Norwalk, CT Offer In Compromise Tax Solutions
For many taxpayers, State and Federal tax problems of all kinds can reach amounts that are simply not payable in full. With the addition of interest, penalties, late fees and other charges, taxes due can quickly approach amounts that exceed your ability to pay. For these State or Federal delinquent taxpayers, an Offer-in-Compromise (OIC) or Offer-of-Compromise in the case of State taxes, can provide the relief they never thought possible. All taxes of whatever size or type are potentially resolvable for any taxpayer willing to take the time to seek professional help in the preparation and submission of a suitable negotiated lower tax payment.
Successful Offer-in-Compromise Proposals
Formulating an acceptable Offer-in-Compromise proposal is the essential element to obtaining this extraordinary tax relief. Each offer depends on a customized approach that properly assesses a variety of important factors; including:
Types of Tax: The exact nature of the tax involved is an essential element to formulating an appropriate offer amount. Income taxes and Trust fund taxes merit different treatments.
Amount of Tax: The size of the tax obligation can often be critical to determining the proper offer amount; although even the highest of tax obligations can still be resolved through an appropriate OIC proposal.
Taxpayer Assets: Calculating the proper offer requires a careful analysis of all available taxpayer equity. Any offer that is below available taxpayer equity is nearly assured of a slow and painful denial. All liens, levies or garnishments must be taken into account as a baseline for any successful offer.
Taxpayer Income: The proper calculation of all sources of available income and "allowable" expenses is essential to any properly documented offer and amount. The IRS or State guidelines for allowable expenses are complicated but critical to success. Not all family expenses will be deemed allowable.
- Refused offers are rarely overturned on appeal. Make it count the first time by getting help and getting it right.
- The process is slow, taking months and often over a year in the case of Federal Offer-in-Compromise submissions.
3. Refused offers increase tax obligations through the passage of time with interest, penalties and late charges. While levies and seizures stop during an Offer-in-Compromise, refused offers are a temporary and painful result.
An Offer-in-Compromise for State or Federal taxes is an extraordinary opportunity to solve even the oldest and largest of tax problems. Get the professional help you need and deserve.
At the Law Offices of Neil Crane, we've been assisting Connecticut residents with their tax problems since 1983. Call our experienced, committed Offer-in-Compromise attorneys today to schedule your free consultation. If you call 203-230-2233 or toll free 1-888-249-3027, you will speak with an attorney directly about your situation. We don't use voicemail.