If you owe money to the Internal Revenue Service or IRS, it can be intimidating to try and figure out how to handle your debt. One little-known option that may be available to you is an Offer in Compromise. This program allows taxpayers who owe back taxes to settle their debt with the IRS for less than the full amount owed. It can be a great way to clear your debt quickly and efficiently, removing that unnecessary stress from your life. However, the process can be complex. Working with a tax lawyer who is experienced in filing an Offer in Compromise is your best chance at a favorable resolution.
What Is an Offer in Compromise?
An Offer in Compromise is an agreement between a taxpayer and the IRS wherein the taxpayer agrees to pay less than what they originally owed on their taxes. In some cases, taxpayers are able to negotiate down their total tax bill so that they only have to pay a fraction of what they originally owed. The program was created as a way for taxpayers struggling financially or unable to fully pay off their tax debt due to special circumstances, such as illness or job loss, to resolve their issues and start fresh without getting into further trouble with the IRS.
What Are the Benefits of Having a Tax Lawyer When Filing an Offer in Compromise?
There are many benefits of having a tax lawyer when filing an Offer in Compromise. They will provide valuable advice on how best to proceed with your case and act as your advocate throughout the entire process, ensuring that all questions are answered accurately, all paperwork is filed correctly, and all deadlines are met.
A good tax lawyer will also know what and how to negotiate so that you get the best possible deal from the IRS. Additionally, having someone experienced in dealing with government agencies like the IRS can make it easier for you if there are any complications, disputes, or delays during negotiations.
An Offer in Compromise can be very beneficial for those who owe back taxes and are overwhelmed trying to pay off their entire balance. No matter who you are, dealing with the Internal Revenue Service can be nerve-wracking. Working with an experienced tax lawyer when filing for an Offer in Compromise provides numerous advantages. Talk to a tax attorney about how they can help you resolve your debt through an Offer in Compromise.