Lavelle Law, Ltd. will be hosting a series of free seminars for taxpayers to review the recently announced IRS changes to the Offer in Compromise program. The seminars will be held on July 24, August 7, and August 21 at the Lavelle Law offices at 501 West Colfax in Palatine. Tim Hughes, a tax law partner will lead the discussion.
The Offer in Compromise program allows individuals with an outstanding tax debt who meet certain criteria, to resolve the debt for a reduced amount. On May 21st, the IRS announced changes that make the program accessible to more taxpayers. Among the changes have been reductions in the time period the IRS uses to calculate future earnings, which may lead to more individuals and businesses with tax debt being able to reduce their outstanding obligations to the federal government.
“An offer in compromise can be an outstanding resolution in appropriate cases,” said Hughes who serves as the Chair of the Federal Tax Committee of the Northwest Suburban Bar Association. “The changes that were presented by the IRS significantly broaden the opportunity for many people with tax debt. We want to make sure everyone understands the new rules and how the OIC program may be able to bring them back into good standing with the IRS.”
Hughes stressed that Lavelle Law is offering the seminars as a means of educating members of the public, especially in light of the past year’s crackdown by the federal government on companies claiming to offer “tax relief”. “We have seen significant movement by the government to protect taxpayers from unscrupulous companies that prey on people in financial trouble,” he said. “They often promote themselves as being able to settle debts for ‘pennies on the dollar’ without any knowledge of the individual’s circumstances. Our seminar will help bring to light the real options that exist to appropriately address tax debt issues in a manner acceptable to the IRS.”
Hughes said that the upcoming seminars will explain the principles of the Offer in Compromise program and the ways in which the approach can best be utilized by those with an unresolved tax issue. The seminars will run from 7:00 through 8:00 p.m. each night. Seating is limited so interested individuals are encouraged to call Ashley at 847-705-7555 to reserve a spot in advance.
For more information on the Taxation Practice Group at Lavelle Law visit www.lavellelaw.com or call 847-705-7555.
-Submitted by Lavelle Law