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Negotiating with the IRS on your tax bill

Bankruptcy, Chicago

As tax season is just around the corner, you may be thinking about how you are going to make those payments. Our attorneys at Ledford, Wu & Borges, LLC, understand how stressful this time of year can be. You should know that you do have options, including working with the Internal Revenue Service to settle your liabilities.

An offer in compromise is an agreement that enables you to pay the government less than what you owe. According to the IRS, you may be eligible for an offer in compromise if one of the following is true:

  •        You are disputing the amount that you owe.
  •        Your income and assets are less than the tax liability.
  •        Making the payment in full would lead to an economic hardship due to “exceptional circumstances.”

If you are able to pay off your tax debt through installments, you may not qualify for an offer in compromise.

Before requesting a settlement, you should be sure to file all your tax returns and make any mandatory estimated tax payments for the current year. The IRS also requests that business owners make the current quarter’s required federal tax deposits.

If you are granted an offer in compromise, you will have the option of making the payments in installments. These should be made in full and on time, or else the IRS could find you in default and mandate that you pay the full amount of the original debt.

For more information on this topic, please visit our page regarding paying your taxes.

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https://billbusters.com/wp-content/uploads/2018/09/blog-image.jpg 300 300 Isaiah Oconnor https://www.billbusters.com/wp-content/uploads/2019/01/highres-logo-billbusters-transparent-1030x412.png Isaiah Oconnor2018-09-26 05:24:392018-10-07 18:22:51Negotiating with the IRS on your tax bill

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