Venice Offer in Compromise Attorney

Venice Offer in Compromise Lawyer

Emergencies can lead to errors or late tax payments, resulting in penalties and growing interest if these fines aren’t paid. Unfortunately, it can be easy to end up with tax debt that you don’t have the financial ability to repay. Luckily, there are options for debt settlement, including methods to clear your entire liability for less than you owe. A Venice offer in compromise attorney can help you find the right option and potentially secure an offer in compromise (OIC).

Venice Offer in Compromise Lawyer

When you need transparent and reliable legal support to address your tax debt, TaxSmith, LLC, is the team that can help you. We have spent years navigating tax issues in Florida, with over a decade of experience in helping taxpayers like you resolve tax debt. An OIC is one of the most helpful tools for taxpayers with overwhelming debt, although they are not easy to secure.

You are more likely to successfully apply for an OIC and save yourself a lot of money and stress with the help of an attorney. Our firm understands how stressful it is to owe taxes to the Internal Revenue Service (IRS) or the Florida Department of Revenue (DOR). You can feel like there are no options, but our team can help you consider options like an OIC. We help you negotiate with the IRS to resolve your debt and protect your financial interests.

The Basics of an Offer in Compromise

Generally, when you owe the IRS tax debt, you have to pay it. However, the IRS is open to compromise if individuals don’t have the financial ability to repay the debt they owe. The IRS helped over 62 million taxpayers in 2024, including helping taxpayers through over 2 million contacts to Taxpayer Assistance Center (TAC) offices. This includes the TAC office in Sarasota, nearest to Venice.

An OIC is one of the options to resolve tax debt, but it is not available to most taxpayers. If you can get an OIC, it allows you to pay a lump sum or periodic payment that you and the IRS agree on that is less than your debt. Once that amount is paid, the rest of your debt is cleared. This makes it an exceptionally useful tool to resolve your tax liability.

Unfortunately, few qualify for an OIC, and even fewer are able to secure one. In fiscal year (FY) 2024, the IRS accepted 7,199 OICs out of 33,591 OICs proposed. This was an acceptance rate of 21.43%. In comparison, in FY 2023, the IRS accepted 12,711 OICs out of 30,163, or a rate of 42.14%.

Requirements for an Offer in Compromise

To qualify for an OIC, you have to prove that one of the following circumstances applies:

• Doubt to liability: There is a genuine disagreement about the amount of your tax debt or whether you owe a tax debt at all.
• Doubt to collectability: There is doubt that the IRS can fully collect on the amount it is owed, such as your assets and income being less than the total of your liability.
• Effective tax administration: The IRS may also accept an OIC if it would be considered effective tax administration, meaning requiring the full tax liability paid would cause you economic hardship or would be inequitable due to circumstances.

These are reasons that the IRS may accept an OIC, but there are other requirements you have to meet. This includes:

• You filed your required tax returns and/or estimated payments.
• You are not in an open bankruptcy proceeding.
• You paid the required application fee and the first portion of your proposed OIC payment.
• If the OIC is for the current tax year, then you have a valid extension for that year’s return.
• If you are an employer, you have filed and paid the required tax deposits for the current and prior two quarters.

Navigating offers in compromise cases is much easier with an attorney who can assess your eligibility and help you draft an OIC.

Tax Resolution Matter Types We Handle In Venice

Our firm provides expert legal representation for the following specific tax law matters:

• Venice IRS Tax Attorney – Comprehensive representation for all IRS-related matters including collection defense, audit representation, appeals, and complex federal tax disputes
• Venice Bank Levy Lawyer – Immediate intervention when the IRS freezes and seizes funds from your bank accounts, working urgently to release levies and protect your financial resources

FAQs About Venice, FL Offer in Compromise Attorney

Can the IRS Reject an OIC?

