Offer In Compromise - Settle Tax Debts For Less
The Offer in Compromise program - designed to allow
the taxpayer to settle IRS tax debt for less than is owed.
I am sure that you have heard the advertisements on TV, radio, etc. stating that you can pay your IRS debt for "pennies on the dollar." Consider this. If that were true, wouldn't everyone be doing it? The fact of the matter is this. The Offer in Compromise program is very difficult to qualify for. That's right, I said "qualify for." Approximately only 1% of the offers submitted are accepted by the IRS. The way the program works is that you must qualify according to your individual financial situation. Nothing more, nothing less. Anyone who tells you differently is not being honest with you.
The Offer in Compromise is based upon doubt as to liability meaning that the taxpayer believes that the amount of the tax is incorrect or doubt as to collectibility meaning that the amount of the tax is correct, but the taxpayer is unable to pay.
Offers in Compromise are funded 3 ways: a cash offer, a short term deferred offer and a long term deferred offer. I will briefly explain each of these types of offers.
The cash offer is paid in five monthly installments. It is based upon your monthly disposable income times 48 plus your assets. It does not matter how much you owe the IRS, you still will only pay the above amount because it is based upon your ability to pay.
The short term deferred offer is paid in 24 monthly installments. This offer is based upon your monthly disposable income times 60 plus your assets divided by 24.
Finally, the long term deferred offer is based upon the amount of time left on your collection statute of limitations which I will discuss in another section. However, basically, it is your monthly disposable income times the months remaining on your statute of limitations.
As a local Florida Offer In Compromise Tax Attorney concentrating in IRS Problem Resolution, I can help you decide if an Offer in Compromise is the right solution to your IRS tax debt problem. Please call the Law Office of Mary E King for your free consultation at 941.906.7585 or email Sarasota Tax attorney Mary King Esq. for your free IRS Tax help consultation and learn how the offer in compromise program could help you.
Sarasota Florida IRS Tax Relief Attorney Mary E. King, works to help taxpayers' IRS Tax problems offering guidance for IRS Tax debt solutions including, offer in compromise, Installment agreements, Penalty abatement, Innocent spouse relief, currently not collectable status, bankruptcy and other methods to resolve your tax problems.
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The Law Office of Mary E. King P.L. - Florida Tax Attorney
Sarasota Tax Attorney Mary E King has been personally meeting taxpayers with IRS tax problems in the Sarasota area and has the experience to help solve your IRS federal tax problem. Not sure if you need to contact Mary? review our IRS tax problem FAQs.
Attorney Mary E King is located minutes away from Bradenton Florida. Bradenton taxpayers with IRS problems can benefit from a personal meeting with experienced tax lawyer Mary E King, she has specialized in helping Bradenton and other Florida suncoast taxpayers resolve their IRS problems for tax relief.
It is essential for your Florida tax lawyer to be an expert on local Florida tax laws and regulations and how they may affect your federal tax problems. As a tax attorney in Florida helping Florida clients with IRS tax problems since 1993, attorney Mary E King Has the experience to help resolve your tax problems or answer any tax questions you may have.
