Finding Solutions Through Offers In Compromise
Any experienced tax attorney can tell you: there is no one-size-fits-all solution to tax issues. Few tax attorneys know how to maximize your interests when negotiating collections with the IRS. The team at The Gartzman Law Firm, P.C., in Atlanta works with clients across Georgia and the United States to find custom solutions, including offers in compromise, to high-dollar tax debt issues.
Attorney Jeffrey Gartzman has over 40 years of legal experience with the tax code. After lengthy and detailed analysis of your taxes and your legal case, he can present you with a well-considered, effective legal solution. Ask Mr. Gartzman and our team about your legal options and how you can avoid serious tax penalties. Email us today.
What Is An Offer In Compromise?
Very few taxpayers are in a position to negotiate with the IRS. The Gartzman Law Firm, P.C., can make the case for you. We help clients with substantial tax debt negotiate terms with the IRS. In some cases, we can help you negotiate one or more lump-sum payments as a settlement in lieu of your full tax debt; this is an offer in compromise.
These offers can provide a positive outcome for everyone. The IRS will get some payment of taxes while avoiding lengthy and expensive legal battles. The taxpayer has a reduced tax bill and walks away without ongoing debt hanging over their head.
But, the only way to obtain these compromises is through a strong advocate who truly understands the IRS and the tax code.
Who Qualifies For An Offer In Compromise?
The IRS accepts offers in compromise only when specific criteria are met. Qualification requires demonstrating that full tax payment would create genuine financial hardship or that legitimate doubt exists regarding assessed liability. The IRS evaluates your reasonable collection potential by analyzing income, expenses, asset equity and future earning capacity. You must have filed all required tax returns and made estimated current year tax payments. Businesses with employees must be current on payroll tax deposits, and taxpayers in open bankruptcy proceedings cannot submit offers. The IRS typically rejects offers from individuals capable of paying through installment agreements.
What Are The Benefits Of Negotiating A Compromise With The IRS?
Successfully negotiated compromises provide substantial advantages beyond reduced tax bills. Accepting your offer stops collection activities, including wage garnishments, bank levies and property liens once you comply with payment terms. The reduced financial burden allows you to redirect resources toward rebuilding stability. Resolving tax debt eliminates the stress and anxiety accompanying IRS collection actions. You avoid potential criminal prosecution and credit damage from tax liens.
What Are The Steps In The Offer In Compromise Process?
The process begins with a comprehensive financial disclosure using IRS Forms 433-A for individuals or 433-B for businesses. You must submit detailed documentation proving income, expenses, assets and liabilities. The application requires a nonrefundable fee and initial payment based on your proposed payment structure. The IRS will conduct a thorough investigation of your financial situation, often requesting additional documentation. Review periods typically extend from six months to two years. The IRS may propose counteroffers or request revised terms. Upon acceptance, you must comply strictly with all payment terms and remain current on tax obligations for five years.
What Is The Role Of A CPA-Attorney In Preparing And Negotiating Offers?
Attorney Jeffrey Gartzman’s dual qualifications as both a CPA and an attorney provide unique advantages. His accounting background allows for precise financial analysis that accurately calculates reasonable collection potential while identifying legitimate deductions. His legal training protects your rights throughout negotiations and appeals. This combination produces strategically crafted offers maximizing acceptance likelihood while minimizing settlement amounts.
Jeffrey Gartzman Is The Right Tax Attorney
With decades of experience resolving some of the most complex tax cases, Jeffrey S. Gartzman and our legal team are prepared to navigate the legal system and work to get you the best possible outcome. Contact us at 770-695-7337 and ask for a consultation.