Yes, the IRS can reject an OIC. The IRS might reject an OIC for not meeting certain qualifications, such as if you are in open bankruptcy proceedings or you have not tried all other methods of debt settlement first. If accepting the OIC is not in the interests of the agency, it is likely the IRS will reject it. The IRS may also reject an OIC, but also provide a counteroffer.

How Much Should an Offer in Compromise Be?

The amount of an offer for an OIC will depend on your financial circumstances. The IRS is likely to accept an OIC for an amount it thinks you can pay, based on your income, your assets and equity, your expenses, and other factors. It is important to assess a reasonable offer without overpaying and causing yourself financial hardship during the payment process. It helps to hire an offer in compromise attorney to determine how much an OIC should be.

What Percentage of Offers in Compromise Are Accepted?

The IRS accepted 21% of OICs in FY 2024 and 42% in FY 2023. There are few people who meet the qualifications for an OIC, and not all who meet the qualifications are accepted. Each individual taxpayer’s situation is considered, and the IRS accepts on a case-by-case basis. You should first assess other methods of addressing your debt, such as an installment agreement or penalty abatement. An attorney may improve your chances of success when securing an OIC.

What Are the Drawbacks of an Offer in Compromise?

One of the primary drawbacks of an offer in compromise is that very few are accepted. Therefore, an OIC is not feasible for every taxpayer. If you are able to secure an OIC, you are then required to pay the amount you agreed to. This can be a drawback if you agreed to pay too much and then have difficulty meeting your basic needs. You could avoid these drawbacks with an attorney helping handle your debt settlement options.

Hire an Offer in Compromise Attorney at TaxSmith, LLC

TaxSmith, LLC, can help you address your tax debt with the IRS or DOR. Reach out to our Venice offer in compromise attorneys today.

Serving Venice and the South Sarasota County Area

When tax problems strike in Venice or throughout South Sarasota County, you need more than just technical tax expertise—you need an attorney who genuinely cares about your financial well-being and treats you with the respect and honesty you deserve. At TaxSmith LLC, founder Angie Smith has built her practice on a simple but powerful principle: treating every client like family and providing straightforward answers during what may be one of the most stressful periods of your life, because she understands that tax debt isn’t just numbers on paper—it’s sleepless nights and constant worry about your future.

Serving Venice, Englewood, North Port, and surrounding Gulf Coast communities, TaxSmith LLC combines Angie’s admitted status to practice before federal courts—including the United States District Court for the Middle District of Florida and the Eleventh Circuit Court of Appeals—with the personal accessibility that comes from her small-town North Carolina upbringing where hard work and treating people right were fundamental values. Her Magna Cum Laude degree from UNC Chapel Hill and Florida Bar admission provide the sophisticated legal foundation necessary to navigate complex IRS matters, while her commitment to maintaining a welcoming office environment (where her chocolate lab Miller Ann and silver lab Aria Skye often greet clients) ensures you never feel like just another case number.

Whether the IRS has levied your bank account leaving you unable to pay bills, you’re exploring an offer in compromise to settle tax debt for less than you owe, or you need experienced representation to negotiate with IRS agents who seem impossible to deal with, partnering with a Venice tax attorney who promises honest communication, personalized attention, and the kind of dedicated advocacy that comes from truly caring about your outcome—rather than viewing you as billable hours—can be the critical difference between years of financial struggle and finally achieving the fresh start and peace of mind you deserve.

Venice, FL Offer In Compromise Law Additional Resources:

Tax Liens in Florida

• How to Remove a Tax Lien in Florida
• Federal Tax Lien Statute of Limitations in Florida
• How Long Does a Tax Lien Last in Florida?

Tax Debt & IRS Issues in Florida

• How to Get Out of Tax Debt in Florida
• Can a Tax Attorney Negotiate with the IRS to Resolve Tax Debt Issues in Florida?
• IRS Offer in Compromise in Florida
• How to Negotiate a Tax Debt Settlement with the IRS in Florida
• Tax Settlement Options for Florida Residents