Reducing State and Federal Tax Debt: Offers–In–Compromise in Stamford, CT
State and Federal tax debt that becomes "unpayable" requires a negotiated settlement for a lower repayment amount. This detailed process of negotiation requires the best possible professional help from experienced tax and legal professionals. Compromised tax repayment provides extraordinary relief but it is often a one-shot deal, so get the best help and put your best foot forward.
- State taxes are handled through an Offer-of-Compromise
- Federal tax relief is called an Offer-in-Compromise
To learn more about tax relief, call the Stamford tax relief attorneys at the Law Offices of Neil Crane. We've been solving tax problems like yours for over 30 years. Call 203-230-2233 or toll free at 1-888-249-3027.
RESOLVING TAX DEBT: PROPER OFFER CALCULATION:
All State and Federal offers are resolved based on two criteria:
Available Assets: Any offer for State or Federal tax authorities needs to provide a careful liquidation analysis of all available taxpayer assets. This requires the proper liquidation valuation of any tax payer assets and deduction of all available encumbrances and hypothetical liquidation costs. Whether liened or not, any compromise offer below proper asset liquidation value will be perceived by the denied by the IRS or the State Department of Revenue Services.
PROPER INCOME ANALYSIS
Whether calculated for purposes of a lump sum offer or an Offer-in-Compromise through short term payments, all compromises of State and Federal taxes must examine household income from all sources as compared to "allowable expenses." Calculation of "allowable" expenses in an analysis that requires experience and familiarity with the local standards utilized in evaluating an Offer-in-Compromise.
Our office utilizes "allowable expenses" analysis on a continuing basis in all counties of Connecticut. This makes us uniquely qualified to understand calculated, acceptable compromise offers.
AVOIDING OFFER REJECTIONS
Since submitted offers provide only temporary relief from tax revenue collection, any rejected offer can have catastrophic consequences, as debt amounts increase through interest and penalties and collection efforts recommence upon rejection.
To understand and maximize your probability for reduced tax debt success, call the dedicated Stamford tax debt attorneys at the Law Offices of Neil Crane today at 203-230-2233 or toll free at 1-888-249-3027.