Resolving Tax Debt With An Offer In Compromise
If you have a tax liability that you know you cannot pay, an Offer in Compromise may be able to help you resolve your tax debt to the IRS. An Offer in Compromise is a formal contract between you and the IRS that settles a tax debt for less than the full amount owed.
Generally speaking, the IRS resists accepting Offers in Compromise. Usually, it will only accept an Offer in Compromise if the debtor has demonstrated the inability to pay the whole debt because of his or her financial situation. If an Offer in Compromise is accepted, after the proposed payment is made, any remaining tax liability will be forgiven.
Of the 50,000 to 60,000 Offers in Compromise submitted to the IRS for approval every year, less than one-third of these offers are accepted. In order to maximize the chances that the IRS will accept your Offer in Compromise, you will need a strong and experienced tax lawyer. Attorney Fred L. Baker can present a persuasive case to the IRS that the tax debt in question cannot be paid in full, and that your Offer in Compromise complies with the applicable IRS regulations, procedures and guidelines.
Tax attorney Fred L. Baker has more than 45 years of experience in tax law. He is a former trial attorney for the Internal Revenue Service’s Office of Chief Counsel and has an LLM (Master of Laws) in taxation.
What If Your Offer In Compromise Is Rejected?
If your Offer in Compromise is rejected, Fred L. Baker can advise you as to tax penalty collection relief alternatives, including:
- Installment agreements
- Collection due process appeals
- Non-collectible status
- Abatement requests
- Innocent spouse relief
Our wealth of experience allows us to effectively negotiate with the IRS to lower tax liability or negotiate a feasible payment of the debt.
The Baker Law Firm, P.C. serves individuals and businesses throughout Connecticut. Contact Danbury Offers in Compromise attorney Fred L. Baker at 203-648-4737 to arrange a confidential consultation about your tax issues.