For Miami Hialeah residents, every day can seem like living in a postcard. With the beautiful blue Atlantic just down the road, palm trees waving in the wind, and year-round tropical weather, it’s what most would consider paradise. However, the lucky residents of this Florida city still have certain real-world obligations, including payment of U.S. taxes, and when these aren’t met, the IRS comes knocking.

If you’ve run into some tax troubles, don’t let fear keep you from dealing with them. U.S. tax code and dealing with the IRS can be confusing, but an experienced tax attorney can help you navigate through the process and may even be able to help you settle for less than what you owe. One of the ways in which they can help is by submitting an Offer in Compromise. This option allows you to submit an alternative settlement to what the IRS has demanded. They will then analyze your claim, your financial situation, and other factors, and may agree to a lower amount.

An Offer in Compromise is usually based on one of three qualifying factors:

  • First, a taxpayer believes they will never be able to pay the full amount due to bextenuating circumstances. Whether it’s poor health, advanced age, a change in earnings, or another issue, the IRS may be willing to reduce the amount you owe if you can prove Doubt of Collectability.
  • Second, the taxpayer doubts that they actually owe the amount the IRS is claiming, known as Doubt of Liability. In this case, they must show the IRS why their number is incorrect, usually because it was based on incomplete information.
  • Lastly, the taxpayer accepts that they do owe the full amount demanded by the IRS, and that they have the ability to pay it, but they claim that collection of the debt would create an unfair financial hardship. This option is only available to individuals.

A tax lien or levy can be financially devastating, but fortunately, this can often be avoided. Whether you’ve just received your first notification from the IRS, or the IRS has already seized your property, you can still take action. To learn more and to speak with a tax attorney, contact Florida Tax Solvers today. We’re proud to serve all of Florida from our convenient location in North Miami Beach and offer free consultations to discuss your situation.

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