Take Advantage of an Offer in Compromise
Are you struggling with years of tax debt? Is this debt becoming a financial burden on your family? An offer in compromise may be a feasible solution for you. Should you meet a set of eligibility requirements, Sohler Whitman can help you apply for an offer in compromise. Our Portland, OR law firm will be there for you every step of the way, from the initial application through the final acceptance or rejection.
What Is Offer in Compromise?
An offer in compromise is an excellent option for many individuals who want to eliminate their tax debt in the least painless way possible. This method of paying off debts is meant for those who cannot pay their full tax liability without creating an undue financial hardship for themselves and their families. However, an offer in compromise is not viable for everyone, and you should meet with a tax attorney to find out if it will meet your needs.
Know the Evaluation Process
Before submitting your application for an offer in compromise, it’s a good idea to know a little bit about the evaluation process. While your offer is pending evaluation, your filing fees will be applied to your outstanding tax debt. You can decide which tax years these fees will pay. The rest of the process proceeds as follows:
- Debt collection attempts are suspended
- The collection period is extended
- Complete all payments concerning your offer in compromise
- Offer acceptance or rejection
Am I Eligible for an Offer in Compromise?
As you explore your options for eliminating tax debt, be sure to consider an offer in compromise. However, you will need to meet certain requirements for your application to be approved. The IRS sets strict guidelines for who is eligible for this form of relief. You may be considered for an offer in compromise if you fulfill any of the following requirements:
- You have a legitimate reason to dispute the amount you owe
- You have fewer assets and less income than your tax liability
- Should you pay your full tax debt, it would create significant financial hardship
Get in Touch With Us for Additional Help
No matter what kind of legal help you need, Sohler Whitman is here for you. We’re experts in tax law, providing counsel on offers in compromise, tax planning, back taxes, and IRS audits. Should you need advice on estate law or business law matters, we can help there as well. Our multi-specialty law firm is dedicated to serving the Portland, OR community with exceptional legal expertise.