The Denver tax attorneys at Buckingham & McGuire have prepared, submitted and negotiated many successful offer in compromises with the IRS. Call our office to discuss an offer with one of our tax attorneys.

IRS Form 656 Discussed by Denver Tax Lawyer

A Denver tax lawyer at The McGuire Law Firm can assist you with IRS and tax matters.  Whether you need to resolve a tax debt or need assistance with tax planning or business tax matters and analysis, a tax lawyer at The McGuire Law Firm can help you or your business.  The video below has been prepared by a tax lawyer to provide information regarding IRS Form 656 (individual offer link), which is one of the forms that a taxpayer needs to complete when submitting an offer in compromise to the Internal Revenue Service.  An offer in compromise is a tax settlement with the IRS and may be a means by which you can pay less tax than what is owed to resolve your tax debt.

 

Contact The McGuire Law Firm to speak with a tax lawyer in Denver or Golden Colorado.  The McGuire Law Firm has law offices in Denver and Golden for your convenience and we offer a free consultation to all potential clients.

Tax Attorney in Denver Discusses IRS Form 433B OIC

IRS Form 433B OIC is the form a business would complete when compiling an offer in compromise in an attempt to settle their tax debt with the IRS.  John McGuire is a tax attorney at The McGuire Law Firm and has prepared the video below to provide some background and general information regarding Form 433B OIC.

 

Contact The McGuire Law Firm to schedule a free consultation with a tax attorney.  The McGuire Law Firm has law offices in Denver and Golden, Colorado.

Paying Back Taxes to the IRS by Denver Tax Attorney

If you owe taxes to the IRS there multiple ways to pay these back taxes, and you may have multiple options to resolve your IRS tax debt.  John McGuire, a tax attorney at The McGuire Law Firm has prepared the video below to provide some information regarding paying your back taxes.  Please feel free to contact The McGuire Law Firm to speak with a tax attorney.

Schedule a free consultation with a tax attorney in Denver or Golden Colorado by contacting The McGuire Law Firm.

Tax Attorney in Denver Discusses What it Means to be Current and Compliant

To resolve an IRS debt, you must be current and compliant.  To comply with most IRS agreements regarding the resolution of a tax debt, you must be current and compliant.  What is current and compliant?  The video below has been prepared by a tax attorney Denver Colorado to discuss what it means to be current and compliant with your tax filings and payments.

 

Contact The McGuire Law Firm to speak with a tax attorney!  The McGuire Law Firm has offices in Denver and Golden Colorado.

Submitting an Offer in Compromise to the IRS by Denver Tax Attorney

The video below has been prepared by John McGuire, a tax attorney from The McGuire Law Firm regarding an IRS offer in compromise and submitting an offer in compromise to the IRS.  You can speak with a tax attorney by contacting The McGuire Law Firm, with offices in Denver and Golden Colorado.

 

Contact The McGuire Law Firm to schedule a free consultation with a tax attorney in Denver or Golden Colorado.

Offer in Compromise Equation Video by Denver Tax Attorney

If you have a tax debt to the Internal Revenue Service, you may be able to settle your IRS debt with an offer in compromise, which is a tax settlement.  The IRS uses an equation to determine a taxpayer’s reasonable collection potential and thus an offer amount they will accept to settle a tax debt.  The video below has been prepared by John McGuire a tax attorney in Denver, Colorado to help explain and provide information regarding the offer in compromise equation.

 

Contact The McGuire Law Firm to schedule a free consultation with tax attorney in Denver or Golden Colorado.  All potential clients receive a free consultation and we would welcome the opportunity to meet with you!

IRS Tax Settlement Article by Tax Attorney in Denver Colorado

Individuals or businesses that owe taxes to the Internal Revenue Service will often want to settle their tax debts.  As a tax attorney,Denver Tax Attorney IRS Offer In Compromise I have often been asked, what is a tax settlement or can I settle my IRS tax debt?  The article below has been drafted by a tax attorney at The McGuire Law Firm to provide information regarding IRS tax settlements.  If you have any questions, please feel free to contact The McGuire Law Firm at anytime.

Generally, when people refer to a tax settlement or an IRS tax settlement they are referring to an offer in compromise.  The IRS has an offer in compromise program whereby individuals and businesses can resolve their tax debts by paying an amount that is less than the amount due to the IRS.  For example, Jeff may owe the IRS $64,000 in income tax from his 2010 and 2011 1040 Individual Income Tax Returns.  Through the IRS offer in compromise program Jeff can submit an offer to pay an amount less than the $64,000 owed.  Jeff would submit his offer in compromise to the appropriate offer in compromise unit, which is usually determined by where Jeff lives.  The IRS offer unit would review Jeff’s offer and make a determination.  The determination may accept Jeff’s offer, reject Jeff’s offer but agree to accept an increased amount or reject Jeff’s offer and hold that Jeff can full pay the tax liability.

