Offer in Compromise for New Mexico

If you live in the state of New Mexico and have failed to file taxes and the Internal Revenue Service is threatening to seize your property or bank accounts, call us now and our New Mexico Tax Attorneys may be able to help you settle your back tax debt obligations.

The Internal Revenue Service has accepted thousands of Offer in Compromise reduced tax settlement offers which has allowed New Mexico taxpayers relief from their stressful tax debt. Failure to pay taxes can mean huge future payments for penalties and interest. Don’t get blindsided, call a New Mexico Tax Lawyer for help.

The Internal Revenue Service (IRS) is an aggressive debt collector and if you owe back taxes and they have not contacted you, they will. Our New Mexico Tax Attorneys have experience with dealing with the IRS and can help you protect your pay check, home, bank account and other assets from seizure or levies by determining if you meet the qualifications to qualify for Offer in Compromise. If you do, your tax lawyer can gather your tax information and help you prepare your Offer in Compromise application and submit it to the Internal Revenue Service.

Offer in Compromise for Debt Settlement in New Mexico

Offer in Compromise is a program offered by the Internal Revenue Service to help New Mexico tax payers settle their tax debt obligations by paying a fraction of the amount they owe. Offer in Compromise is offered in New Mexico as well as all other states. The goal of Offer in Compromise is to help Mexico taxpayers get current on their tax debt obligations so they will be able to pay their future taxes.

The Internal Revenue Service will accept approximately 20% of the Offer in Compromise applications they receive each year. A New Mexico Tax Attorney can help you submit the appropriate documentation and increase your chances that the Internal Revenue Service will approve your Offer in Compromise application.

Qualifying for Offer in Compromise in New Mexico

  • Doubt as to Liability – New Mexico residents may qualify for Offer in Compromise if there is a doubt to the amount of tax liability they owe the Internal Revenue Service. Unfortunately, this argument is rarely proven and is generally only used if the taxpayer has lost on appeal, litigation or if the time has passed to appeal an assessment.
  • Doubt as to Collectibility- New Mexico residents must prove that the IRS is unlikely to collect the full amount of tax liability the taxpayer owes.
  • Effective Tax Administration- Under Effective Tax Administration the New Mexico residents is not disputing the tax liability or the collectability, but instead, argues that collection of the tax debt would “create an economic hardship which is unfair and inequitable”. All New Mexico taxpayers can use this option, but it is primarily used if you are disabled, elderly or have other extenuating circumstances.

Benefits of Offer in Compromise

  1. Offer in Compromise will temporarily halt collection efforts by the Internal Revenue Service while your Offer in Compromise application is under review by the IRS.
  2. Offer in Compromise will allow the tax payer to pay less than the original tax amount owed.
  3. Offer in Compromise can stop tax liens against property once the tax debt is paid.
  4. Offer in Compromise may allow a New Mexico taxpayer to avoid filing bankruptcy.
  5. Offer in Compromise may allow a New Mexico resident a fresh financial start with out the fear of the IRS tax collectors harassing them for unpaid tax debt.

Contacting a New Mexico Tax Attorney

The Internal Revenue Service has powers to collect federal tax debt using a variety of aggressive methods including: levies of bank accounts, applying federal tax liens against your property and wage garnishments.  If you are unable to pay your federal tax bill in full or if you are behind in tax payments, it is important to take immediate action and not wait for the Internal Revenue Service to contact you. A New Mexico Tax Attorney can help find the best tax settlement option you.

Offer in Compromise Filing Information:

If you reside in the following states:

Alaska, Alabama, Arizona, California, Colorado, Hawaii, Idaho, Kentucky, Louisiana, Mississippi, Montana, Nevada, New Mexico, Oregon, Tennessee, Texas, Utah, Washington, Wisconsin or Wyoming,

AND

And you are a wage earner, retiree, or a self-employed individual without employees, Form 656 and necessary attachments are sent to:

Memphis Internal Revenue Service Center COIC Unit

PO Box 30803, AMC

Memphis, TN 38130-0803

If you are OTHER than a wage earner, retiree, or a self-employed individual without employees, Form 656 and necessary attachments are sent to:

Memphis Internal Revenue Service Center COIC Unit
PO Box 30804, AMC
Memphis, TN 38130-0804

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