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The Water Cooler
General Discussion
Ouch! TaxMasters hit w/ $195 million judgement!
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<blockquote data-quote="JB Books" data-source="post: 1765446" data-attributes="member: 6889"><p>My understanding is that the IRS is not too fond off those settlement mills. I don't know about Tax Masters in particular, but the way I heard settlement firms worked was that you'd pay a good sized fee (typically $5000 or so on a credit card) and then they'd submit an Offer in Compromise to the IRS. However, it's not just as simple as submitting paperwork, to actually qualify, you have to meet certain criteria and it actually has to be an offer in good faith. If you don't meet the requirements, you can be hit with additional penalties and interest that can quickly rack up to be substastanial.</p><p></p><p>The best bet is to always pay your taxes and avoid trouble with the IRS. The fact is you will pay one way or the other.</p></blockquote><p></p>
[QUOTE="JB Books, post: 1765446, member: 6889"] My understanding is that the IRS is not too fond off those settlement mills. I don't know about Tax Masters in particular, but the way I heard settlement firms worked was that you'd pay a good sized fee (typically $5000 or so on a credit card) and then they'd submit an Offer in Compromise to the IRS. However, it's not just as simple as submitting paperwork, to actually qualify, you have to meet certain criteria and it actually has to be an offer in good faith. If you don't meet the requirements, you can be hit with additional penalties and interest that can quickly rack up to be substastanial. The best bet is to always pay your taxes and avoid trouble with the IRS. The fact is you will pay one way or the other. [/QUOTE]
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Ouch! TaxMasters hit w/ $195 million judgement!
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