Question 1

What is an Offer in Compromise (OIC)?

Accepted Answer

An OIC allows you to settle your tax debt for less than the full amount you owe, providing a fresh start for those who qualify.

Question 2

Who qualifies for an Offer in Compromise?

Accepted Answer

Eligibility is based on your ability to pay, income, expenses, and asset equity. We can help determine if an OIC is right for you.

Question 3

How does the OIC process work?

Accepted Answer

It involves submitting detailed financial information to the IRS to demonstrate that paying the full debt would create financial hardship.

Question 4

What kind of tax debts can be settled through an OIC?

Accepted Answer

Most tax debts, including federal income taxes, penalties, and interest, can be settled, but there are exceptions, such as certain penalties.

Question 5

How long does the OIC process take?

Accepted Answer

The process can vary, typically taking 4-12 months, depending on the complexity of your case and IRS backlog.

Question 6

Is an Offer in Compromise guaranteed to be accepted?

Accepted Answer

Acceptance isn't guaranteed. Success depends on your specific financial situation and meeting the IRS's criteria for compromise.

Question 7

What happens if my Offer in Compromise is rejected?

Accepted Answer

If rejected, you can appeal the decision, or we can explore other tax relief options that might better suit your situation.

Question 8

How can I start the OIC process?

Accepted Answer

Starting is as simple as scheduling a consultation with us to review your financial situation and discuss the feasibility of an OIC.

Question 9

Will I have to make payments during the OIC review process?

Accepted Answer

You may choose to make payments to reduce your balance; however, certain types of tax collection actions are suspended while the OIC is under review.

Question 10

How does electing an OIC affect my future tax obligations?

Accepted Answer

Accepting an OIC requires you to stay compliant with all filing and payment requirements for the next five years, or the compromise can be revoked.

Question 11

What is the difference between an LLC, S-Corp, and C-Corp?

Accepted Answer

An LLC offers flexibility and personal asset protection, an S-Corp provides pass-through taxation, and a C-Corp allows for unlimited shareholders and potential tax benefits.

Question 12

How do I choose the right business structure for my needs?

Accepted Answer

The right structure depends on several factors, including liability concerns, tax implications, and your business goals. We can help you weigh these factors to make the best choice.

Question 13

What are the tax benefits of each business structure?

Accepted Answer

Each structure has unique tax considerations, from self-employment taxes to corporate taxation. We'll guide you through these to find the tax-efficient option for you.

Question 14

Can I change my business structure later on?

Accepted Answer

Yes, as your business grows and changes, you may find that a different business structure better suits your needs. We can assist with the transition process.

Question 15

What information do I need to provide to set up my business entity?

Accepted Answer

Generally, you'll need a business name, a registered agent, and details about the owners and management structure. We'll provide a complete checklist.

Question 16

How long does it take to set up a new business entity?

Accepted Answer

The timeframe can vary based on the complexity of your business and the state's processing times, but we aim to make it as swift and smooth as possible.

Question 17

Does forming an LLC or corporation protect my personal assets?

Accepted Answer

Yes, both LLCs and corporations can provide a shield for your personal assets from business liabilities when properly structured and maintained.

Question 18

Are there ongoing compliance requirements for my business entity?

Accepted Answer

Yes, most entities have annual reporting requirements and other ongoing obligations. We offer services to help you stay on top of these.

Question 19

How can I make sure my business name is available?

Accepted Answer

We can conduct a search to ensure your desired business name isn't already in use and help you secure it as part of the entity formation process.

Question 20

What are the costs associated with forming a business entity?

Accepted Answer

Costs vary by state and entity type, including state filing fees and any required licenses or permits. We provide a detailed breakdown of expected costs upfront.

business entity structure

Simple Steps to Choosing Your Business Structure

Vision to Strategy

Customized Documentation

Tax Planning for Growth

Ongoing Support

Start Your Business Right

Sole proprietorship

partnership

limited liability company

Corporation (c/s-corp)

Why Us? Because We Get It

Frequently asked questions