Ok, so now you know that you can settle your tax debt with the IRS through an offer in compromise, but how?  The offer amount the IRS will accept to resolve your tax debt is based off of an equation.  The equation takes into account your equity in assets and your disposable income to eventually calculate what the IRS would hold is your reasonable collection potential.  Thus, you must complete a financial statement listing your general information, assets & liabilities and income & expenses.  The financial statement an individual, including an individual who is self employed would complete to resolve 1040 individual income tax liabilities is Form 433A OIC.  If the individual holds an ownership interest in a partnership or corporation, then the individual must also disclose this information on Form 433B.  If a business is attempting to resolve tax liabilities such as 941 tax debts or 940 tax debts, the business would need to complete Form 433B OIC.  In addition to completing the appropriate financial/collection statements, you must include the appropriate attachments which will be listed on the collection statement.  The attachments are to verify what you have stated on the statement.  For example, you generally must provide bank statements.  Further, if you state you have a mortgage payment of $1,450 per month and owe $224,000 on the mortgage, you must provide a current mortgage statement showing the monthly payment and the remaining amount due on the note.

After you have completed the statement(s) and gathered all of the attachments, you will need to complete Form 656.  Form 656 states the type of taxes and tax periods you are requesting to settle; the amount you are offering to resolve your tax debt; the payment terms for payment of the offer amount; the type/reason for the offer in compromise; how you will pay the offer amount and other general information.

When you have completed all financial/collection statements and Form 656 as well as gathered the attachments, you can mail your offer in compromise to the appropriate IRS offer in compromise unit.  In general, there are two units of which to initially forward your offer.  One unit is in Memphis, TN, the other unit is in Holtsville, NY.  When you mail your offer, you need to include your application fee and the appropriate offer payment, which is based upon the offer amount and payments terms.

Once the offer unit receives your offer, you will receive notice of receipt.  The offer unit or an offer examiner may request additional information, or you may receive a determination notice without ever speaking with an agent.  If the unit or examiner requests additional information, such information must be provided or your offer is likely to be rejected.  Further, failure to remain in compliance with all tax return filings and tax payments can lead to your offer being returned.  If an offer in compromise is returned, you do not have the appeal rights that you would have if the offer was rejected.

Typically it takes at least 4-6 months to receive a determination from the offer unit.  It is not uncommon for the process to take 8-12 months depending upon the taxpayer’s circumstances.  In generally, if you have multiple business interests and a lot of assets, the offer in compromise process is likely to take longer.

If you have any questions regarding an IRS offer in compromise, please feel free to contact a tax attorney at The McGuire Law Firm.  John McGuire has successfully settled many tax debts for clients through the offer process and is very experienced in working with the IRS offer in compromise units.

Contact The McGuire Law Firm to schedule your free consultation with a Denver tax attorney regarding any of your tax questions, matters or issues.  The McGuire Law Firm has law offices located in Denver and Golden Colorado.

IRS Offer in Compromise Calculation Video by Denver Tax Lawyer

A Denver tax lawyer at The McGuire Law Firm can assist you with IRS problems such as IRS tax debts, IRS audits and other matters. If you owe taxes to the IRS, you may be able to settle your IRS tax debt with an offer in compromise.  The video below has been prepared by a tax lawyer at The McGuire Law Firm to provide information regarding how an offer in compromise is calculated.  Please feel free to contact The McGuire Law Firm to speak with a tax lawyer.

 

Contact The McGuire Law Firm to schedule your free consultation with a tax lawyer in Denver!

Offer in Compromise Video by Denver Tax Lawyer

A Denver tax lawyer at The McGuire Law Firm can assist you in preparing and submitting an offer in compromise to the IRS.  An offer in compromise is a tax settlement with the Internal Revenue Service whereby a taxpayer submits a proposal to pay less than the full amount of tax owed.  The video below has been prepared by a tax lawyer to provide general information regarding an offer in compromise.

Schedule your free consultation with a tax lawyer by contacting The McGuire Law Firm!  A Denver tax lawyer at The McGuire Law Firm can discuss your options regarding an offer in compromise as well as other tax matters.

IRS Offer in Compromise Calculation Video by Denver Tax Attorney

A Denver tax attorney at The McGuire Law Firm can assist you with tax matters before the IRS such as tax debts and audits as well as other tax issues.  John McGuire is an experienced tax attorney and has settled many tax debts for his clients through the IRS Offer in Compromise Program.  Please feel free to contact our office at anytime to speak with a tax attorney.

 

You can schedule a free consultation with a Denver tax attorney at The McGuire Law Firm at anytime!  Offices in Denver and Golden Colorado.