When a person is deep in tax debt, they may think that they have no options. The federal government is one of the scariest debt collection companies in the world with unique powers to get the money they are owed. Fortunately, there is an option available to some taxpayers called an Offer in Compromise. If you have a steep tax bill that you don’t think you’ll be able to pay, a Maryville tax lawyer may be able to help.
In order to qualify for an Offer in Compromise, you must meet certain conditions. Specifically, there must be at least one of the following:
- Doubt that the tax bill is correct
- Doubt that the debtor will ever be able to pay the full amount
- Some kind of overall hardship that may prevent you from paying (such as an illness)
It is the responsibility of the debtor to prove that one of these conditions applies. They will need to provide supporting evidence to the IRS in order to be approved. Without such evidence, the IRS will reject your application and try to collect on the full debt. This could lead to wage garnishment, a lien on real property, and other issues.
A tax lawyer can work to prove that you should qualify for an Offer in Compromise. If they are successful, it is possible to negotiate a settlement for pennies on the dollar. This can help you settle with the IRS without breaking the bank.
At Burkhalter & Burkhalter, we have helped many clients obtain an Offer in Compromise. We will carefully review your situation to determine if you can qualify for this settlement. If so, we will assemble all documentation to prove your case. To discuss your tax problem, contact Burkhalter & Burkhalter today for a free consultation with a tax lawyer.