Owing a significant amount of taxes to the Internal Revenue Service or to the State of Washington doesn’t have to be a financial disaster. An offer in compromise is a legal option that allows tax payers to reach an agreement with the IRS regarding a settlement amount of their current tax debt. CBG Law Group, PLLC, is a well-established tax law and debt relief law firm serving the Bellevue metro region. Let us help you work with the state tax authorities to obtain fair payment options, including possible offers in compromise that will help you get the tax relief you need and deserve.
If your offer in compromise is accepted by the IRS, you can rid yourself of your overwhelming tax debt once and for all. By making an offer in compromise, you are generally admitting to the IRS that you owe a certain amount of taxes and that you cannot pay that amount in full. You are also offering to pay a certain amount. The payment is generally made in one lump sum, but it can be made in installments for up to two years.
Most offers in compromise do not qualify when they are initially filed. In fact, the IRS will usually respond with a figure of their own, which they believe to be fairer. Please note it is difficult to qualify for an offer in compromise. For example, if you have assets such as a home or car, which are worth more to you than your tax debt, you will most likely fail to qualify. An experienced tax attorney can help you determine if an offer in compromise is in your best interests.
We help our clients submit closing agreements with the state of Washington. Closing agreements function in a way similar to offers in compromise. In Washington, closing agreements can be submitted to the Department of Revenue, and offers in compromise can be submitted to the Department of Labor and Industry and to the Department of Employment Security.
If you have been notified that you owe a significant amount of taxes to the federal or Washington State government, don’t panic. We can help you with a full range of tax law services, including:
Learn more about our IRS and Washington State tax representation by talking to an experienced tax lawyer. Attorney Darrel Carter is ready to help. Contact us in Bellevue to arrange a free consultation.