Experienced Offer in Compromise Attorney in Washington, DC
Offer in Compromise
If you're struggling to pay your federal tax debts, there is hope. Under specific circumstances, you can settle these debts for less than what you owe through the IRS's Offer in Compromise program. Working with a knowledgeable offer in compromise attorney in Washington, DC, allows you to navigate this process toward tax relief and peace of mind. Fortunately, The Tax Law Firm of Charles A. Ray, Jr. has a reputable legal professional with the right field experience to help you settle your federal tax debts for less than the full amount owed.
What Is an Offer in Compromise?
An offer in compromise is a provision within the Internal Revenue Code that allows taxpayers to settle their federal tax liabilities for less than the full amount owed. This arrangement is typically pursued when certain criteria are met, providing a viable option for those in financial distress. Consulting with a skilled tax relief attorney enables you to learn the best action to take regarding your federal tax debts.
Accepted Circumstances for an Offer in Compromise
There are three primary scenarios where the IRS may accept an offer in compromise:
When There Is Doubt That the Taxpayer's Liability for the Tax Exists: If there's a legitimate legal dispute regarding the existence or amount of the tax liability that the IRS claims is due, an offer in compromise may be accepted. For instance, if the IRS claims a tax amount based on an original return when you've already filed an amended return with corrected income or deductions, you may be eligible to file an offer in compromise. Talk to our experienced offer in compromise attorney to explore this option.
When There Is Doubt That the Taxpayer Can Pay for the Full Amount Owed: This is the most common scenario. Under this category, you must demonstrate that the total financial resources available to you are insufficient to cover the full amount of the tax due by submitting certain documentation regarding your assets, monthly gross income, and monthly expenses to the IRS. Speak with our reliable offer in compromise attorney to find out more about this option.
Based on Effective Tax Administration: This category enables the IRS to accept offers in compromise even when you agree that you owe the full amount of the tax due and have the means to pay. If you can prove that paying the full amount would cause undue economic hardship or that it would be unfair and inequitable, your offer in compromise may be accepted. Reach out to our dependable offer in compromise attorney for additional information about this option.
