An Offer In Compromise Often Means Paying Less Than You Owe
Many people who owe the IRS a past-due tax liability assume they must follow the IRS’ demands or further problems will occur down the road. However, the U.S. tax system has many options in place that allow taxpayers to negotiate their tax liability. With the proper help, these options often result in a significantly reduced tax liability that is paid in full in a relatively short period of time.
One such option involves the offer in compromise (OIC) program. This program allows you to settle your debt for less than the full amount that you owe. At The Peck Group, LC, our attorneys have significant experience reducing our clients’ tax liabilities. We have an in-depth knowledge of the ever-changing area of tax law. Speak to our firm today to discuss your eligibility and whether you are able to take advantage of the revised terms for evaluation and acceptance.
Helping You Obtain The Full Benefit Of An Offer In Compromise
In May 2012, the IRS implemented revised terms for acceptance of an OIC, resulting in more acceptances with lower settlement amounts. The new regulations include:
- Greater flexibility in determining your ability to pay
- Shorter time frames to complete the offer process (from five to two years)
- Greater flexibility in determining the value of your assets
- Reductions in the amount of future income that will be included in your offer
- Reduced IRS requests for additional financial information
However, a significant percentage of OIC requests are not approved. It is vital to have an experienced tax lawyer on your side to develop and present the best case possible. Presenting a fully developed case (beyond the completion of forms) provides you with the best chance of success in the offer in compromise program.
With our help, you could see benefits such as:
- Eliminating levies on bank accounts, wages and income
- Obtaining a fresh financial start
- Cleansing of past tax issues in a concise process
- Reducing the chance you will have to file for bankruptcy protection
- Closing a chapter of noncompliance and nonpayment
Contact Us Now For A Free Half-Hour Consultation
The Peck Group, LC, in Atlanta helps clients nationwide resolve IRS tax troubles in an efficient, professional and cost-effective manner. Contact our firm online or call 770-884-6914 to schedule your free 30-minute consultation with one of our experienced attorneys.