Offers in Compromise
Are you unable to pay your tax debt?
The burden of tax debt can be crushing and many who are unable to pay the full amount may feel helpless. Fortunately, the IRS offers qualifying individuals a way to settle their debt for less than what is owed. Called an offer in compromise, this possibility requires the submission of various forms and it is important to note that not everyone will qualify. If you are hoping to pursue an offer in compromise, get a seasoned Santa Clarita debt settlement attorney on your side. Our firm can help you achieve the most favorable resolution to your tax concerns.
Call us today at (888) 256-8581 and learn more about offers in compromise.
What is the process of submitting an offer in compromise?
When you submit your offer in compromise, the IRS takes a number of different factors into account, including your ability to pay, your income, and your current expenses. Even before applying, you must be current with all filing and payment requirements. Your completed offer package should include Form 433-A, Form 656, and the application fee.
Keep in mind that while your offer is being evaluated:
- Your non-refundable payments and fees will be applied to the tax liability
- A Notice of Federal Tax Lien may be filed
- All other collection activities are paused
- The legal assessment and collection period is extended
- Your offer is automatically accepted if the IRS does not make a decision within two years
You can choose one of two payment options – lump sum cash or periodic payment. The first means that you pay 20 percent of the total offer amount with your application and pay the remaining balance in five or fewer payments. With the second, you submit your initial payment with your application and then pay the rest in monthly installments while your offer is being considered and possibly accepted.
Take Control with a Santa Clarita Tax Resolution Lawyer
The longer you wait, the more overwhelming your tax debt can become. Financial Recovery Law wants to help you get back on your feet and eliminate the stress caused by tax debt. Your finances deserve a high level of attention and care, both of which you can count on from our team of talented professionals.
Before you apply for an offer in compromise, reach out to our firm! We look forward to making the positive outcome you desire a reality.
Real Stories From Real People
-
"Clearly understood"Great explanation. Clearly understood. Ready for the next step!- Benjie B.
-
"Thank you for your help."Very informative and highly recommended. Thank you for your help. God bless you Attorney Ray.- Michael C.
-
"Very impressed"Very impressed with Mr. Bulaon. He is obviously very good at what he does. He is friendly, smart, and patient and makes you feel comfortable right away. I wouldn't hesitate to hire this firm or recommend him to anyone needing the service he provides!- Traci B.
-
"Very professional and kind person."Very helpful. Explained every possible way to solve my case. Very professional and kind person. Thank you for helping me again.- Normita
-
"Thank you"After being frustrated with our case being prolonged by another firm, I found Mr. Bulaon of RJB Law Offices. I was very pleased with our initial meeting. I look forward to getting our case resolved finally and behind us. My only disappointment was with myself for not finding Mr. Bulaon sooner. Thank you.- Verla R.
-
"Thanks for all your help"Best lawyer and crew. Thanks for all your help!- Marco J.
-
"Very professional"Very professional and informed, his knowledge of our situation was obvious and I feel we will come to a great resolution.- Michael G.
-
"They really want to help"Very informative and patient and seemed to really want to help.- Greg W.