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Los Angeles Offers in Compromise Lawyers

Offers in Compromise Lawyers
If you have been given a substantial tax bill following an audit, you might not have the means to pay it. Bills from the IRS will include back taxes, interest, and any penalties they’ve determined you qualify for. If you don’t pay the taxes, you could be subject to additional legal trouble. So what are you supposed to do?

One of the most commonly used solutions is the Offer in Compromise program that the IRS has. This allows you to settle your outstanding debt with the IRS by paying a lump sum up front. Once you do this, you will have solved your tax obligation, and you won’t be liable for any more fees or penalties going forward.

Offers in Compromise have been part of the tax code for more than half a century. In the past, there were strict rules and regulations regarding who could qualify for this program. But as time has gone on, the IRS has started to relax their guidelines on who qualifies. They are more concerned with making sure they get paid in a cost-efficient manner than in wringing every last penny out of someone who can’t pay it.

With that said, an OIC isn’t simple to come by. If you have any financial means to pay your taxes whatsoever, you can’t expect to get a break. You can talk to your tax attorney about your options to ask for an offer in compromise or another payment plan. They will be able to advise you on the best course of action based on your current finances and owed taxes.

It is possible to get an OIC even if you aren’t technically in dire financial straits. But doing so requires the work of an extremely skilled professional.

Every offer in compromise is different depending on the case. First, the IRS will take into account how much you owe in both taxes and additional fees. Then they’ll take into account your assets, any existing liabilities, your income, and what your prospects are for income in the future.

There are guidelines that state that if you can’t pay a lump sum up front, you may also pay the agreed-upon amount over a predetermined period of time lasting a maximum of two years. If you do this, though, you will end up paying significantly more than if you just took the lump sum right away. So it’s only a good option for people who truly can’t pay everything at once.

If the IRS believes that you will be able to pay all of your penalties, fees, and back taxes during the remaining collection period, they won’t accept an OIC. Instead, they will use all of the tools at their disposal to collect every cent from you before the statute of limitations runs out.

Strangely enough, this means that you’re less likely to receive an OIC if you only owe a small amount. Instead, people who owe large amounts of taxes are more likely to receive the offer. That’s because the IRS doesn’t want to waste time and expensive resources on legal proceedings and collections from someone who won’t even end up paying their full bill. It’s more efficient to simply forgive a portion of the excess taxes.

Offers in compromise are not a quick fix to your tax problems. Negotiating with the IRS might take at least six months. In some cases, particularly complex or hard-fought ones, the process might take more than a year before finally reaching a settlement. When the IRS doesn’t offer a rejection or acceptance in two years, the compromise will be considered accepted.

While you have an OIC pending, you don’t have to pay your back taxes. You will need to pay your current taxes, though. This might include federal payroll taxes and quarterly income taxes. Failing to pay your current taxes will result in an immediate rejection of your OIC. On top of this, you won’t have any right to appeal the decision.

When you file for an OIC, you also need to submit a deposit. Your original filing will make an offer for the lump sum that you can pay. Your attorney will help you calculate an amount that’s reasonable for you to pay while still being likely to be accepted by the IRS. The filing deposit must be 20 percent of your lump sum offering.

If you choose the periodic payment plan, your first installment must be paid in full when you file. While the payment plan is in the evaluation process, you have to continue paying your installments at the appropriate due dates. If there is a withdrawal, return, or rejection of the OIC, your deposits will be kept by the IRS and applied to your tax burden.

You’ll also need to pay a basic filing fee of around 200 dollars.

If you do have an OIC accepted by the IRS, you have to pay all of your current taxes as soon as they’re due. That includes quarterly payments. If you fail to do this in the first five years after the acceptance, the IRS will immediately void the OIC and collect your tax penalty in full.


