Sometimes, for any number of reasons, a taxpayer will end up owing significant tax liabilities. The Woods Law Firm, LLC can help you obtain tax relief in Connecticut. We assist delinquent taxpayers throughout the state in addressing serious tax debt, helping them to land on solid financial footing.
One solution to a tax conundrum involving large amounts of IRS tax debt is to pursue an offer in compromise (OIC). This offer can allow you to settle your tax liability for less than the original amount you owe, sometimes for pennies on the dollar. This is especially helpful for people who have low incomes and few assets. There are 3 ways to negotiate an offer in compromise with the IRS. They include:
- Doubt of Collectability: Taxpayer is not able to pay the full tax debt.
- Doubt of Liability: Taxpayer asserts that they do not owe the debt.
- Effective Tax Administration: In fairness, the amount of the tax liability owed must be compromised, even if the taxpayer can pay the liability in full. Effective tax administration is the least used negotiation and is rarely accepted.
Speak with our lawyer to find out which negotiation method best suits your situation. Don't put off addressing tax debt -- there can be significant and unpleasant consequences. Call us at (860) 999-9757 today!