Reducing or Eliminating State and Federal Taxes: Offers-In -Compromise in Danbury, CT
Tax debt that exceeds a taxpayer's ability to repay in full can sometimes be resolved through settlement for a lower amount. The procedure for reducing Federal tax debt is called an Offer-in-Compromise. State taxes are also in certain cases eligible for appropriate settlement at a reduced amount.
An Offer-in-Compromise is always available, but all Offers are subject to slow processing and tax authority rejection.
Be certain that any Offer-in-Compromise is properly established by the facts of your case as rejections are common and rarely overturned.
Make the best of your chance to solve your State or Federal tax debt by obtaining the best possible analysis and guidance from experienced legal professionals. Call us for a free analysis of your tax problems at 203-230-2233 or toll free at 1-888-249-3027.
FACTORS IN ELIMINATING OR REDUCING TAX DEBT
The Offer-in-Compromise procedure always examines all taxpayer available assets and the taxpayer's present and future ability to pay from income.
Income Analysis is completed through the filing of a balance sheet often called a Form 433-A that provides information on asset values and prior secured encumbrances. Equity amounts, whether subject to tax liens or not, are always considered as a minimum offer amount in any attempt to reduce or eliminate State or Federal tax debt.
The combination of asset equity and available excess income is the best predictor of the correct amount required by revenue officers to accept an Offer-in-Compromise.
To properly calculate the correct amount of any Offer-in-Compromise, seek the experience of professionals who understand the compromise procedure and the proper amount of your offer, based on your individual circumstances.
To learn more about eliminating or reducing your tax debt, call the Offer-in-Compromise attorneys at the Law Offices of Neil Crane at 203-230-2233 or toll free at 1-888-249-3027. We offer a free consultation. Put our knowledge to work for you.