Tax Debt Resolution Option: Offer in Compromise
As a tax resolution attorney, Mark Milton explains why the current economic downturn caused by the COVID-19 pandemic presents an interesting time if you have existing IRS debt to try and resolve it.
Too often people will try and wait until they’ve recovered from a personal crisis or economic depression of their own before they try and address their tax issues. Right now, as people are depleting their assets trying to survive and their income has taken a hit, it’s really a good time to try and tackle your tax debt.
One option if you’re a taxpayer who owes federal and/or state back taxes is to attempt a settlement with the IRS. This is called an Offer in Compromise (OIC).
By making an Offer in Compromise you are asking the IRS to accept a lower amount of money to settle your IRS tax debt. It is a regimented process that involves completing detailed financial records as well as calculating a reasonable amount to offer so it’s important to work with a local, licensed tax resolution attorney.
Give us a call today at 314-394-3370 for a consultation to discuss your tax resolution options.
Click this podcast link to listen to STLTaxLawyer Mark Milton discuss more about tax debt resolution.