Using an Offer in Compromise to Avoid a Tax Lien
Working with a tax lawyer in Los Angeles to reach an Offer in Compromise with the IRS is an effective tool for reducing the amount you owe in federal taxes. It can save you from dire consequences such as a lien against your property or having your wages garnished. If you are seeking an Offer in Compromise to reduce your debt and avoid a tax lien, the Law Offices Of Jeffrey B. Kahn, P.C. wants to let you know some variables that the IRS will consider when evaluating your case:
Health: If you have recurring health issues that are keeping you from earning a steady paycheck. The IRS might consider this as a factor in reducing or even eliminating the amount you owe in taxes. This may also happen if you are caring for a seriously ill dependent.
Age: People who are nearing or past retirement age will have less prospects for earning money in the future; this will mean that a tax relief attorney can sometimes successfully argue for the IRS to collect a smaller amount upfront to settle the debt since there is no guarantee of long-term future payments.
Amount of Offer: Working with a tax attorney can help you to greatly reduce the amount of your tax debt whereby you can settle for “pennies on the dollar”. Because every potential Offer In Compromise is different, an offer amount that would be suitable for one taxpayer may not be high enough for another taxpayer. That is where professional guidance from the tax attorneys at the Law Offices Of Jeffrey B. Kahn, P.C. comes in handy as we can set the balance between paying the lowest amount possible to the IRS with providing an Offer that the IRS would be interested in accepting — even though it’s for a small percentage of the total amount owed.