If you have been audited by the IRS and have received notification that you owe a significant tax liability, or are engaged in a dispute related to taxes owed, there may be options available to work out a settlement. An offer in compromise (OIC) is an agreement with the IRS, in which the taxpayer settles for less than the total tax liability. To take advantage of discounted taxes through an OIC, call Insight Law. A Tax Attorney will review your current circumstances and determine whether you qualify. If you qualify, we provide experienced representation from a local Tax Lawyer to help you through the process.
Offers in Compromise Based on Inability to Pay
The IRS recognizes that it is often better to compromise and negotiate down to what the taxpayer can pay, rather than assign the total liability to Not Collectible status. An offer in compromise is typically based on the taxpayer's inability to pay the amount owed. The IRS will examine your assets and liabilities, including your household expenses, and apply a formula to determine whether you could pay if the total liability is reduced. We will handle the negotiations with the IRS and work aggressively to help you settle for a tax liability that meets your needs. In addition to obtaining an offer in compromise, we can also work toward an installment payment plan that satisfies the IRS, as well as your personal financial situation.
What Conditions Will You Have to Meet?
In order to qualify for consideration for an offer in compromise, the IRS places some strict requirements on the taxpayer, including:
- Remaining current on annual tax filing and tax payments for five years from the date of acceptance of the OIC
- Remaining current in paying estimated taxes or withholding taxes during the current tax year
Failing to meet these conditions will result in the IRS declaring you in default, and you may be charged in full for all taxes discounted in the negotiated settlement.
Seattle IRS Settlement Lawyer
From offices in Seattle, Burien, Everett and Bellevue, our Tax Lawyers advise and represent clients in communities throughout King County, Pierce County and Snohomish County, Washington. Call us toll free at 877-343-4358 or contact our office by e-mail to arrange an initial consultation with an experienced Seattle tax settlement attorney at our firm today.
"Christopher Larson took on my case over a year ago and in that time he has reduced my tax liability by over $315000!! I have been very impressed with his knowledge and professionalism. He was able to answer all of my questions and addressed them in a timely manner. Along with reducing the debt, he was able to eliminate the possibility of my having to spend time away from my family in a tax prison. I would recommend Christopher to anyone needing representation in dealing with the IRS. Again, the amount of money saved has been well worth having Christopher work on my case."
, Burien, Washington