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Connecticut Offer in Compromise Lawyers
Settle Your Tax Debt for Less Than You Owe
Tax debt can build up quickly. As the taxing authority adds more penalties, interest and fees to your debt, it may seem impossible to ever pay off.
You still have options. When debt is unpayable, sometimes your best option is to submit an offer in compromise to the taxing authority. An offer in compromise, also known as an offer of compromise, allows you to pay less than what you owe to the taxing authority.
The rules and regulations around offers in compromise are different depending on the type of taxes involved and whether your taxes are local, state or federal. At the Law Offices of Neil Crane, LLC, we know the tax laws at every level. We know how to negotiate for a settlement with the IRS, Connecticut Department of Revenue Services (DRS) or local tax authority. We can help you get the tax debt relief you need to move forward.
To speak with a lawyer at our office about obtaining an offer in compromise in Connecticut, contact our law firm online, or call us at 203-230-2233 or toll free at 888-249-3027. Your first consultation with us is free of charge.
Offers in Compromise With the IRS
An offer in compromise (OIC) is an agreement between the Internal Revenue Service and a taxpayer that settles the taxpayer's liabilities for a negotiated amount that is less than the full amount of the tax due. Since an OIC Application often takes years for the Internal Revenue Service to process, it is essential that all OIC candidates obtain the most knowledgeable counsel possible.
The key to any OIC is a calculation based upon properly documented and submitted IRS request forms. A properly submitted Form 433-A and 433-B needs to present a completely accurate depiction of a taxpayer's assets, liabilities and monthly cash flow. Understanding the IRS criteria for analyzing all financial information requires the knowledge and experience gathered from years of evaluating personal and family budgets throughout Connecticut.
Process and Criteria for Successful OIC Applications
The granting of an acceptable offer in compromise can provide extraordinary tax relief that requires proper evaluation and proper documentation in accordance with the IRS standards for approval and grounds for granting relief.
The approval process takes an average of over a year and the majority of offers are declined. The prolonged length of the application process puts further pressure on the need for success, since unaccepted offers can cause catastrophic costs and delay for taxpayers already in need. The extreme downside of an unaccepted offer means that all offers must be the product of a thorough evaluation, extensive analysis, and well-documented presentation.
Given the costs and stakes involved, taxpayers need to maximize their chances for success by seeking experienced tax professionals who fully understand the entire process of evaluation, documentation and all the available payment options, including:
- Lump sum settlement
- Short-term payments
- Deferred periodic payments
At the Law Offices of Neil Crane, LLC, we have years of experience in evaluating taxpayer budgets in accordance with the allowable expenses criteria utilized by the IRS in assessing and granting the extraordinary relief of a granted offer in compromise. We can also assist you if your offer in compromise has been rejected.
Offers of Compromise With the Connecticut Department of Revenue Services
The DRS refers to offers in compromise as an offer of compromise. The concept, however, remains the same. Our attorneys will daft an offer to the DRS for their review. Looking at your income, assets and expenses, the DRS will decide whether to accept your offer. In order to qualify for an offer of compromise, you must:
- Timely file all Connecticut tax returns
- Remain in compliance on current tax years
- Properly represent you ability to pay the appropriate amount of tax debt given the amount you originally owed
Our attorneys are experienced at negotiating Connecticut offers in compromise and handling all tax debt issues. We can help you complete an application for an offer of compromise and pursue the debt settlement you need.
Contact Our Tax Debt Relief Attorneys
Since 1983, our lawyers have helped clients resolve all types of tax debt issues, from the simple to the complex. For answers to your questions about tax debt and offers in compromise, call us today at 203-230-2233 or toll free at 888-249-3027, or contact us online for a free initial consultation. We have office locations in Hamden, Bridgeport, Ridgefield, Waterbury and Rocky Hill.
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