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Guiding You Through The Legal Process

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Things to know about an offer in compromise

On Behalf of | Jul 17, 2023 | Tax Debt

Individuals who struggle with high tax obligations may have understandable concerns about how this might affect their lives and about the best path to take to protect their futures. While there may be a variety of outlets with which to seek relief from tax debt concerns, choosing the best path available could seem somewhat challenging at times. An offer in compromise is an example of an option that may help provide much-needed relief from tax debts, but individuals who Georgia who face similar concerns might have questions about what to expect from this process. 

Topics to address 

Experts indicate that an offer in compromise is an option that may help those with tax debt burdens settle these obligations for a lesser amount. However, there are certain eligibility requirements involved with this path. For instance, one may need to have a valid reason to dispute the validity of tax debts or the amount owed or to show that paying the full amount would lead to undue financial hardship. 

Being up to date on tax return filings may also be a requirement and while there is a fee involved with filing an application, there might be some scenarios in which this fee may be waived. There are also numerous types of information to include on an application for an offer in compromise and being thorough with this process could be integral to staving off unfavorable results. Those who are eligible to seek relief via similar paths may also benefit from knowing that they may have the option to pay their tax debts in a lump sum or over time via a payment plan. 

The application process 

While options such as an offer in compromise could provide much-needed tax debt relief to those in need, preparing for the initial application process can be complex in nature. However, this isn’t something one has to approach alone, as there are attorneys in Georgia who can provide insight in preparing for this process. An attorney can help a client determine if this is the most viable path given the situation and guide him or her through every step of the process.