In 2017 alone, the IRS settled over $255 million in tax debt through Offers in Compromise under their Fresh Start Program and removed over $12 million in assessed penalties
Your Tax Ally
Dealing with the IRS and State Revenue Office can be challenging and scary at the same time considering the IRS or State can drain your bank accounts, garnish wages, assess levies on your property, and ultimately cause your credit score to drop. Do not face either authorities alone. Honeycutt Pryor is here to represent YOU and advocate on your behalf to negotiate the best possible solution.
Honeycutt Pryor is local to Dallas-Fort Worth and you will never be transferred to a marketing call center full of aggressive commission-based sales reps like many national tax debt resolution companies - for that reason we are able to offer more affordable and personalized tax assistance. We also have technology to handle all cases remotely so that you never have to leave the comfort of your home.
Rest assure your tax case will be handled by a qualified Enrolled Agent from beginning to end.
3 Step Process
Initial Consultation - FREE
Analysis & Diagnosis
IRS Negotiation & Resolution
Tax Resolution Services
Offer in Compromise
Wage & Bank Levies Released
Innocent Spouse Relief
Preparation of Unfiled Tax Returns
*While the tax relief options for State tax liabilities may vary, many States offer the same tax resolution options as the IRS
Offer in Compromise (OIC) –An OIC is an agreement between you and the IRS in which the IRS settles your tax liability for LESS THAN the full amount owed. If you have received a tax notice from the IRS and paying the tax liability places you in a financial hardship, then this option may be for you. There is a significant amount of financial information and assessment required for an OIC. Additionally, all unfiled tax returns MUST be filed before the IRS will consider you for an OIC. For this reason, it is wise to use a qualified professional to complete the OIC process.
Penalty Abatement – The IRS has options to abate (simply put, “remove”) penalties incurred due to various tax liabilities. Many of the IRS penalties can be hefty fees that accrue over time resulting in hundreds or thousands of dollars in penalties. Failure-to-pay penalties will accrue until the tax debt is paid in full. Under the Fresh Start Program there are options to have these penalties partially, or fully, removed.
Wage & Bank Levies Released – Having wages garnished or bank accounts frozen is a difficult and embarrassing situation to be in. The key to stop the garnishment and levies is to make sure you are in good standing with the IRS as soon as possible. Honeycutt Pryor will work with you to reach the level of compliance needed to stop wage garnishments and bank levies.
Innocent Spouse Relief – Life happens and there are various reasons for which you may be notified of a tax liability that occurred as a result of your spouse (or ex-spouse). The IRS takes into account that you may not have known about your spouse incorrectly prepared their tax return. On the other hand, you may have known about the inaccuracies on the tax return, but it would be unfair to hold you responsible. In both instances, Honeycutt Pryor would work with you to present your case to the IRS and determine available innocent spouse relief options.
Installment Agreement – This option is available if you do not have a significant amount of tax debt and you have the financial means to pay the liability. Your tax debt must be paid in full within 6 years under the installment agreement. This option also appeals to some taxpayers simply because of the simplicity of the process and the limited amount of financial information needed (in certain cases) to get approval for an installment agreement. It is important to understand that penalties and interest will still accrue under an installment agreement.
Preparation of Unfiled Tax Returns – This step is key in the ANY of the negotiation and debt relief options available with the IRS. The IRS will not consider working with you until you have first filed all unfiled tax returns. It is key to have these tax returns filed accurately because, at this point, they will be under great scrutiny by the IRS. If you do not have all of your past W2s, 1099s, and other forms of income, Honeycutt Pryor can pull the IRS Master File information based on a Substitute for Return (SFR). An SFR is a substitute return filed by the IRS based on financial information submitted to the IRS through W2, 1099, and various other forms of income required to be report to the IRS. Depending on the SFR instead filing unfiled tax returns is never a good idea. When the IRS files the SFR (which is also used to determine the tax liability in your tax notice), you are filed as single, with no dependents and no deductions. No wonder your tax liability notice is so high! This is where Honeycutt Pryor will work for you to get your unfiled tax returns filed properly.
CALL NOW to get a fresh start and see what options are available for you under the IRS Fresh Start Program