Working with Lucent: Consult Prep & What to Expect

First things first, when you email or call the Lucent Tax Relief office for the first time, you can expect our professionals to respond to you promptly and to treat you kindly and respectfully. So, relax and know we are here to help you. Beyond that, our hope is that we give you a plan of action to get closer to resolving your tax situation.

In order to help us get there, we ask you for the following:

The First Initial Call

Our case manager will do an initial intake with you about your tax and financial situation. Things we want to know about include:

  • What kind of taxes do you owe? Do you owe the IRS or your state department of revenue? Are the taxes personal or business? If you don’t know, that’s okay. We will work together to get that answered.
  • For what years do you owe? Again, if you are unsure of this, we’ll help get to the bottom of it.
  • Are you current with all of your tax return filings?
  • How much is owed? We ask this to know what options may be available to you. Unlike many other tax resolution offices, we do not ask this question to use as a way of knowing how much to charge you.
  • Have you received letter(s) demanding payment? If so, it’s most helpful if you can send us copies to review. We will want to know if you are under any critical deadlines.
  • We will go through the following financial questionnaire with you. This is meant to be just a big picture review so that we can do an initial analysis. You can either prepare this ahead of time or we can go over it together on our first call. We don’t want this to overwhelm you and get in the way of getting you closer to getting relief. Again, unlike other companies, we don’t use this information to determine the amount of our fee.
Assets Amount
House – property tax statement value or appraised value

 

Less: Mortgage (enter as negative)

 

Other real estate – property tax statement value or appraised value

 

Less: Mortgage (enter as negative)

 

Checking accounts
Savings accounts
Other investments (CDs, mutual funds, stocks, bonds, etc.)
Retirement accounts (IRAs, 401(k)s, not pension plans

 

Less: Loan (enter as negative)

 

Life insurance (whole life – only where they have cash value)
Vehicles – estimated value

 

Less: Loan (enter as negative)

Recreational vehicles – those with a title, including boat trailer, ATV, motor home, etc.

 

Less: Loan (enter as negative)

 

Any lawsuit settlements or inheritances coming in soon?  If so, how much?
 

 

Debts (enter all as negative)
Court ordered judgments
Past due state taxes owed
Secured debts – where you’ve put up an asset as collateral and you have written documentation of the debt (note: this is very rare)
Bankruptcy payment
Student loans
TOTAL (add all amounts) $

 

Income (All amounts need to be monthly; Need same info for spouse, even if spouse doesn’t owe the tax) Amount

Amount (spouse)

Wages – if full time and paid by the hour take hourly amount x 2080 divide by 12    
Pension    
Social Security    
Unemployment – ask for how long they have received unemployment and for how long they expect to continue to receive benefits    
Child Support    
Alimony/Spousal Maintenance    
Rent received    
Other income    
   
Expenses (enter all as negative)    
Mortgage payment    
Health insurance    
Out-of-pocket medical    
Child care    
Minimum payments on credit cards    
Vehicle lease or loan payment    
Court ordered payments – child support, alimony, judgments    
Life insurance    
Secured debt payments – student loans, bankruptcy payment arrangements, other loan payments on secured debt    
IRS – Current tax payments

 

State – Current tax payments

 

(Need either prior year tax return or paystub and calculate as follows:

1. From prior year tax return divide total amount of tax liability (IRS Form 1040, line 65) by 12 PLUS, add wages (determined above) times 7.65% divided by 12; or

 

2. From paystub take wages times 7.65% divided by 12 PLUS, determine if 24 or 26 pay periods and multiply amount of federal and state tax by 24 or 26, divide by 12

   

Follow Up Call

Provided all of this information is collected during the first call, we will schedule a phone conference for you to talk with a tax professional within 48 hours. Our tax professional will go over your options for resolving the tax issue. You will receive a quote for the services we can provide, and we will take time to answer questions about our services and the process.

Tax Relief Consult

You do not need to make a decision immediately about whether you want to us to help you. We will send you a few documents for you to review, sign, and return to us when you decide to hire us:

  • An IRS (and/or state) Power of Attorney, which will allow the IRS to talk with our Lucent tax professional;
  • Our engagement letter, which will outline our working relationship and which will be clear and straightforward regarding pricing and expectations; and
  • A financial intake that will request detailed information and documentation for us to move forward with helping you.

Our promise to you is that we will be clear about next steps and the expected timeline for resolving your tax issues. This process is free to you. You will not have to give any money simply for talking to someone about your situation.  While we can’t make the problems magically go away, we will help you feel at ease and provide some relief from the stress of the situation.

Interested in getting started? Let’s chat. 

Preparing for your tax debt consult with Lucent Tax Relief