Setting Up An Offer In Compromise To Address Unpaid Taxes
Despite its continued use and nonstop advertising an offer in compromise is not the solution to every tax problem. An offer in compromise takes careful planning and coordination. Certain persons will not qualify, and even if you do qualify, you may have other options. Depending on the facts of your case, I can set up an offer in compromise which may work now, or one that may work after a short time, for example, in three months from now.
The quality of results can depend on the level of your income. I am tax lawyer Robert T. Leonard, and I have obtained excellent results for persons with low incomes. Moreover, I understand that high income individuals need additional considerations to give their offer in compromise a better chance of being accepted. Factors that affect offers in compromise include the nature of your problem and whether your problem is isolated or recurring. Certain questions must be answered such as are you in current compliance. Also, do you have the type of taxes which are dischargeable in a bankruptcy? Even the IRS Manual recognizes the value of the threat of bankruptcy during a pending Offer in Compromise.
Your medical condition, age, ongoing marital problems and unemployment can affect the chances of your offer being accepted. You will need to provide transcripts to demonstrate your current liabilities and financial statements. Supporting documents need to be submitted with your offer in compromise. Your tax attorney needs to know the approximate amount of your assets.
You need a tax attorney with expertise in offers in compromise who can handle the complexities of this tax-saving device. Robert T. Leonard can coordinate dual federal and state offers in compromise. The filing of dual offers is an easier process if there are no assets. However, if a taxpayer does have assets then the situation is much more complicated. Cash or liquid assets may need to be deposited with the offer in compromise. There is less certainty in submitting an offer in compromise than bankruptcy, however when offers in compromise are accepted they can provide large tax savings.
Offers in compromise can be used to negotiate the amount of tax, interest and penalties that you owe. The same principles that apply to individuals who apply for an offer in compromise, apply to businesses that want to propose an offer in compromise. Acceptance of an offer in compromise is contingent on an individual or business staying current on their taxes for a designated period of time.
Contact Our Firm
If you owe money to the IRS and need a tax attorney to develop and implement the right action plan for you, call Robert T. Leonard directly at the Law Offices of Robert T. Leonard at 818-485-2115, or fill out the online form on this website for a free, confidential, initial case consultation. We will review your case and your options with their respective benefits and drawbacks, and any alternatives to the legal process that you may have. My office accepts Visa, MasterCard, American Express and Discover as payment. Based in Woodland Hills, I represent individuals and businesses in Orange, Ventura, San Bernardino, and Riverside counties, as well as other communities across the country.
Hi, I’m Robert Leonard, tax attorney specializing in tax litigation and tax controversy matters. The IRS has a program known as an offer in compromise which is specifically designed for financially distressed taxpayers who negotiate their debt including interest and penalties for a lump sum payment which is less then the total amount owed. Now some tax resolution companies advertise this as a new program, but it’s not. I’ve been successfully negotiating these offers for years. The offering compromise is a lengthy process and a lot of work and there is no guarantee that the IRS will accept the amount offered. However, I found success with this program for the following four reasons:
One, technical expertise. I am quite familiar with the Internal Revenue manual, all the guidelines, the technical requirements, the deadlines etc. and that is essential.
Two, a customized plan. Each tax situation is different, so I create a specific plan designed to give the very best result for you.
Three: caring. I care for each of my clients and my persistence to get the very best result has proven to be successful.
And four: solid reputation. I enjoy a very solid reputation with the IRS and I negotiate these offers with the same offering compromise specialists again and again so that reputation has proven to be quite beneficial for my clients.
If you are interested in discussing whether an offer in compromise is right for you, call me 818-485-2115. I look forward to your call.