Thinking about seeking an Offer in Compromise?

On Behalf of | Sep 27, 2019 | Back Taxes or Tax Debt

Do you owe the Internal Revenue Service more money than you can pay at present? If you do, you are not alone. Numerous Connecticut residents find themselves in this position every year. Thankfully, you may be able to seek an Offer in Compromise in order to resolve the tax debt.

What exactly is an Offer in Compromise? It is an agreement made with the IRS that you will pay a portion of the debt you owe in installments and the rest will be forgiven. Sound too good to be true? It is not something that the IRS agrees to lightly. In fact, they refuse most Offers in Compromise requests.

If you are wondering why you should bother, then, it is understandable. The simple truth is, there can be some stiff consequences for not paying your taxes. If you honestly cannot afford to, the IRS will likely work with you in some way. Achieving an Offer in Compromise, if you are able, would allow you to settle your debt for far less than you owe, which could certainly prove beneficial to your pocketbook. So, it is certainly worth applying for.

As so few Offer in Compromise requests are approved every year, having legal counsel assist you with your submission can go a long way in helping you achieve the approval you desire. An experienced tax law attorney will know precisely what you need to do to file and can present your case to the IRS. If your request is ultimately approved, legal counsel can make sure the terms of your agreement are appropriate. If your application fails to receive approval, a Connecticut-based tax attorney can help you find another way to deal with the debt. To learn more about this topic, please take a moment and visit our firm’s website.