IRS OFFER IN COMPROMISE LAWYERS
Paying taxes accurately is a must. Every single person will need to understand the tax laws that pertain to them personally. The same is true of any tax laws that pertain to a business they might own. Tax laws differ from place to place. Some states impose state taxes while others do not. New York natives and those who operate a business in the community will typically face several layers of taxes including federal, state and city taxes. Everyone must be in compliance with these laws at all times. Each person needs to be aware of the laws that may apply to them while they file taxes. In some cases, there may be dispute over the amount of taxes that must be paid. The Internal Revenue Service may not agree with the tax returns the person has filed. In that case, the IRS may be willing to work something out with the filer. Officials may offer a useful compromise that enables the parties in question to get a resolution to this issue and move on. While such offers can be useful, it’s best to have legal counsel in order to determine how to respond to any such compromise offered by the Internal Revenue Service.
Effective counsel can take many forms. A complicated legal case may involve many layers of authority in New York state and New York City. Any individual or business owner may be facing issues with more than one tax agency. This can also be complicated if the person lives in another state. For example, a business owner may live in New Jersey but operate a business and file taxes in New York City. They may also live on Long Island in New York state but work in New York City and employ others who do so as well. An effective counsel can help the person sort through any laws that may apply to the person facing the IRS. The IRS will have lawyers on their side who know the law and understand the consequences of breaking it. All those who are facing this issue need to have the same legal firepower. This way, they can be assured that they are facing a level playing field with the IRS during this process.
Making Sense of Offers
The officials at the IRS may choose to make an offer. The terms of the offer will vary greatly depending on certain circumstances. For example, if the person only owes a little taxes, they may offer to settle for the amount owned as well as a small additional fee for interest. On the other hand, someone may owe lots of money in taxes. In that case, the person may be confronted with a much larger tax bill as well as specific penalties and additional interest. A person may also be confronting other problems as well such as potential jail time for themselves as well as for some of their colleagues. It helps to know exactly what’s on the table before doing anything else. It may not be immediately clear exactly what is being offered to the person. A good lawyer will help by going over every single line. They can point out many factors that the person may want to take under consideration.
Previous Legal Factors
Varied factors may be involved in any IRS offer. Lawyers can show the client what is in their personal best interest. For example, the offer may include forgiveness of money that may be owed to New York City but not money that is owned to the state of New York. The lawyer will help their client make sense of all the specifics that may might be involved in any decision they make. The client may decide to enter into further negotiations with the IRS. With the right counsel on their side as the process continues, it’s easier than ever to make sense of all possible options that each person faces. A lawyer can show why the IRS may have different rules that govern income earned in New York rather than income earned in other parts of the country. It’s extremely important to have informed counsel on hand in the aftermath of any IRS offer.