Tax Services In Dallas Tx - Steps To An Offer In Compromise With Irs
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Taxpayers who owe significant amounts of money to the Internal Revenue Service may feel as though they are out of options. However, repayment options exist for those with significant tax debts, including the Offer in Compromise. An Offer in Compromise is an offer to IRS to pay less than the total amount due in full satisfaction of the debt. While an Offer in Compromise is not available to every taxpayer and may not be the right choice for every taxpayer, attorney William Kunofsky offers all types of legal tax services in Dallas TX, including Offers in Compromise. Here, we discuss the necessary steps to apply for an Offer in Compromise - but taxpayers should contact a qualified tax attorney to discuss all available options.

Tax Services in Dallas TX - Steps for Offers in Compromise

Find out of you qualify.

To initially qualify for an Offer in Compromise, you must have filed all your currently due tax returns on time. You also must have made any estimated quarterly payments due and, if you are a business owner with employees, you must have made all required payroll tax deposits.

You must also be out of any active bankruptcy. If you are currently in bankruptcy, you cannot apply for an Offer in Compromise - you must wait until your case is closed.

Finally, if IRS has referred your case to the Department of Justice for any reason, they will not consider your application.

Pay the filing fee and prepare your offer.

The filing fee as of 2015 is $185.00 and must be paid directly to IRS along with your completed Offer in Compromise application. The application will ask you about how much you spend every month on your reasonable and necessary expenses as well as the value of the property you own. IRS has its own standards about how much you should be spending based upon the size of your family, and it will only consider your expenses valid up to those amounts. Information about how much they will allow is available at the IRS website. Finding a tax attorney for the application is advised - the information can get complicated and tricky, and filling out the form incorrectly will cost you time and money even if IRS rejects the Offer.

Select a payment plan - lump sum or periodic payments.

With your application, you will choose whether to submit a lump sum to IRS or whether you will choose periodic payments. If you choose the lump sum option, you must submit 20% of the amount of your total offer along with your application. Once the Offer is accepted by IRS, you must pay the remaining 80% within 5 payments or less, within five months after the acceptance. If you choose periodic payments, you must make your first payment with your application and continue to make those payments until the IRS accepts or rejects your offer.

Submit your offer.

Once the application is completed showing that you cannot afford to pay the entire debt, submit the application with the filing fee and your initial payment to IRS for processing. If you chose periodic payments, keep making the payments monthly while IRS considers the offer. IRS will apply all your payments to the debt during this time.

Attorney William Kunofsky at Debt Fighters represents taxpayers with respect to Offers in Compromise and all other aspects of tax law. Taxpayers who owe a significant amount of IRS debt need look no further for comprehensive tax services in Dallas TX. Distressed taxpayers can call (214) 369-1040 .


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