Texas IRS Dispute Lawyer for Offers in Compromise and Tax Settlements Involving Substantial Federal Tax Liability
Taxpayers with substantial federal tax debts have two primary options for paying less than the full amount they owe. One option is to negotiate an offer in compromise with the IRS. The other option is to negotiate a tax settlement. At Brown PC, we assist high-income and high-net-worth taxpayers with pursuing both options, and Texas IRS dispute lawyer Lawrence Brown can help you make informed decisions about how best to proceed.
Offer in Compromise vs. Tax Settlement: Understanding the Difference
While offers in compromise and tax settlements often get lumped together, they are very different. All U.S. taxpayers can potentially settle their federal tax debt with the right approach; however, the IRS’s offer in compromise program is strictly an option for those who owe more than they can afford to pay, or for whom paying in full would result in “financial hardship.”
We have had significant success helping clients substantially reduce their federal tax liability through both of these avenues. We can assess your eligibility to submit an offer in compromise; and, if you are eligible, we can prepare, submit and negotiate your offer on your behalf. If this isn’t an option in your case, we can focus on negotiating a settlement that minimizes your federal liability while also protecting you against facing collection actions such as liens, levies and garnishment.
Before you focus on settling your federal tax debt, however, it is critical to ensure that you have an accurate understanding of your federal liability. We can assist with this as well. We can examine your returns and records to determine if your federal liability is being overstated; and, if so, we can focus our efforts on reducing your liability instead of (or in addition to) focusing on reducing how much you have to pay.
We Can Help Resolve Your Federal Tax Debt for Less Than You Owe
When can (and should) you seek to resolve your federal tax debt for less than you owe? Texas IRS dispute lawyer Lawrence Brown can assist with pursuing an offer in compromise or tax settlement in three primary scenarios:
- You Owe Substantial Federal Tax In Connection with a Return – If you owe more than you anticipated in connection with a recently filed (or pending) return, an offer in compromise and a tax settlement could both be viable options.
- An IRS Audit has Substantially Increased Your Federal Tax Liability – We frequently assist clients with pursuing offers in compromise and tax settlements following unfavorable IRS audit determinations (either instead of or in addition to pursuing an appeal).
- You Need to Submit a Streamlined Filing or Voluntary Disclosure – If you need to submit a streamlined filing or voluntary disclosure, an offer in compromise or tax settlement could be a viable option for resolving your tax debt in this scenario as well.
Discuss Your Options with Texas IRS Dispute Lawyer Lawrence Brown in Strict Confidence
If you need to know more about your options for resolving a substantial tax debt with the IRS, we invite you to get in touch. To discuss your options with Texas IRS dispute lawyer Lawrence Brown in strict confidence, please call 888-870-0025 or request an appointment online today.