Offer in Compromise Attorney in Long Island
Helping You Settle Your Tax Debt for Less Than You Owe in Nassau County
Are you overwhelmed by tax debt? Do you want to get rid of it quickly while saving some money? An offer in compromise (OIC) provides you the opportunity to pay off your tax debt for less than the full amount you owe. If you cannot pay your tax liability in full but want to avoid the accumulating interest of an installment agreement, an offer in compromise may be the right choice for you.
I am a Long Island tax attorney with experience helping clients resolve their tax issues. I have seen numerous Americans struggle with the burden of tax debt and I am passionate about helping them find a way out of it. You have legal options – let me help you explore and take advantage of them.
How to Submit an Offer in Compromise
An offer in compromise may be the right solution for you depending on the unique circumstances of your situation. Of course, it is always wise to explore all your payment options before submitting an offer in compromise in Long Island.
When determining whether to approve your offer in compromise, the IRS or NYS will consider:
- Your income
- Your ability to pay the debt in full
- Your living expenses
- Your asset equity
Because I understand what the IRS and NYS are looking for in an OIC, I can help you submit a strong and carefully calculated offer with a high chance of successful approval. The IRS is likely to approve an OIC when the amount offered is the most it can expect to recover within a reasonable amount of time.
While you are waiting to hear back from the IRS or NYS about the status of your offer, it is important that you continue making your required current tax payments. Failure to stay current could affect the outcome of your OIC.
Currently Not Collectible Attorney in Long Island
Addressing Matters of CNC Status in Nassau County
If you owe the IRS money but cannot make the required payments while still paying for necessary living expenses – like rent, food, and utility bills – the IRS may grant you currently not collectible (CNC) status. This status is a form of protection for individuals who are struggling financially and cannot afford to pay the IRS back.
At Wynne Law, P.C., I strive to help clients understand their CNC status and take advantage of the protections it affords them. I know that you are in a tough spot – and I want to help you overcome this difficult situation with your dignity intact.
Benefits of Currently Not Collectible Status
For a lot of Americans, it can be nearly impossible to simultaneously pay back taxes and living expenses for themselves and their families. The IRS recognizes that you have basic needs that take precedence over tax debt. Obtaining currently not collectible status can provide some relief during a stressful and overwhelming situation.
If your account has been deemed currently not collectible:
- The IRS will not press you to try to collect money
- The IRS will not levy your funds
- You will continue to accrue interest and penalties on the full amount you owe
Currently not collectible status does not relieve you of your tax debt, but it can help ease the burden on your shoulders.
If you are wondering if you might be eligible for currently not collectible status in Long Island or the surrounding areas, reach out to me so that I can carefully assess your case. I can communicate with the IRS to explain your situation and seek the protection you deserve.
Call (516) 217-6164 to get started.