Installment Agreements and Offer in Compromise
Miami Tax Collections Lawyer
Florida IRS Tax Installment Agreements Attorney
Many people are facing collection actions from the IRS for back and unpaid taxes. This can be intimidating, as the IRS will go to great lengths to get the money they are owed. However, you have options for repaying the IRS and still continuing to live your life.
At Weisberg and Kainen P.L., our lawyers have experience handling all types of IRS tax collections. We work hard to see that our clients' rights are protected throughout the course of negotiating with the IRS. It is possible to have tax relief through a variety of avenues of resolution, such as arranging an installment agreement or offer in compromise. To learn more about these options, contact our firm today.
By establishing an installment agreement, a taxpayer is allowed by the IRS to satisfy tax payment obligations (including interest and penalties) over time. Monthly payments are required, which are agreed to by you and the IRS. After this installment agreement is created, it is legally required that the IRS cease all collection activities against you, including levies that may have been placed on bank accounts, wage garnishments and property seizures. Collection activities may not resume unless the taxpayer does not comply with the payment responsibilities and obligatory filings.
Though it seems advantageous to both the taxpayer and the IRS, negotiating the creation of an installment agreement can be extremely difficult. Our firm has experience handling the arrangement of these agreements and can walk you through the process. We can advise you on the potential payments you may be facing and how compliance with all IRS requirements is essential to the successful repayment of your tax debt.
Offers in Compromise
It is possible to reach an agreement with the IRS called an Offer in Compromise (OIC). This is an arrangement that is made in order to settle a tax debt that is for less than the full amount owed. The IRS will often agree to this when it appears unlikely that they would be able to collect the full amount from the debtor. The amount stated in the compromise typically is the least amount that the IRS determines that it can collect.
Working with the IRS to get an OIC accepted can be beneficial for both the IRS and the taxpayer. The IRS believes that its acceptance of the offer can give the taxpayer a fresh start and help them comply with future filings and tax payments. The debtor is also benefits since the offer is a lower amount than they actually owe.
Drafting, submitting and obtaining approval for an Offer in Compromise is a complex process. An experienced tax attorney at our firm can aid in the process. We can also help clients with future tax matters, as the IRS expects the taxpayer with whom the OIC was arranged to be in full tax compliance for the next five years.
Contact a Miami Tax Collections Attorney
If the IRS is seeking repayment from you and you have questions or concerns about your options, we can help. Contact Weisberg and Kainen P.L. today to schedule an appointment with a knowledgeable installment agreement and offer in compromise lawyer.