If you are facing an overwhelming tax bill that you can’t pay, there are legal options available to you to help you lower your total amount owed to the IRS. Our Maryland tax attorney has helped hundreds of clients do just that with something called an “offer in compromise.”
What’s an Offer in Compromise?
An Offer in Compromise (OIC) is precisely what it the name implies. If you are unable to pay the entire amount of your tax bill, you can offer a lower amount to the IRS as a compromise. There are guidelines surrounding how much less you can offer and whether or not the IRS will be willing to take your offer, but it can significantly lower your total bill. To determine whether or not to take your offer, the IRS will look at your past tax history and your current financial status. It’s not a short process; it can take up to a year to settle on an amount. But in the long run, it can provide tax relief that gets you out of debt and back on solid financial footing.
Is It the Right Choice for Your Situation?
OIC isn’t right for every client that contacts our Maryland tax attorney. We can take a look at your current financial situation and tax payment history to help you determine whether or not you should move forward with an OIC. If it is not the right option for you, though, our team can help you find other programs that can help with your tax debt or work out other solutions with the IRS on your behalf.
Contact Our Maryland Tax Attorney Today
Don’t let tax debt overwhelm you. Our Maryland tax attorney can help you find the right solutions. Get in touch with our team today by clicking the button below and requesting a free consultation with our team.