Experienced Florida IRS Offers in Compromise Attorney
Financial hardships are a common challenge that can lead to falling behind on tax payments. Coping with outstanding debts to the Internal Revenue Service (IRS) can be a source of considerable stress, and it might seem that there’s no way to resolve such a predicament. However, it’s crucial to understand that taxpayers have options and rights when faced with these challenges. One potential solution in such circumstances is the Offer In Compromise (OIC) program, which allows eligible taxpayers to settle their tax debt for an amount less than the total owed.
Negotiating an offer in compromise can be an effective strategy for reducing the tax liability assessed by the IRS. Lewis Roberts has the expertise, skills, and unwavering commitment to secure the outcomes you rightfully deserve. Contact me at (407) 749-0080 for a free consultation.
Contact Lewis Roberts at (407) 749-0080 to book a free phone, video, or in-person consultation.
Why Choose Lewis Roberts?
When dealing with IRS tax matters, individuals and businesses in Florida often find themselves in complex and stressful situations. The Internal Revenue Service (IRS) offers various options for resolving tax debt issues, and one of the most effective methods is the Offer in Compromise (OIC).
When navigating this process, choosing the right attorney to represent your interests is essential. Here are the reasons to contact me:
1. Effective Negotiation Skills
Successful negotiation with the IRS is crucial to securing a favorable OIC settlement. I pride myself on my negotiation skills, which are essential for reaching an agreement that minimizes your tax liability. My ability to communicate effectively with IRS agents and present a compelling case on your behalf increases your chances of a successful outcome.
2. Local Knowledge and Presence
I am well-versed in federal tax laws and regulations regarding settlement. My familiarity provides a distinct advantage when advocating for clients within Florida.
3. Personalized Approach
Recognizing that each tax situation is unique, I adopt a personalized approach to every case. By thoroughly analyzing each client’s circumstances, I develop a customized strategy that maximizes the chances of acceptance of a successful offer.
What Is an Offer in Compromise?
The Offer in Compromise (OIC) program, established by the IRS, aims to provide a pathway for eligible individuals with outstanding, unpaid tax debts to negotiate a reduced settlement amount. This allows them to settle their debt with the IRS for less than the total owed while ensuring the government still collects a portion of the taxes owed.
Navigating the OIC program involves navigating complex requirements and administrative procedures. Any improperly prepared offer is likely to be rejected. Therefore, it is crucial to seek the assistance of a qualified IRS Offers In Compromise attorney to increase your chances of success in this program.
There are three specific criteria the IRS evaluates to determine eligibility:
1. Doubt as to Collecting Full Payment
This situation arises when there is uncertainty about a taxpayer’s ability to fully settle the owed tax, along with associated penalties and interest, within a reasonable time frame. An OIC will not be approved under this circumstance if the IRS believes the taxpayer can pay the full amount, either in a lump sum or through an installment agreement. Moreover, the IRS typically considers an OIC on this basis only if the amount offered by the taxpayer equals or exceeds the reasonable collection potential (RCP). The RCP is determined by evaluating the taxpayer’s capacity to pay and the value of assets and potential future income while subtracting certain living expenses.
2. Doubt as to Liability
It’s important to note that the IRS may not always have an accurate assessment. If there are uncertainties regarding the determined tax liability, an OIC may be a viable option. This situation commonly arises when penalties are imposed, even though the taxpayer meets the criteria for penalty non-assertion. It may also occur if an examiner overlooks evidence presented by the taxpayer during an IRS audit or if the taxpayer has no evidence to support their position on a tax return.
3. Effective Tax Administration
This basis for an OIC may still apply even if the assessed amount is deemed accurate and the IRS believes the taxpayer can afford to pay the entire sum. This avenue can be pursued if the taxpayer can demonstrate that collecting the amount owed would result in a financial hardship, contravene public policy, or lead to an unjust or inequitable outcome.
You need an experienced Offer In Compromise case lawyer to handle your Offer In Compromise case. Contact Lewis Roberts at (407) 749-0080 to schedule a free phone, video meeting, or in-person consultation.
Here Is How I Can Help With Your IRS Offer in Compromise Case
To successfully negotiate an OIC with the IRS, it is essential to have experienced legal representation. Here is how I can help your case.
In-depth Knowledge of IRS Regulations
I understand the rules, regulations, and procedures of the IRS. This enables me to assess your financial situation and determine whether you qualify for an OIC, which is a crucial first step. I can help you gather the necessary financial documentation and assess your eligibility, ensuring you can secure a favorable outcome.
