Offer in Compromise Attorneys in Hollywood
Can I Deal With The IRS?
Whenever you’re dealing with a tax problem, you should always know that the government’s main goal is to get the tax you owe from them. They will do a lot of things for you so that you can pay down your tax burden if you’re willing to work with them. For instance, both the IRS and the Florida DOR allow you to go onto an installment plan to pay back taxes. But what if you absolutely cannot pay?
What Is An Offer in Compromise?
There is a way to pay back your tax burden for pennies on the dollar with the IRS. However, it is very difficult to get. The legal term is an “offer in compromise”. Many tax services advertise that they can secure these for you, but it is not as simple as it first appears. You have roughly a 40% shot of achieving it, and that’s with all the proper documentation. You will need to show that it’s either impossible for them to get the money or there is an extreme economic hardship that prevents you from paying at this time.
An offer in compromise tells the IRS that there’s no way they’ll be able to get back the money you owe in full, but that you’re willing to pay a smaller amount to clear the debt. Needless to say, the government isn’t too keen on letting just anyone do this. You have to prove to the IRS that you truly cannot pay, which means you have to give them all your financial documentation to verify that you can’t pay.
It’s a bit of a double-edged sword. If they deny your claim, they’ll have all the documentation they need to accelerate collection actions based on what they think you’re able to pay from the information you gave them. If they do accept your offer in compromise, expect them to watch your returns carefully for a few years.
Be Prepared For The Offer In Compromise Process
It is also a long process and a costly one. You could end up spending up to thousands of dollars for the process before finding out that an offer in compromise won’t work. But for people already deep in tax debt, paying a little extra just for the chance of wiping out tens of thousands in tax debt they can’t pay is enough to make them take the chance.
Zuckerman Law has helped many people achieve an offer in compromise. We know the process very well and can assess your chances of success based on your current situation. We will never try to push you into an offer in compromise, and only suggest it if it is something that we think you can achieve. It does you no good to pay us to try to achieve one if we believe your chances are too low to try.
Who Can Help Me Get An Offer In Compromise In Hollywood?
For more information about the offer in compromise process or to see if you may qualify, speak with our attorneys today. We serve Hollywood, Fort Lauderdale, and the entire South Florida region. Call our offices or fill out the form on our Contact Us page for a free consultation about your situation.