Reducing State and Federal Taxes – Compromise Solutions in New Britain, CT
As a result of difficult economic times for individuals and small businesses in the New Britain area, many delinquent taxpayers have unfiled returns and tax obligations that exceed their ability to repay in full. For these taxpayers, a negotiated settlement is the best possible solution. Options include:
- Lump Sum Settlement in a one-time amount
- Short Term Payments
- Periodic Installments
- Hybrid Payments
To learn more about attempting to resolve your overwhelming State or Federal tax problems, contact us at 203-230-2233 or toll free at 1-888-249-3027 for a Free Consultation.
Requirements for Reducing State and Federal Taxes
While the State and Federal compromise systems work differently, there are common requirements for all Offers-in-Compromise applications:
- All tax returns must be filed prior to Offer-in-Compromise submissions;
- The taxpayer must be in compliance for all other tax periods;
- The taxpayer must remain in compliance for future years.
Calculating Proper Tax Offer Amounts:
All settlement offers need to address:
- Existing taxpayer equity in all assets, including real and personal property wherever located;
- Present income and future income excess amounts over "allowable expenses"
Any acceptable offers need to calculate and combine these two sources of payment in order to qualify for acceptance for compromise by State or Federal tax authorities.
Proper offers require experienced professionals who understand the proper calculation of available equity and allowable future excess income.
For a free consultation with an experienced and knowledgeable New Britain tax compromise solutions attorney, call our office today. We can be reached at 203-230-2233 or toll free at 1-888-249-3027. We have been resolving New Britain tax problems since 1983, and we can resolve yours, too!