You May Be Able To Pay Off Your Tax Debt For Less Than You Owe. We Can Help.
You’ve heard ads that promise to discharge your tax debt for “pennies on the dollar.” If it sounds too good to be true it probably is. We evaluate every case to see if it qualifies for an offer in compromise (OIC). While it is unlikely you will be able to discharge your tax debt for mere pennies, you may be able to negotiate a lower payment with the IRS through an offer in compromise.
An OIC is an agreement in which the IRS agrees to accept a payment that is less than the full amount. In exchange, your remaining tax debt is forgiven. In addition to the IRS, most states provide a similar option to resolve a tax liability.
At McCauley Law Offices, P.C., we find tax solutions. Located in Chester County, Pennsylvania, our firm has helped taxpayers nationwide pay off their tax debts through OICs.
How Can I Get An Offer In Compromise?
Negotiating OIC agreements with the IRS can be difficult. The IRS will only agree to an OIC if it feels its ability to collect is in doubt. Even then, determining the amount of the OIC is tricky. Strict formulas are used to determine collectability. If you make an offer that is too low, it will be denied.
Obtaining a fair and acceptable OIC takes skill and experience. Our lawyers know how the IRS evaluates OICs and we know how to position your case to get the best outcome possible.
How do we do this? Through hard work and diligent preparation. Our attorneys begin by thoroughly analyzing your financial information, including your income, your assets, your expenses and your liabilities. We then put together an offer the IRS will accept.
An OIC may not be the best solution for you. During our review of your finances, our lawyers will examine all possible tax resolution strategies. If a better outcome can be reached through a different tax solution, we will advise you as such.
An OIC Is Not The End Of The Road
Once the IRS accepts an OIC, your work is not done. In addition to making a lump-sum payment, you may be required to file and pay your estimated taxes for the current year and for five years following the OIC. Failure to do so could result in the cancellation of the OIC and reinstatement of your original tax debt. Our attorneys will help you create a plan that keeps you compliant with these requirements.
Contact McCauley Law Offices, P.C.
Don’t let tax debt weigh you down for another day. Contact our law office at 610-388-4474 for help finding the tax solution that is right for you.