Practice Areas Tax Resolution
Offer In Compromise
Although the IRS is the most brutal collection agency, you still can settle for less than what you may owe! This process is generally called an “Offer in Compromise”. Many taxpayers are eligible to negotiate with the IRS to pay a smaller amount than what the IRS may say they owe.
If you are successful in qualifying for an Offer in Compromise (OIC), some or all of the tax, penalties, and interest you owe could be negotiated down. Also, if you are successful, all federal tax liens will be released. Sometimes you qualify for an Offer in Compromise because you are an innocent spouse (see “Innocent Spouse link), other times, it’s because you are simply not able to pay your tax bill. Whatever the situation, you can possibly reduce your IRS tax debt substantially.
Lots of time the taxpayers handle their own Offer in Compromise, and unfortunately wind up worse off than when they started. This is a common mistake due to lack of experience dealing with the IRS. Most of the time, the taxpayer makes the big mistake by saying the wrong thing, or being deceptive which could result in facing criminal prosecution for tax fraud. This is a very risky. Keep in mind that the IRS knows more about taxation and what to look for in a cheater or tax evader than you do.
Our Successful Handling of Offer in Compromise
Tenina Law, Inc. can handle the entire case for you, restrict or limit the amount of your offer, and keep you within the law. Once, we begin the representation, you will never be required to meet with the IRS. The negotiations are based on the proper valuation of your assets, typical living expenses and monthly income.
Three ways the tax payer can qualify an Offer in Compromise (OIC):
IRS assessed tax is incorrect.
The IRS does not think the full amount of tax owed could ever be paid.
The taxpayer has a serious economic hardship . an expensive, life threatening illness for example.
At Tenina Law, Inc., we will negotiate an offer in compromise with the IRS on your behalf. Dealing with tax issues are extremely complicated and stressful . you need a tax lawyer who specializes in tax law and has experience in helping people get rid of their IRS problems.