Charle Butler
Charle Butler
2021-03-12
Verified
I was hesitant to hire the Spodek Law Group. I read reviews and knew they have a great reputation. However, I thought I would spend money and not see or speak to my attorney. From the beginning to end of my case Todd and the entire staff were available and willing to help. We worked towards and end result that was way above my expectation and Todd delivered. I am forever grateful for patience and long days and night spent working on my case. Thanks Todd and the entire team!
Mesonista parsons
Mesonista parsons
2021-03-05
Verified
My attorney at Spodek was Abigail. She was very knowledgeable and helpful with all my questions and concerns, as well as responsive. Her fees are affordable and Abigail took the time to make sure I understood everything relating to my case. I highly recommend Abigail and will request her services in the future.
debabrata chakraborty
debabrata chakraborty
2021-03-03
Verified
Todd A Spodek is the experienced and best criminal lawyer at USA. He is very professional and always respond on time. Alex also very cooperative and always help me. They took care me and my problem like family member. I am 100% satisfied for their professional service. My result was unexpected and amazing. They dismissed my case. I am really grateful to them. I will recommend you to go there if you want to solve your problem. I wish all the best for them.
Asata Hendricks
Asata Hendricks
2021-03-02
Verified
Truly appreciate the work the guys did!. Exceptional team & I know they care about each and everyone of their clients. I am super thankful to be referred to Spodek Law Group and I am grateful Todd & Alex were able to work diligently to achieve an outcome I am pleased with. Despite COVID they stayed on top of things and kept me informed every step of the way. Very thankful.
Mike Moroff
Mike Moroff
2021-02-26
Verified
I'm very satisfied with the services rendered by Todd, Alex and Mary Lou. I whole heartedly recommend Spodek Law Group . I've worked with and have retained other attorneys in the past with Todd's firm being the cream of the crop for many reasons. A very serious legal matter was resolved after a year's hard work and effort. Todd expertly guided me through the process and was able to navigate and make the good journey bearable as well as successful. Mary Lou initially provided excellent assistance before referring my case to Todd. Alex's support was effective and timely. The customer portal (MyCase) is an invaluable communication tool that also kept track of my case. Various aspects of my case were explained and there were several options provided but I made the final decision of how the case would be handled. The legal fee was reasonable considering the effort and amount of work plus it was a flat fee regardless of the length of time required to conclude my case. Todd made himself available to me and we had many scheduled meetings to go over the progress and to discuss the next steps. I felt more confident after many discussions with him. You will not go wrong choosing Spodek Law Group for legal matters.
Josh Katz
Josh Katz
2021-02-24
Verified
Being that it was the first time that I was in need of an attorney, I was afraid and hesitant and knew I needed the absolute best. It is beyond understood why Spodek Law Group has a reputation of being the top, if not the best law firm in New York. Alex and Abigail were there every step of the way even at the most unconvenient hours. I could not have asked for more. They are extremely good at what they do and they delivered much much more than just winning my case. A big thank you to Alex and Abigail for all the guidance and counseling and their upmost loyal support that extended far more than just legally. If you need the absolute best than don't hesitate to hire Spodek Law Firm.
L.C.
L.C.
2021-02-24
Verified
I cannot tell you how thankful I am to Todd and Alex for their hard work and dedication to my case. I had never been in any trouble before but I had an unfortunate event occur and in the midst of COVID-19 at that therefore I knew I needed a team that was dedicated to my success. Today- my case has been finalized and I’m walking away with no record and can continue life as a mother and a Grad student worry free. I cannot express enough gratitude for their assistance.
AnnMarie Soliman
AnnMarie Soliman
2021-02-23
Verified
I received a summons and called Spodek law group for a free consultation. Alex took my call and was very quick and responsive. He was available anytime through multiple platforms and very reassuring when needed. They are extremely organized and thorough. They got my case dismissed! I’m very grateful. Thank you Alex and Todd!

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"Spodek Law Group have offered me excellent support and advice thru a very difficult time. I feel I've dealt with someone who truly cares and wants the best outcome for you and yours. I'm extremely grateful for all the help Spodek Law Group has offered me. I can't recommend them..."

David Bruce

"Spodek Law Group was incredibly professional and has given me the best advice I could wish for. They had been helpful and empathetic to my stressful situation. Would highly recommend Spodek Law Group to anyone I meet."

Rowlin Garcia

"Best service I ever had. Todd is absolutely class personified. You are in the safest hands with spodek. They have their clients interest in mind."

Francis Anim
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