Tax Debt – State & Federal

Oakland County Tax Specialist on Your Side

Ever since the Great Recession began, the U.S. Internal Revenue Service has faced growing requests for relief through an "offer in compromise," which is a tax relief procedure for delinquent taxpayers. At the same time, tax planners across the nation are working with their clients to find solutions to all types of tax debts on the state and federal levels.

On May 22, 2012, Reuters reported that in fiscal year 2011, the IRS received 59,411 new offer in compromise requests, a 28% increase over four years prior, according to a report by the Treasure Inspector General for Tax Administration. Because of the ailing economy, Stuart Lee Sherman, P.C. has taken on more clients who had tax collection matters.

Our clients come from a variety of situations; for example, some of them may have gone from having a high paying job with high earnings, to working at a much lower paying job after a layoff. As Oakland County tax specialists, it's our job to persuade the IRS to see that our client's situation has really changed for the worse and that they need relief.

The good news is that since the economic downturn began, the IRS has announced more flexible offer in compromise terms to help a greater number of struggling tax payers resolve their tax debts and make a fresh start. It has actually been easier for people to reach agreements and pay their tax debts over time and in many ways, the IRS has relaxed its policy and is willing to work with people to get back in the system.

You Can Resolve Your Tax Debts! We Can Help.

If you have a non-optimum situation simply because you don't have the money to pay back the federal income taxes that you owe, you have three options:

  • You can enter into an installment agreement where you pay the full tax liability over a period of time.
  • You can file an offer in compromise, in which case you negotiate with the IRS to pay less than what you owe.
  • If you are in a true hardship situation where your expenses exceed your income, you can get the taxman to give you a break for a year or two by getting declared currently noncollectible.

Whatever you choose to do will depend on your unique situation, how much you owe and how much time remains on that statute of limitations for your tax liability. With a J.D., a bachelor's degree in accounting and an LL.M. in taxation, Mr. Sherman is well-equipped to resolve your personal or business tax debt matter. Contact us today to take advantage of our free case evaluation!