Q: Should I file an offer & compromise or currently non-collectable? Should I hire a professional? How much should I offer?
I have a $40k tax lien from unpaid general excise tax from the state of Hawaii. I'd like to file an offer and compromise and be done with this debt. I'd also consider filing for currently non-collectable. Is it best to work with a professional or is this something I can do myself? My wife and I have about $15k in all of our accounts. We have no assets or retirement. I'm currently on disability making $4400 per month and she is a server making $2500-3000. National Standard Expenses for a 4 person household is $7686. I've got FORM CM-1 up on my screen now. Should I go for it or should I pay for assistance? Is there anything I should know? ----Thank you very much for your help!
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A: Given the complexities of tax matters, particularly involving offers in compromise or currently non-collectible status, seeking assistance from a tax professional, such as a tax attorney or CPA, is recommended. They can help assess your financial situation, guide you on the best course of action, and ensure that all necessary forms and documentation are properly prepared and filed. The specific amount to offer in an offer in compromise would depend on various factors and should be discussed with a professional.
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