& INSTALLMENT PLANS
If you have a federal tax liability and would like to negotiate with the IRS to reduce the amount owed or set up an installment plan, Finnell Legal can help.
Although it is possible to navigate the negotiation process with the IRS on your own, retaining an experienced representative can often result in a better outcome. Complex tax laws, unfamiliar legal terms and language, and strict deadlines can hinder your ability to emerge with a favorable result.
If you aren’t able to pay your tax debt in a reasonable amount of time, or you would experience economic hardship if your debt is paid in full, you may qualify for a settlement offer or installment plan.
Finnell Legal will make sure all of the necessary returns are filed and all required information is collected and submitted to the IRS prior to determining the minimum offer amount as part of your OIC (offer in compromise).
What goes into an Offer in Compromise (OIC) and how long does it usually take to go through the settlement process?
The IRS uses a complex formula that takes into account all of your income and assets, your debts and your liabilities. On average, the regular OIC process usually takes 6-9 months.
If you are unable to pay your tax debt in full and would like to inquire about filing for a settlement offer, or would like to find out if a payment installment plan is an option for you, contact Finnell Legal at 352-222-9242