Utilizing Offers In Compromise To Resolve Tax Issues
An Offer In Compromise (“OIC”) is an agreement between a taxpayer and the IRS that settles a tax liability for less than the full amount owed. It is one of the only resolution options that compromises principal, penalty and interest due. The IRS will consider an OIC when it is unlikely that the outstanding tax can be collected in full over the life of the statute of limitations and when the offer reflects the reasonable collection potential of the taxpayer.
Eligibility for an OIC requires an examination of a number of different factors: the amount of the tax debt, the amount of time available to the IRS to collect the outstanding tax and the taxpayer’s payment potential based on his or her assets, income and expenses. Determination of each of these components is not straightforward and requires knowledge of the IRS’ specialized rules and procedures. It is important that you secure representation that can help you navigate these requirements, especially if you make an offer in compromise with the IRS and cannot pay for it.
Exclusively Focused On Creating Tax Solutions
At Kundra & Associates, our attorneys can help you secure the best possible resolution to your substantial tax debt situation. Our exclusive focus on tax defense has given us a wealth of experience that we utilize to create the results our clients need. The IRS can create turmoil for taxpayers financially and personally. We take pride in our ability to analyze each taxpayer’s situation and prepare an OIC that will be to the taxpayer’s advantage and acceptable to the IRS.
Extensive Handling In Offers Of Compromise Issues
When you are facing substantial tax debt, the Maryland lawyers of Kundra & Associates can help you make sense of the situation and effectively pursue an optimal tax burden through an Offer In Compromise. To schedule an initial consultation, call 301-637-8130 or contact us online.