At Raiser & Kenniff, PC., we represent clients in civil tax issues and litigating tax matters. Our civil tax matters are actively handled by our firm’s founding partners, who have extensive experience as former prosecutors and seasoned trial attorneys. Borrowing on this experience, the attorney partners at Raiser and Kenniff, P.C. are able to successfully represent before taxing authorities such as the Internal Revenue Service (“IRS”) and the New York Department of Revenue (“DRS”).
By having an understanding of government agencies’ protocols and practices, our ultimate goal is to practically analyze our client’s situation, readily represent them at any stage or phase of the civil process, and aim to achieve the best possible outcome. At Raiser & Kenniff, P.C. we are more than prepared to represent taxpayers and challenge civil tax liabilities. Whether it is by working out an agreement to resolve tax debt, negotiating with tax authorities, responding to audits, filing an offer in compromise (OIC), or helping those who failed to file personal or business tax returns, we always seek the most favorable outcome for our client’s tax matters.
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What is an Offer in Compromise?
As defined by the IRS, an Offer in Compromise, also known as an “OIC”, is a mutual agreement between a taxpayer and the IRS that aims to settle the taxpayer’s tax liabilities for less than the full amount owed. Generally, an OIC is not accepted by the IRS if they determined that a liability can be paid in full or through a payment agreement. When deciding eligibility, the IRS considers the taxpayer’s income and assets in order to determine the taxpayer’s collection. The acceptance of OICs are subjected to legal requirements.
IRS Program(s) Available:
IRS FRESH START INITIATIVE
Owing back taxes or having unpaid tax bills from previous years; can have an individual or a business feeling as though there is no way out. You don’t have to continue to be in debt with the IRS. This program was created to help businesses or individuals get tax debt relief. There are very specific parameters around this program and our attorneys can help you navigate, putting you on a path to eliminating your tax debt.
What is this program about?
The Fresh Start program makes it easier for individuals or businesses who owe back taxes to pay the IRS, without having a lien placed on a vehicle, home or business. The goal is to allow citizens to pay taxes without liens and excess fees.
WHO QUALIFIES FOR THE FRESH START INITIATIVE?
Individual taxpayers or businesses who will accept paying their tax debt over time through an installment agreement with a direct payment structure can benefit from using the Fresh Start Initiative when:
- You owe less than $50,000 or can pay a larger liability down to that amount.
- You can pay off the remaining debt in 60 months or less.
- You file for an Offer in Compromise (OIC) and can pay the agreed settlement amount off within 12 months.
- It’s the first time falling behind on tax payments with the IRS.
- Your tax filings are up-to-date through the most current tax year.
- You maintain the installment agreement, stay current with tax filings, and don’t incur new tax debt during the period the installment agreement is in effect.
ARE THERE LIMITS ON WHO CAN USE FRESH START?
The limits depend primarily on one’s financial situation and tax balance. Some of the most common limitations include:
- Taxpayers who make over $200,000 per year (married, filed jointly) or $100,000 (single).
- Taxpayers with a balance of over $50,000.
- Taxpayers who are self-employed who must show proof of a 25% decrease in net income.