What Is An Offer In Compromise? And How Can It Help?
Besides installment agreements, another type of method for settling your tax dispute with the IRS is known as the offer in compromise. These are difficult to receive, however, and you should not try to negotiate one with the IRS on your own.
Here at the Riddell Law Group in Sarasota, Venice, and Lakewood Ranch, Florida, our client-focused lawyers and staff will work as hard as they can on your behalf to help you settle your tax debt, allowing you to stop worrying about your difficult tax debt situation.
Applying For An Offer In Compromise Is Difficult. Get The Right Help.
An offer in compromise is hard to get because it involves paying less than what you owe to settle the debt. When you apply, the IRS will thoroughly scrutinize your ability to pay, your income, your expenses and the value of your assets.
It is important that you are current on all of your tax filings if you want to be eligible to receive an offer in compromise. If you are not, we will gladly refer you to an experienced accountant who will be able to help you before we negotiate with the IRS.
The IRS has also implemented a Fresh Start program for offers in compromise. The IRS recognizes that many taxpayers are still struggling to pay their bills so the agency has been working to put in place common-sense changes to the offer in compromise program to more closely reflect real-world situations.
If you are approved, you will be required to make a lump-sum payment. We will work hard to gather all of the necessary evidence to prove to the IRS that you are unable to pay the full tax debt that you owe.
These negotiations are extremely difficult, and if you are suffering from wage garnishment or some other penalty, it will be better to leave the complex legal work to us, which will benefit you in the long run.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.