$1.4 Million Tax Liability Settled for $29,000 through IRS Offer-in-Compromise (OIC) Program
At the time the taxpayer engaged our firm, he owed $1.4 million in back taxes owed to the IRS for many years. After an exhaustive analysis and research of the taxpayer's matter and based on his income, assets & liabilities, our office determined that he qualified for an offer-in-compromise (OIC). An OIC is a resolution tool that allows taxpayers settle their tax liabilities by paying less than the total amount of the debt they have accrued. The government agrees to settle a taxpayer's account - and wipe their slate clean - by accepting a lower offer. This process allows taxpayers to get out from under burdensome tax debts while the government collects a portion of the revenue owed. You can read more about the IRS OIC program here.
Mr. Gabaie prepared the necessary documents along with documents from the taxpayer to present to the IRS. After the IRS reviewed the offer and via negotiations, we were able to settle the taxpayer's total liability of $1.4 million with the IRS for $ 29,000.
It is imperative to hire a tax attorney who is knowledgeable in the tax field and can defend your rights as a taxpayer.
Reliable Tax Attorney is a Maryland Tax Attorney with offices in Annapolis, Frederick, Rockville, Columbia, and Baltimore MD. Our office represents clients nationwide before the IRS and various tax agencies. For more information on how our office can assist you with your tax problems, please call 410-358-1300 or sumbit a form to our office.
Practice area(s): Tax