Idaho recommends taking the aerial tram, which gives travelers a very similar experience.

Ian Woodman, an Idaho tax resolution business owner, took his wife to the straw market in St. Lucia, where they sampled local cuisine. They also journeyed to Rodney Bay, where a new mall was being built. They took in the shops, restaurants, and beautiful historic marina at Treasure Bay Casino, which Ian Woodman, Idaho businessman, found was much more than a traditional casino.

Ian Woodman, Idaho co-founder of Instant Tax Solutions, is a Los Angeles native who relocated to Post Falls, Idaho in 1996 after the birth of his first child. Developed with his business partner, Byron Pedersen, Ian Woodman ’s Idaho-based Instant Tax Solutions began as a two-person operation and grew to what it is today. Instant Tax Solutions serves thousands of customers with a staff of more than twenty-five tax professionals, Ian Woodman. Idaho residents have come to rely on Instant Tax Solutions, where Ian Woodman of Idaho is responsible for human resources and accounting.

The Instant Tax Solutions Ratings Teams Offers Tips on Choosing a Reputable Tax Preparer

Instant Tax Solutions Ratings

Instant Tax Solutions Ratings

Caution is key, says the Instant Tax Solutions Ratings Teams in this brief interview with A Gathering of Experts.

Tax Season has come and gone but the Instant Tax Solutions Ratings Team says that next year is coming fast. Today, A Gathering of Experts invites the Instant Tax Solutions Ratings Team – experts on the IRS – to ask questions about something most Americans give little thought to: selecting a tax preparer.

A Gathering of Experts: Thank you for taking time out of your busy schedule – we certainly appreciate it.

Instant Tax Solutions Ratings Team: As always, it is our pleasure.

A Gathering of Experts: Let’s get started… With all of the talk about fraud lately, don’t most people verify their tax preparer as legitimate?

Instant Tax Solutions Ratings Team: Sadly, no. Many people assume having an office equates to having an honest staff; it doesn’t.

A Gathering of Experts: What should someone look for when searching for a tax company to file their yearly returns?

Instant Tax Solutions Ratings Team: First and foremost, if it sounds too good to be true, well, it just might not be true.

A Gathering of Experts: That applies to all areas of life.

Instant Tax Solutions Ratings Team: Yes it does. We also tell people to approach with caution if a firm claims they can get a bigger return than another company because they know “insider secrets.”

A Gathering of Experts: What should one look for, as far as fees go?

Instant Tax Solutions Ratings Team: We suggest only dealing with flat fees, which are given in writing up-front.

A Gathering of Experts: Should the tax preparer be willing to sign the documents?

Instant Tax Solutions Ratings Team: Yes, if they say they cannot, then run.

A Gathering of Experts: Is the taxpayer responsible for false information?

Instant Tax Solutions Ratings Team: Ultimately, yes. The person whose name is on the return is the one Uncle Sam will come after.

A Gathering of Experts: Who can represent a taxpayer in front of the IRS?

Instant Tax Solutions Ratings Team: Many people think just any person who knows taxes can do this but that isn’t so. Only a select group of professionals, including CPAs, enrolled agents, and attorneys are allowed to stand for a taxpayer.

A Gathering of Experts: Does the IRS keep tabs on fraudulent firms?

Instant Tax Solutions Ratings Team: They do, indeed. These people, when convicted, face up to 5 years behind bars as well as major fines.

A Gathering of Experts: Can you cite examples?

Instant Tax Solutions Ratings Team: One that comes to mind involves a Texas tax preparer who got sentenced to prison for 18 years after being found guilty of 40 counts of tax fraud.

A Gathering of Experts: Now that is a steep punishment. Before we go, can you tell us how taxpayers may contact Instant Tax Solutions if they’re in need of tax help?

Instant Tax Solutions Ratings Team: We offer tax resolution services to clients across the nation and can be contacted at 888.387.4071. Also, they may visit our website at www.Instanttaxsolutions.com for Instant tax Solutions ratings, reviews, and other related information.

Ian Woodman: Memorable Holidays [Disney World]

Ian Woodman

Ian Woodman

In 2010, Ian Woodman made a promise to his family and close friends when he entered in a contest to predict the winner of the NCAA Basketball Championship. That promise was that if he won, he’d take everyone to Disney World with his winnings. While many people might make such promises, Ian Woodman is a man of his word. In February 2011, he took 17 people to Disney World, paying airfare, hotel, park admission, and all expenses while they were in Orlando.

What resulted was a trip Ian Woodman still fondly recalls today. The friends shared one rental house, which allowed them to reminisce about the game that afforded Ian Woodman the opportunity to win the trip. For two weeks, Ian Woodman and those close to him stayed in Orlando, visiting the different amusement parks and having a great time.

Disney World is the most visited theme park in the world. Its four theme parks include the Magic Kingdom, Epcot Center, Disney-MGM Studios, and Disney’s Animal Kingdom. Other amusement parks in the Orlando area allow visitors like Ian Woodman to stay busy during a trip to the area. In addition to world famous Universal Studios, Universal’s Islands of Adventure is also located in the area, according to Ian Woodman. For a group of 17, a trip to Orlando is a trip of a lifetime, Ian Woodman points out.

Due to the ticket prices of Orlando’s theme parks—Disney World’s Magic Kingdom admission is currently $90 a day—Ian Woodman acknowledges that Disney World is an expensive trip for many people. Ian Woodman was glad he could provide such a great vacation to those he cared about, knowing it was a trip that many were unable to easily afford. By using his winnings to fund such a large trip, not only was Ian Woodman able to create beautiful memories for himself and his family, but he was able to share those memories with those closest to him.

A trip to Disney is a landmark event for many children, creating a childhood memory that is often cherished for life. As such, many parents, like Ian Woodman, know the value of a trip to Disney World to the younger generations. Ian Woodman explains that Disney World occupies more than 30,000 acres slightly southwest of Orlando. In addition to its theme parks, Ian Woodman says, Disney World also includes two water parks and 23 resorts on site, each with a different theme.

Yet today, Ian Woodman says he and those closest to him consider the two weeks they spent at Disney World the best vacation they ever had. That alone is enough to make Ian Woodman glad he spent his winnings to treat his loved ones.