Tax Debt Forgiveness Possible: Indianapolis Tax Attorneys Help You Work with the IRS

Indiana Law Firm Provides Besieged Taxpayers with Options

If you are having trouble paying your federal taxes, the IRS offers a tax debt forgiveness program that may forgive at least part of the debt you owe, and make the tax payment process more flexible as required by your unique situation.

Offer in Compromise Program

The Offer in Compromise program lets taxpayers negotiate agreements with the IRS to pay less than the full tax owed. The program considers each taxpayer's unique circumstances, including:

• Ability to pay
• Income
• Expenses
• Asset equity

Before the IRS will consider an Offer in Compromise filed with them, you must meet the following eligibility requirements:

• Have no open bankruptcy proceedings
• Filed all required federal tax returns
• Made all estimated tax payments
• Submitted all required federal tax deposits if you are self-employed and have employees

If your offer represents the most the IRS can expect to collect within a reasonable amount of time, they will generally accept it. Your initial payment will vary based upon your offer and chosen payment option:

• Lump sum cash – An initial payment of 20 percent of the total offer amount submitted with your application. Upon written acceptance, the remaining balance will be paid off in five or fewer payments.
• Periodic payment – Submit an initial payment with your application, and continue to pay your remaining balance in monthly installments to the IRS while they consider your offer. If accepted, continue to pay monthly until the debt is paid in full.

If you meet the low income certification guidelines, an application fee, initial payment, and monthly installments will not be required while the IRS evaluates your offer. Your offer is automatically accepted if the IRS does not make a determination without two years of the receipt date of your Offer in Compromise. If your offer is rejected, you may appeal the decision within 30 days.

Let Indianapolis law firm Saeed & Little LLP help solve your IRS problems through tax debt forgiveness procedures. Contact our firm online or call 317-685-2426 today – your initial telephone consultation is always free.