Guidance from Experienced Oklahoma Tax Attorneys
An offer in compromise is a way for a taxpayer who cannot settle their entire tax debt to propose a compromise, allowing them to potentially pay an amount that is less than the full amount owed to the IRS. At the Travis W. Watkins Tax Resolution & Accounting Firm, we have helped hundreds of businesses and individuals navigate their tax debt and reach solutions that are tailored to their situation.
To learn more about our firm and how we can help, call (405) 454-8373 or contact us online.
Founding Attorney Travis Watkins is admitted to practice before the IRS in all 50 states and devotes his life to helping clients pursue relief. In this pursuit, he has authored several books, been featured on numerous prominent news networks, and hosted his own radio show on the subject of taxes and the IRS. Let our firm help you get started on regaining your financial independence.
Who Qualifies for an Offer in Compromise?
If you are able to prove that you are unable to pay the complete amount that you owe the IRS within the timeframe that the IRS has to collect it, you might be eligible to pursue an offer in compromise. First, you will have to fill out the IRS pre-qualification questionnaire and gather basic information about your living situation, how much you owe to the IRS, and what assets you have available.
Here are some indications that an offer in compromise might be for you:
- There is no way for you to pay the full amount that you owe.
- Your income does not cover your monthly expenses.
- You don't have much equity in your assets.
- You are up to date with all your tax filings.
- You are up to date with all debt owed to the IRS.
- You are not in the middle of a bankruptcy.
- You can meet the requirements outlined in an offer if it is accepted.
- You and your family would meet with substantial hardship if you paid the debt in full.
- Your offered amount is an accurate representation of what the IRS can reasonably expect from you.
Call for Prompt Responses & Tailored Legal Services
To find out if an offer in compromise might be a good solution for you, get in touch with our experienced Oklahoma tax lawyers. We are known for our thorough and comprehensive customer service. You can expect prompt responses and updates throughout every step of your case.
Don't wait to get started on your case. Contact us today.