Archive for Offer in Compromise
Dana Point Tax Settlement Attorney, Orange County, CA
Posted by: | CommentsThe recession has affected many Dana Point family incomes, and many households continue to be at risk of not paying taxes owed. But if you’re in a similar situation, your only option isn’t bankruptcy. If you can prove that you’re in financial hardship, you may be able to keep your savings get back on track with a Tax Settlement.
In a tax settlement, also know as an Offer in Compromise, you work with a tax lawyer who will talk to the IRS and negotiate for a lower tax bill. Your tax resolution attorney will help convince the IRS that you deserve taxpayer assistance, and that you can stay current once the back tax bill is modified. They’ll also use any legal tax loopholes as negotiation leverage. If all goes well, you can get your tax settlement in 30 to 90 days, but it really depends on both the experience of your tax attorney and the workload of the tax collector.
Remember, all the IRS wants from you is your money, whether or not you have it. But they don’t have to get their way. If you need legal tax settlement assistance, call a Dana Point Tax settlement attorney and get on the road to financial safety.
Tax Settlement Attorney Dana Point
If you are looking for a quick pre-approval for a free tax settlement consultation in Dana Point, Please complete our online Dana Point Attorney for tax settlement application forms.
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Offer In Compromise Explained | Best Tax Attorney | IRS | Tax Levy
Posted by: | CommentsAn Offer in Compromise is a negotiated agreement between the best tax attorney or taxpayer and the IRS to negate a tax levy and settle tax liabilities. Usually the process is set in motion when a person is hit with a tax levy which allows the IRS to seize property to satisfy payment of taxes allegedly owed. The Offer in Compromise is one tool used to eliminate the tax levy.
An Offer in Compromise agreement is a way to reduce the tax liability of the taxpayer and increase collections for the IRS to be deposited in the US Treasury. It is tantamount to settling a bad or disputed debt for less than full amount owed while negating the seizure of personal property resulting from a tax levy.
Types of Offer in Compromise Agreements:
► Doubt as to Collectibility. This Offer in Compromise is used when there is doubt that the debt is collectible.
► Doubt as to Liability. This Offer in Compromise is used when there is doubt about the true certainty of the tax liability.
► Effective Tax Administration. This Offer in Compromise is used when the taxpayer can no longer afford payment of the tax liability and the IRS decides to effectively administrate hardship relief solution.
Offer in Compromise only one approach to evoke a tax levy release
Offer In Compromise Results in a Realase of Tax Levy
The main reason to utilize an Offer in Compromise is to negate a tax levy. A tax levy results from not filing income taxes for a given tax year. While the record of personal income has been forwarded to the IRS from the employer for the tax year in question, the IRS has not been forwarded any corresponding deductions because no tax return was filed. A filing of back taxes is sometimes all that is needed to clear up a tax levy. However, when tax returns have already been filed and taxes are still owed, an Offer in Compromise may be the best solution to get the tax levy released.
Once an Offer in Compromise has been negotiated and accepted there are various methods of paying tax liabilities to release a tax levy.
Offer in Compromise Payment Options:
► Lump Sum Cash Offer. This Offer in Compromise payment option can be a lump sum or a five payment installment plan.
► Short Term Periodic Payment Offer. This Offer in Compromise payment option gives the taxpayer up to a twenty four month period, considered by the IRS to be a short term, to pay their negotiated tax liability.
► Deferred Periodic Payment Offer. This Offer in Compromise allows the payments to be deferred periodic payments scheduled as far out as legal statute allows.
Now that you have learned about how an Offer in Compromise can negate a tax levy, please feel free to find a tax attorney by using our contact an attorney form located in the upper right hand corner of each page.
If you want more useful information related to a tax levy, Offer in Compromise or tax law, see our tax attorney and tax resolution forums or ask a tax attorney questions in the forum.
Thank you for visiting LoanWorkout911, a site designed to find the Best Tax Attorney to help you negotiate a Tax Levy by using an IRS Offer in Compromise.
