Ohio Offer in Compromise Representation
The tax attorney at Columbus, Ohio-based law firm Porter Law Office, LLC assists taxpayers with resolving tax debts through the offer in compromise program. An offer in compromise, or OIC, allows you to settle your federal tax debt with the Internal Revenue Service (“IRS”) for less than the full amount you owe.
If you cannot pay your tax liability in full, and the amount offered represents the most the IRS could expect to collect within a reasonable time, an offer in compromise may be a legitimate option. The experienced tax attorney at Porter Law Office, LLC has in depth experience settling tax debts under the IRS’s offer in compromise program.
Grounds to Compromise a Tax Liability
An offer in compromise is defined as an agreement between a taxpayer and the IRS that settles a tax liability in exchange for payment of less than the full amount owed. The IRS is authorized to compromise a tax liability on any one of three grounds: (i) doubt as to collectibility; (ii) doubt as to liability; or (iii) to promote effective tax administration. You must also be current on all tax filing and payment requirements with the IRS and you cannot currently be in bankruptcy proceedings.
Practice Pointer: The offer in compromise program is not for everyone and is limited to only qualified candidates. But, the IRS has made the offer in compromise program more accessible to a greater number of taxpayers through a series of fresh start initiatives. For more information, read the latest IRS fresh start announcement.
The IRS’s stated goal with the offer in compromise program is to achieve collection of what is potentially collectible at the earliest possible time and at the least cost to the government.
OIC Ability to Pay Analysis
In reviewing an offer in compromise, the IRS will examine your financial situation in detail including your ability to pay. This analysis includes a detailed review of your monthly income and expenses, and the equity in your assets. Prior to filing an offer in compromise application with the IRS, it is very important to review and understand how your current financial situation impacts your eligibility under the IRS’s offer in compromise program. In fact, the ability to pay analysis is the most important pre-filing process for determining your eligibility for an OIC.
The tax attorney at Porter Law Office, LLC has extensive experience with the IRS’s financial analysis model for reviewing OICs. By hiring Porter Law Office, you are engaging a tax lawyer who will thoroughly review your ability to pay prior to filing your OIC to ensure that your application has the best chances of success possible.
Contact an Experienced Ohio Tax Attorney
Offer in Compromise Representation | Columbus Tax Lawyer
If you owe the IRS a tax debt, contact the experienced tax lawyer at Porter Law Office, LLC to discuss your eligibility under the IRS’s offer in compromise program. Some tax debt relief companies will make promises that are simply not true. Columbus, Ohio tax attorney Matthew R. Porter, Esq. LL.M. understands that not everyone qualifies for an offer in compromise. By analyzing your reasonable collection potential, Mr. Porter will be able to determine your eligibility for an IRS collection alternative, including the offer in compromise program. Contact the experienced Columbus, Ohio tax lawyer at Porter Law Office, LLC today for a free consultation to discuss your particular IRS tax needs and options to file for an offer in compromise.
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Helpful Offer in Compromise Resources