Are you struggling as a result of overwhelming tax debt? An IRS Offer in Compromise (OIC) could be the solution you need to resolve your tax liabilities for less than the full amount owed. At Phillips Law Group, we work with the skilled tax attorneys at our sister firm, Dayes Law Firm, to help clients achieve financial relief thanks to their extensive experience in negotiating OICs.
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Why Choose Phillips Law Group and Dayes Law Firm?
Experienced Tax Specialists: Our team works with Dayes Law Firm and its seasoned tax attorneys who specialize in IRS negotiations to work on OICs and other tax resolution solutions. Together, we have a strong understanding of tax laws and a proven track record of successfully securing OICs for those who come to us for assistance.
Customized Solutions: We understand that every financial situation is unique to the individual. Our approach is tailored to your specific circumstances to provide a compelling case for your OIC application.
Extensive Support: From the first assessment to the final resolution, we will work with you through every step of the OIC process. We will manage all the paperwork, negotiations, and communication with the IRS to make the entire process as smooth and free of stress as possible for our clients.
Successful Results: Our commitment to excellence and client satisfaction propels us to deliver results for our clients. We are determined to achieve the best possible outcomes to help clients reduce their tax burdens and get them on the road to regaining financial stability.
What Is an IRS Offer in Compromise?
An IRS Offer in Compromise permits taxpayers to resolve their tax debt for less than the full amount owed if they can establish that paying the full amount would cause financial hardship. The IRS looks at factors such as income, expenses, asset equity, and ability to pay when assessing OIC applications.
IRS Offer in Compromise Services We Offer
Initial Consultation and Assessment: With the help of Dayes Law Firm, we begin with a comprehensive review of your financial situation to decide whether or not you qualify for an OIC and to devise a strategic plan.
Document Preparation: Our attorneys work with the tax attorneys at Dayes Law to assist in collecting and preparing all required documentation to support your OIC application to ensure precision and completeness.
Negotiation with the IRS: Alongside Dayes, we represent you in all communications and negotiations with the IRS and will deliver a convincing case regarding your offer and why the agency should accept it.
Continuing Support: Throughout the process, Phillips Law Group will provide ongoing updates and guidance to make sure you feel informed and confident in the steps we are taking on your behalf to secure an OIC.
How Do Phillips Law Group and Dayes Law Firm Help with Tax Resolution?
Tax attorneys are highly qualified and experienced professionals with specialized knowledge of tax laws and regulations, and our team is no different. The tax professionals we work with at Dayes Law Firm are outstanding and can help to provide invaluable assistance in resolving different tax problems. The team is particularly experienced in handling complex tax resolution and compliance matters.
The tax attorneys we work with can represent clients who are dealing with IRS audits and help negotiate settlements. They can appeal tax court decisions, assist taxpayers in getting liens and levies released, work with clients on tax compliance to evade tax concerns in the future, pursue offers in compromise, and more.
Phillips Law Group and Dayes Law Firm work together to provide customized, inventive, and affordable tax resolution solutions. We are deeply committed to our clients and offer a client-centric service model to provide the most specific and comprehensive service for your unique circumstances. Our combined years of experience mean we have a wealth of knowledge when it comes to resolving many tax concerns. We can offer expert guidance, counsel, and representation to help because we’ve truly seen it all when it comes to tax resolution.
Dayes Law Firm is nationally regarded in tax law for its dedication to clients and outstanding customer service, and together, we provide superior tax resolution recommendations for your individual tax situation. Working side by side, we can provide tax relief consultations to both individuals and businesses throughout the country.
Please call us today at 602-222-2222 to learn more. We offer a free, no-obligation consultation to discuss your particular tax situation and all that it entails. Contact our team today to get started!
Questions? Phillips Law Group and Dayes Law Firm Have the Answers
What is an IRS Offer in Compromise (OIC)?
An IRS Offer in Compromise allows qualifying taxpayers to resolve their tax debt for less than the full amount owed. It delivers a fresh start for taxpayers who can’t pay their tax liabilities in full.
Who is Eligible for an IRS Offer in Compromise?
Eligibility for an IRS Offer in Compromise is based on the taxpayer’s ability to pay, income, expenses, asset equity, and general financial situation. Taxpayers must indicate that they are not able to pay back the full amount of their tax debt through installment agreements or by alternative means.
How Do I Apply for an IRS Offer in Compromise?
Taxpayers can apply for an IRS Offer in Compromise by filling out and turning in Form 656, Offer in Compromise, along with supporting documentation and the necessary application fee or request for a waiver.
What Information Do I Need to Offer When Applying for an IRS Offer in Compromise?
When applying for an IRS Offer in Compromise, taxpayers need to turn in detailed financial information that includes income, expenses, assets, liabilities, and supporting documentation. This could also be comprised of bank statements, pay stubs, tax returns, and other pertinent financial records.
Are There Fees Involved with Applying for an IRS Offer in Compromise?
Yes, there are fees associated with applying for an IRS Offer in Compromise. However, low-income taxpayers may qualify for a waiver of fees.
What Happens After I Submit My Application for an IRS Offer in Compromise?
After applying for an IRS Offer in Compromise, the IRS will evaluate the offer and the taxpayer’s financial situation. This process may involve asking for further information or documentation from the taxpayer.
How Long Does it Take for the IRS to Process an Offer in Compromise?
The processing time for an IRS Offer in Compromise depends on many factors. The complexity of the case, the accuracy of the documentation provided, and the overall workload of the IRS can impact the length of time it takes to have an OIC processed. Unfortunately, it may take several months or even more than a year to receive a decision.
Can I Appeal if My Offer in Compromise is Rejected by the IRS?
If the IRS rejects an Offer in Compromise, taxpayers have the right to appeal the decision within 30 days of obtaining a rejection letter. The appeal process involves turning in additional documentation to reinforce the offer.
Are There Consequences for Defaulting on an Accepted Offer in Compromise?
Should a taxpayer default on an accepted Offer in Compromise, the IRS may reinstate the original tax debt, plus penalties and interest. It’s extremely important for taxpayers to comply with the terms of their accepted offers to avoid these consequences.
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