At Bryson Law Firm, L.L.C., we pride ourselves in being Louisiana attorneys serving our friends and neighbors of this great state. We’re lifelong residents of Louisiana, because when you live in a beautiful, unique state like ours, why would you ever leave?
Our roots give us deep insight into the needs of our fellow “Loosianans.” With over 38 years of combined legal experience, you can rest assured that we know Louisiana tax laws and IRS tax laws. We are committed to representing our clients of all walks of life to find the best solution to their tax problems.
There’s a reason why the Better Business Bureau gives Bryson Law Firm, L.L.C. an A+ rating. We put our clients first. From your Initial Consultation, we’ll hear your story and uncover all aspects of your tax dilemma.
Unfortunately, many of our clients come to us only after they’ve used one of those national tax resolution firms advertised on TV or elsewhere. Many of these fly-by-night outfits aren’t even licensed to practice law in Louisiana. They are literally like the out-of-town salesmen – here today, gone tomorrow. They’ll just take a person’s money and never do anything for them. We guarantee that will never happen at Bryson Law Firm, L.L.C.
Podcasts
Co-founders of the Bryson Law Firm, Cary and Angela Bryson, have over 40 years of combined legal experience in Louisiana and Texas and have built a thriving and successful law firm that aids their fellow “Loosianans” and Texans when it comes to the complicated realm of taxes.
Together with the help of their roots, experience, and deep insight, they break down topics such as bank levies, lien assistance, tax resolution, payroll, and more on their podcast Talkin’ Tax for anyone who needs a little bit more guidance.
Rest assured that Cary and Angela, who are rooted in faith, family, and taxes, will help you understand your tax problems and find the best solution for them one episode at a time.
For more information, visit www.brysonlawfirm.com.
Episode description
You’ve heard the ads: “Settle your IRS debt for pennies on the dollar with the Fresh Start Program!” In this episode, [HOST NAME] of [FIRM NAME] explains what the IRS Fresh Start Initiative really is: a set of 2011–2012 policy changes that made payment plans, lien relief, and Offers in Compromise easier to reach. Then come the spoiler alerts. It’s not a one-time forgiveness of everything you owe, and it’s not a “throw out a number and see if the IRS takes it” deal. If you owe the IRS, this is the episode to hear before you call that number on the billboard.
In this episode (estimated timestamps; update after editing)
- 00:00 Cold open: the “pennies on the dollar” ad
- 01:00 What Fresh Start actually is: three waves of IRS changes in 2011 and 2012
- 02:45 Spoiler alert #1: it’s NOT a one-time forgiveness of everything you owe
- 04:15 Spoiler alert #2: it’s NOT a “throw out a number” plan, and how the Offer in Compromise formula works
- 06:15 Rapid-fire spoiler alerts: not a form, not automatic, not a way around filing, not new
- 07:30 What Fresh Start CAN do: payment plans, liens, offers, and penalty relief
- 09:45 Wrap-up and the biggest spoiler alert of all
Key takeaways
- Fresh Start is a package of IRS rule changes, not a program you apply to.
- Most people who use Fresh Start tools pay their tax in full over time. Penalties and interest keep running until it’s paid.
- An Offer in Compromise is set by a formula: your asset equity plus 12 or 24 months of future remaining income.
- Offers carry a $205 application fee, an upfront payment, and five years of required compliance. Low-income applicants may be exempt from the fee and the payment.
- If you owe $50,000 or less and your returns are filed, you can usually set up a payment plan online without a full financial statement.
- Unfiled returns block nearly every option, so getting current comes first.
- Be wary of anyone who promises to erase your tax debt before reviewing your income, expenses, and assets.
Resources mentioned
- IRS: Payment plans (installment agreements): https://www.irs.gov/payments/payment-plans-installment-agreements
- IRS: Offer in Compromise: https://www.irs.gov/payments/offer-in-compromise
- IRS Form 656 Booklet (Offer in Compromise): https://www.irs.gov/pub/irs-pdf/f656b.pdf
- IRS IR-2012-31, Expanded Fresh Start (Mar. 7, 2012): https://www.irs.gov/pub/irs-news/ir-12-031.pdf
- IRS IR-2012-53, Offer in Compromise changes (May 21, 2012): https://www.irs.gov/pub/irs-news/ir-12-053.pdf
- Companion blog post: [BLOG LINK]
Get help
Owe the IRS and not sure where you stand? Contact Bryson Law Firm, LLC (www.brysonlawfirm.com) for a review of your full financial picture.
Disclaimer
This episode is for general information only and is not legal or tax advice. Every situation is different, and IRS rules and figures change. Consult a qualified professional about your specific situation.