Law Offices of Nicholas Gebelt

Offers In Compromise

An Offer in Compromise is an excellent option for settling your tax debt with the IRS for a small fraction of what you owe, if you qualify. It’s particularly helpful for those who are unable to pay the full amount owed to the IRS in the time required.

The IRS evaluates all Offer in Compromise applications and takes into account the following circumstances that may apply:

  • Taxpayer’s ability to pay the debt
  • Annual income
  • General expenses
  • Asset equity

For the IRS, settling with you for a lower amount is a better option than not receiving any payment at all.

Even if you have not yet been contacted by the IRS about your mounting debt, do not be lulled into complacency–the IRS will eventually collect the debt. There are many ways they can do this, e.g., levying funds from your bank account, and putting a lien on your car, house, or other property. Don’t let your home become subject to IRS seizure. Be proactive and negotiate your bill down through the Offer in Compromise program.

Although some people view an Offer in Compromise as a last resort to resolve tax debt, it may be the answer that you have been looking for to solve all of your tax problems. It is important to know that the application process and follow up with the IRS is complicated and time- consuming. To have the very best chance for success, you need an experienced tax debt relief attorney to determine if you are eligible for this program, and then help you navigate this complex process. Call our office at (562) 777-9159 to speak with a Tax Payment Offers in Compromise Attorney. We have helped numerous clients resolve their tax payment issues with the IRS.

Take control of your tax debt issues with our help

Our experienced tax debt relief attorney will immediately review your case and determine if this option is a viable one for you and your family, or business. Offer in Compromise program participants often pay substantially less than the original amount owed to the IRS, and the unpaid portion of the debt is forgiven upon program completion. It can be done, and we can help. Speak to our IRS Offer in Compromise Lawyer to discuss your case.

Before submitting your application, we will determine exactly how much you owe to the IRS. Many times, we find that the IRS has actually overestimated the amount that clients actually owe. After reviewing our findings and discussing the next steps with you, we will work directly with the IRS to apply for the Offer in Compromise on your behalf, and will actively manage all future direct communication with the IRS. Before we submit your application, you must file all of your past tax returns.

It is very important to understand up front that a portion of your proposed tax payment must accompany your Offer in Compromise application. You will have two initial payment options:

  • Lump Sum Cash: Submit an initial payment of 20% of the total offered amount with your application. You will wait for written acceptance from the IRS and then pay the remaining balance of the offer off in five or fewer payments
  • Periodic Payment: Submit your initial 20% payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, you will continue to pay monthly until the offered amount is paid in full.

Once the IRS has reviewed your application and made their decision, we will discuss the next steps with you. It is that simple. If your application is approved, it can ease this burden that has been weighing you down. You will enjoy peace of mind knowing that your tax problems are finally being resolved. Get help with Offer in Compromise and Tax Settlements in Whittier, CA by calling (562) 777-9159. Our California Offers in Compromise Attorney will serve you well.

Attorney Nicholas Gebelt

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In light of the COVID-19 (coronavirus), we offer our clients the ability to meet with us via video conferencing and telephone. Please call our office at (562) 777-9159 to discuss your options. We are here for your legal needs now and in the future. Thank you.

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