Denver Tax Lawyers – Tax Payment Problems
Offers in Compromise
Through the IRS Offer in Compromise program, you may be able to settle your tax debt with the IRS for a fraction of what you owe. The program allows taxpayers to settle with the IRS on tax debt that has been incorrectly assessed or for tax liabilities they cannot afford to pay.
The Internal Revenue Code states: “We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential…” (Internal Revenue Code section 7122).
Through an Offer in Compromise, it may be possible to fully and completely eliminate the taxes you owe – including all penalties and interest – at a substantial discount.
IRS Payment Plan
If you do not qualify for the IRS Offer in Compromise program, a Payment Plan may be the way to resolve your problem. Setting up a payment plan with the IRS gives you a little more time to pay off your tax debts.
Unfortunately, penalties and interest will continue to be charged on your outstanding balance as you pay off the tax debt. You are required by law to pay the interest on your tax debt. However, it may be possible to get your tax penalties removed.
If you filed your tax return, but did not pay the tax due, penalties and interest can start to add up quickly. At Dennis M. Lanphier, P.C., our tax attorneys can help you resolve your unpaid taxes with the IRS.
Contact a Denver, Colorado Tax Attorney
If you are seeking legal representation from a tax attorney, please contact our office today for a free consultation. You can reach us by calling 720.306.8025.