Offer In Compromise Chicago
Do you have difficulty paying back taxes? Are your monthly payment plans insufficient to cover rent and utility bills in full? Some taxpayers want to rid themselves of taxes yet are held down by the difficult financial situation. Fortunately, the IRS will sometimes agree to a settlement when a taxpayer agrees to offer in compromise with the IRS (OIC).
An offer in compromise is a tax settlement solution that allows for a reduced payment coupled with a payment over time. In some cases, the IRS may pardon all or most of your tax debt. However, that situation is exceptionally rare. Most bankruptcy proposals are not accepted.
Creating an OIC Petition is a complicated process and requires a tax professional's guidance and assistance. DMT Law Group helps taxpayers navigate the complicated tax code so our clients will have a difficult time being denied. Contact us at any time for a free consultation on offer in compromise in Chicago.
What Is An Offer In Compromise?
Offer in compromise (OIC) is the best method for resolving federal tax liabilities, including sales tax liabilities. It allows you to pay off all or a certain amount of your taxes. While this is an effective way of collecting debt, the IRS's reality approves that very few debts. We see too many taxpayers missing the deadline for filing an OIC and have no way to correct it on time.
When you hire a tax professional Chicago IL lawyer, you increase the likelihood of obtaining a favorable response to your Offer in Compromise proposal. DMT Law Group has years of IRS experience, especially concerning tax audits. Members of our team are former IRS employees.
We are experts in the Offer in Compromise process and can eliminate your tax debt with a proposal based on your unique circumstances. DMT Law Group can help you determine whether a potential settlement agreement is the best solution for you.
The number of Offer in Compromise proposals accepted is typically low. Consequently, having a tax professional that offers reliable legal services in IL to make your request improves your acceptance odds and is usually expected.
Notwithstanding, the IRS has no obligation to forgive any of the debt, and submitting an exceptional proposal will best show the IRS you intend to pay your debt. Check out the services offered by DMT Law Group for more information on how to file an Offer in Compromise. Additionally, we can answer questions about liens and levies, and many more.
How is an Offer in Compromise structured? How much should you offer as part of a settlement agreement? Is it worth all that effort?
These are just a few of the many questions that taxpayers have about dealing with debt. In addition to the questions most citizens ask, few citizens are aware of the offer's numerous benefits in compromise. The debt forgiveness program, which includes the Offer in Compromise solution, will help low-income consumers get back on track.
DMT Law Group has access to all relevant research and statistics. Our team is prepared to walk you through the Offer in Compromise process. Contact us today by phone at (847) 816-8100 for a phone or in-person consultation without a commitment.