$113K Tax Liability Settled for $3,500 through Offer-In-Compromise
At the time the taxpayer engaged our firm, she owed $113,000 in back taxes to the State of Maryland for many years. After an exhaustive analysis and research of the taxpayer's matter and based on her income, assets & liabilities, our office determined that she qualified for an offer-in-compromise. An Offer in Compromise is a tool that allows taxpayers settle their tax liabilities by paying less than the total amount of the debt they have accrued. In determining whether you qualify for an Offer in Compromise, the government will consider your unpaid tax debt, financial situation, assets, and (to some degree) your age and health. If the government thinks that agreeing to an Offer in Compromise is the best way to relieve your burden and collect revenue, they may be more inclined to approve your request.
Maryland can attempt to collect unpaid taxes for about 20 years. Any unpaid tax debt is subject to variable interest rates ranging from 7-13%. As a result, your Maryland tax debt can grow significantly over time. Your tax liability may grow so substantially that you can never realistically pay off your tax liability. Securing an Offer in Compromise can help to remove this burden and stop mounting tax liabilties
Mr. Gabaie prepared the necessary documents along with documents from the taxpayer to present to the state. After the state reviewed the offer and via negotiations, we were able to settle the taxpayer's total liability of $113,000 for $3,500.
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