Arkansas Offer in Compromise Attorney

The liability for significant back taxes can be overwhelming for an individual or business.  Those who owe back taxes are often fearful or have trouble understanding their options.    The attorneys at Hyden, Miron & Foster, PLLC regularly assist clients who owe taxes or are in disputes with taxing authorities and our attorneys are able to provide clients various options, including offers in compromise to limit their total exposure.

An offer in compromise enables individuals and businesses to settle their tax debt for less than the full amount owed.  This program is often one of last resort for those who have explored other payment options but still cannot pay their tax debt in full.  Both the Internal Revenue Service (IRS) and the Arkansas Department of Finance and Administration (Department of Finance) have offer in compromise programs.  A client could be responsible for back taxes for a number of reasons such as an audit or not filing tax returns in previous years.  Whatever the situation, individuals may be eligible for an offer in compromise if they meet certain criteria.  For example, in order to qualify for the federal program, the individual cannot be overdue on payments or filings with the IRS and cannot currently be involved in a bankruptcy proceeding.  They are also subject to other specific requirements set out by the federal and state tax laws and regulations. 

When determining whether to accept an offer in compromise, the tax authority will evaluate the person’s ability to pay, which includes a detailed look at his or her income, assets and expenses.  Often times, offers in compromise will not be accepted unless it is clear that the person will not be able to pay their tax debt in full.  In order to be accepted into an offer in compromise program, a formal application must be submitted.  The application consists of various forms that must be completed with accurate information.  Some of the information requested can be quite complex and it can be beneficial to be represented by an experienced attorney. 

Tax law is a complicated area and it is essential that you consult with a seasoned attorney regarding your tax matters.  The attorneys at Hyden, Miron & Foster, PLLC have a thorough understanding of many tax collection issues including offers in compromise.  Call us at 501-482-1787 for a consultation today.

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200 Louisiana Street, Little Rock, AR 72201 | Phone: 501.482.1787 | 557 Locust Avenue, Conway, AR 72034 | Phone: 501.482.1787
4501 N Highway 7, Suite E, Hot Springs Village, AR 71909 | Phone: 501.482.1787 | 721 S Main Street Stuttgart, AR 72160 | Phone: 870.673.0083