Offer in Compromise
If you have a tax liability that’s beyond what you have the ability to pay, contact a dually licensed Attorney-CPA at Faizan Law Firm, PC for assistance in qualifying and negotiating a reduction of your total payment through an Offer in Compromise. Attorneys who are also CPA’s combine the knowledge and experience needed to address critical issues from both legal and financial perspectives simultaneously. The seasoned professionals at Faizan Law Firm, PC are uniquely qualified to help you evaluate all of your tax collection alternatives and to work with you and the IRS to reach a favorable settlement agreement.
An Offer in Compromise is an IRS program that allows you to settle your tax debt for less than the full amount you owe. It may be a collection option for you to pursue if you can’t pay your full tax liability, or doing so would create a financial hardship. The attorney’s at Faizan Law Firm, PC will take the time to meet with you and gather all relevant facts and assist in presenting these facts to the IRS for review. IRS will consider your current income, assets, and liabilities and take into consideration reasonable and necessary living expenses. Certain collection standards apply and should be evaluated by a competent professional.
If the facts permit, we can work with you to submit Form 656 – Offer in Compromise seeking approval by IRS when the amount offered represents the most IRS can expect to collect within a reasonable period of time. Before considering an OIC, you must be current with all filing and payment requirements and is subject to a pre-qualification screening.
More information about the IRS’ Offer in Compromise Program can be found here: https://www.irs.gov/payments/offer-in-compromise
When you or your business demands the dual need for an accountant and an attorney, you shouldn’t have to pay for two different, high-priced professionals. The Attorney-CPA’s at Faizan Law Firm, PC combine the knowledge and experience needed to address the critical issues you face from both legal and financial perspectives simultaneously. Contact us today to experience the power of the dual view.