Audit reconsideration is the process the IRS uses to reevaluate the results of a prior audit in which additional tax was assessed and remains unpaid or a tax credit was reversed. It the taxpayer disagrees with the original determination, the taxpayer must provide new information for the audited issue that was not previously considered during the original examination. Audit reconsideration is also the process the IRS uses when the taxpayer contests a substitute for return (SFR) determination by filing an original delinquent return or when there is an IRS computational or processing error in assessing the tax. The attorneys at Lynchard & Seely, PLLC, can assist you with the audit reconsideration process.

As an alternative to enforced collection action, the IRS may allow a taxpayer additional time to pay tax due. If a taxpayer can pay off the amount owed within 120 days, the taxpayer can just make those payments without any formal agreement or issue. If it will take longer, the IRS will usually require the taxpayer to enter into an installment agreement.

The IRS has parameters by which it determines whether to accept an installment agreement. Some are accepted automatically, and others are at the discretion of the IRS. The attorneys at Lynchard & Seely, PLLC, can help you navigate the installment agreement process.

As part of its “Fresh Start” initiative, the IRS expanded its offer in compromise program. An offer in compromise is designed to help taxpayers who have tax liabilities exceeding their net worth. An offer in compromise is commonly described as “paying pennies on the dollar” for tax debt.

There are several types of offers in compromise, and each has its own requirements and procedures. Click here to learn more about offers in compromise. The experienced attorneys at Lynchard & Seely, PLLC, can help you navigate the process and submit an offer in compromise. While the IRS ultimately decides whether to accept an offer, our attorneys will help you present the best offer under your circumstances. If you would like assistance with an offer in compromise so you can take advantage of the IRS’s “Fresh Start” program, contact us for a free initial consultation!