Just got off the phone with a lawyer who fell behind on taxes to the tune of $250,000 -- his previous representative had negotiated a $4700 monthly payment plan to pay back the debt. This gentleman and his family earns about $291,000 per year so this kind of payment plan makes sense at least on the surface. Two weeks ago -- this payment plan and perhaps a request to take the penalties off - were this guy's best options.
BUT NOW: It's a entirely different universe:
this gentleman NOW QUALIFIES FOR an $87,000 Offer in Compromise to settle his $250,000 debt.
We will get into the actual math of this person's case in another post. But as we indicated below: your monthly disposable income necessary to do an Offer has been reduced from 48 months to 12 months -- a 75% discount.
READ PART III ABOUT THE OFFER HERE.