Settling Tax Disputes Through Offers in Compromise: How a Tax Attorney Can Help
Tax disputes with the IRS can be difficult, but there are ways to resolve your tax debt without paying the full amount. One of the most effective options available to taxpayers is the Offer in Compromise (OIC). This program allows taxpayers to settle their debts for less than what they owe, provided they meet certain criteria.
What is an Offer in Compromise?
An Offer in Compromise is an agreement between a taxpayer and the IRS that allows the taxpayer to pay a reduced amount to settle their tax liabilities. This option is designed for taxpayers who cannot afford to pay their full tax debt or where paying in full would cause significant financial hardship.
The IRS evaluates several factors when determining eligibility for an OIC, including:
- Income: What the taxpayer earns.
- Expenses: Monthly living costs and necessary expenditures.
- Asset Equity: The value of property and assets owned by the taxpayer.
The IRS will only accept an OIC if it is deemed to be the most they can collect from the taxpayer within a reasonable period. Therefore, the process requires thorough documentation and a clear demonstration that paying the full amount would create undue hardship.
How a Skilled Tax Attorney in Georgia Can Help
Settling a tax dispute through an Offer in Compromise is a complex process. A tax attorney in Atlanta can provide invaluable assistance by evaluating your financial situation, preparing the necessary paperwork, and submitting the OIC to the IRS. Additionally, a tax attorney can communicate with the IRS on your behalf, ensuring the offer is presented correctly and in the best light.
A skilled tax attorney also knows the common pitfalls in the OIC process. By leveraging their experience, they can guide you through any complications that may arise and improve your chances of a successful resolution.
Don’t Face Your Tax Burdens Alone
If you are struggling with tax debt, the Law Office of Max Benkel can help you explore the possibility of settling through an Offer in Compromise. With over 35 years of experience handling tax disputes, our tax attorney in Atlanta will ensure the process is smooth and successful. Contact us today to learn more about how an Offer in Compromise can help you resolve your tax debt.
