If you owe the IRS a lot of money that you do not have, you may be able to get out of your tax debt through an offer in compromise. By making the IRS an offer of less than the full amount of your tax debt, the IRS may accept it if they doubt they could ever collect the full amount. Learn more about submitting an offer in compromise in this video from a skilled Virginia tax lawyer.
In order to ensure the IRS accepts your offer, you should have an experienced Northern Virginia tax attorney working with you to explain the three different types of offers in compromise. The different options use certain numbers to calculate the offer amount you should make. If the IRS accepts your offer, you will be required to pay the offer amount within five months or within 24 months, depending on the type of settlement you reached with the IRS. A tax attorney will provide more information about the rules governing each of the options, which option would be best for you and what the right amount is to offer.
For help figuring out the best offer in compromise, call our Northern Virginia tax attorneys at the Sodowsky Law Firm today at 703.476.1176 to schedule your confidential consultation. You can also contact us on our website at http://www.sodowskylaw.com or view our informative articles, frequently asked questions and other educational resources.