An IRS Offer in Compromise is the type of debt settlement that the IRS uses. Just like any type of debt settlement, most people can handle the negotiations by themselves without the aid of a lawyer. There are some situations where an attorney is not only useful, but vital in assisting you with your offer in compromise negotiation.
Factors for Tax Obligation
One element that the IRS uses when assessing your offer in compromise is the reason for the cash owed. In scenarios where you failed to file your taxes or were evading taxes, the IRS is less likely to favorably consider your offer in compromise. One of the requirements to even send an offer in compromise is that all of your tax documents are effectively filed and brought up to date. A lawyer can help in strengthening your existing financial situation to the Internal Revenue Service and generally has more efficient lines of interaction with representatives.
Underlying Circumstances
The IRS acknowledges that unforeseen health and life events can make paying tax debt difficult. However, they need to be comprehensive in their investigation prior to accepting your offer in compromise.
The Internal Revenue Service might have to call you over the phone and may need medical records or other kinds of main documents. Handling a working out on top of whatever else might be excessive. This is where an attorney can truly be a great partner. The attorney can clarify that interactions go directly through their workplace and can manage the paperwork and procedures for you, eliminating much of the stress and work so that you can concentrate on getting well.
Non-Expedited Offers in Compromise
If your offer in compromise does not fall under the expedited requirements, implying that the quantity is over $50,000 or you make more than $100,000 annually, a lawyer is necessary to guarantee a timely acceptance of your deal. Bear in mind that under Internal Revenue Service guidelines, the IRS has up to two years to accept or decline your offer in compromise. This indicates that after entirely paying your required amount, the IRS may still reject the offer and charge you the whole accumulated interest and fines. An attorney can get in touch with the local IRS representatives directly and make sure that your deal is accepted in a timely manner.
Appeal
If your offer in compromise is rejected, you can interest the tax court. As with any court of appeals, this appeal must be managed by an attorney. A lawyer can submit your appeal document within the required time period and will attend your tax hearing and
support you. They will present the actions that you have already taken and can be exceptionally useful in persuading the tax court to think about your arguments.
As you can see, having an attorney on your side when dealing with an offer in compromise situation from the IRS can make things much easier as he or she can handle much of the stress for you while advocating on your behalf.
Protect Your Rights
Garber Law Offices are here to help you with your IRS Matters & Offers in Compromise. Call Garber Law Offices today 856-489-6500