Customized Strategy Development
Every IRS OIC case is unique, and I understand the importance of tailoring a strategy to fit your specific circumstances. I will work closely with you to craft a personalized plan that maximizes your chances of acceptance. This may involve negotiating the offer amount, addressing legal issues, and ensuring all required paperwork is complete and accurate.
Protection From IRS Collection Actions
Once you submit your OIC, the IRS is required to cease collection activities, providing you with some relief from levies, garnishments, and other enforcement actions. I can help you navigate this process, protecting you from further collection efforts while your offer is considered.
Appeals and Legal Recourse
If your OIC is rejected, I will explore alternative options, such as appealing the decision or seeking other legal remedies to address your tax debt. I will devise strategies for reconsideration and, if necessary, court proceedings to protect your rights and interests.
How Do You Know If You Qualify for an IRS Offer in Compromise?
The IRS Offer in Compromise (OIC) involves numerous eligibility criteria. Due to the intricate nature of these requirements, it is advisable to consult with a Florida IRS Offers In Compromise attorney to assess your eligibility.
Generally, adherence to all income tax obligations is essential for any IRS Resolution program. This entails filing the necessary tax returns and, if applicable, fulfilling all required estimated tax payments for the year. Here are some additional eligibility prerequisites for participation in the IRS OIC program:
- You must have received a tax notice relating to at least one of the tax liabilities included in your offer.
- You cannot be currently involved in an active bankruptcy case.
- You must not be capable of paying your entire tax bill.
How Long Does the Offer in Compromise Process Take?
Depending on your circumstances, the processing and decision-making period can range from four to twelve months. Having accurate personal and financial information readily available will expedite this process. Opting to appeal or dispute the decision will extend the timeline. If the IRS doesn’t reach a determination within two years of receiving it, your offer is automatically accepted. Please note that this two-year period does not include any appeals.
While your offer is under assessment, the non-refundable payments and application fees are allocated toward your tax liability. You can specify which tax year and debt these payments should be applied to. Throughout the assessment phase, the following may occur:
- The IRS may file a Notice of Federal Tax Lien, informing creditors that the government has a legal claim on your assets, real estate, and other property.
- Collection activities by the IRS will be temporarily suspended.
- You are obliged to make payments in accordance with your offer.
- You are not required to continue payments through an existing installment agreement.
- The collection period and legal assessment are extended.
What Are the Available Payment Options?
When initiating the offer in compromise process, you have two payment options:
1. Lump Sum Cash Offer
- Payable in five or fewer installments.
- If accepted, these payments must be completed within five months.
- A non-refundable payment of 20% of the offer amount must be included and will be applied to your liability.
2. Periodic Payment Offer
- Payable in six or more monthly installments.
- Must be paid within 24 months after the offer is accepted.
- When submitting your application, you must include the amount equivalent to your first month’s payment. This non-refundable amount will be applied to your tax liability.
If you opt for a periodic payment offer, you must maintain installment payments as specified in the offer during the evaluation process. These payments will also be applied to your liability.
You can allocate these liability payments to a specific tax year or tax amount until the OIC is accepted. Once it’s accepted, no offer payments may be made toward liabilities covered under the OIC.
Frequently Asked Questions
Is it possible for me to handle my own offer in compromise?
While navigating the OIC filing process independently is possible, it’s advisable primarily for people well-versed in tax matters. Attempting to file on your own increases the likelihood of errors that could result in additional fees and decrease the probability of approval. Contacting me will expedite the process and increase your chances of achieving a successful outcome.
What potential savings can I achieve through an Offer in Compromise?
The amount you can propose is calculated using a complex IRS formula that considers various factors. I’ll gather your necessary information to determine the appropriate offer amount.
Are there any disadvantages to pursuing an Offer in Compromise?
If your offer is accepted, you’ll need to have the funds available for a lump sum payment to settle the debt. Depending on the size of the offer, this may pose a challenge. An installment agreement could be an alternative option for those unable to manage a lump sum payment.
Contact a Florida IRS Offers in Compromise Attorney Today
When faced with the daunting prospect of an IRS Offer in Compromise case, I can help you navigate the intricate world of IRS regulations and negotiations.
By enlisting my services, you can significantly increase your chances of securing a favorable resolution to your tax debt issue. Contact me at (407) 749-0080 for a free consultation.