Hoyt Law Offices has represented clients on contracts, workers’ compensation, personal injury, torts, employment, succession planning, tax, and all strategic business matters. Additionally, we have represented clients in tax matters including audits, collection enforcement and have settled tax cases with offers in compromise. We have facilitated the settlement of legal disputes in business, contracts, torts, personal injury, probate, divorce and family matters. We also have partnered in the most respected provider of strategic financial business intelligence consulting services.
Business and Tax Law
As an Attorney, CPA and and MBA with over thirty years of business experience Bradley Hoyt:
Corporate council and Vice President of a major corporation, leading the legal, tax, and finance
Prepared, executed, and litigated all legal business for several corporations
Facilitated better legal and financial decisions.
Provided insight to senior managers regarding the risk inherit in legal and financial decisions.
Negotiated hundreds of disputes achieving win/win solutions.
Expert at case evaluation for settlement.
Trained mediator at Capital Law School, Ohio University and Beechacres.
Mediator for Hamilton County Common Pleas Court 2003-2004.
Implemented decision analysis process to improve legal decision making
I have represented clients on contracts, workers’ compensation, personal injury, torts, DUI, employment, succession planning, tax, and all strategic business matters. As a Mediator, I have facilitated the settlement of legal disputes in business, contracts, torts, personal injury, business contracts, probate, divorce and family matters. I am also a partner in the most respected provider of strategic financial business intelligence consulting services.
As an Attorney, CPA and MBA I have over thirty years of business experience:
- Corporate council and Vice President of a major corporation, leading the legal, tax, and finance.
- Prepared, executed, and litigated all legal business for several corporations.
- Facilitated better legal and financial decisions.
- Provided insight to senior managers regarding the risk inherit in legal and financial decisions.
- Negotiated hundreds of disputes achieving win/win solutions.
- Expert at case evaluation for settlement.
- Trained mediator at Capital Law School, Ohio University and Beechacres.
- Mediator for Hamilton County Common Pleas Court 2003-2004.
- Implemented decision analysis process to improve legal decision making.
One of the most important business areas are contracts. Almost everything in business is contract related. The primary focus of contract law is to determine which promises the law will enforce. While contracts usually involve promises to do something (or refrain from doing something), not all promises are contracts. Courts look at a number of factors to determine whether an agreement should be enforced. The court must initially determine whether the agreement constitutes a contract or not. In order for an agreement to be considered a valid contract, it must satisfy certain requirements. One party must make an offer and the other party must accept it. There must be a bargained for exchange of promises, meaning that something of value must be given in return for a promise. In addition, the terms of a contract must be sufficiently definite for a court to enforce them. If a court determines that a contract exists, it next must decide whether that contract should be enforced. There are a number of reasons why a court might not enforce a contract. These are called defenses to the contract. Contract defenses are designed to protect people from unfairness in the bargaining process or in the substance of the contract. If there is a valid defense to a contract, the contract may be voidable, meaning the party to the contract who was the victim of the unfairness may be able to cancel or revoke the contract. In some instances, the unfairness is so extreme that the contract is considered void, in other words, a court will declare that no contract was ever formed.
The IRS approves less than 20% of all Offer In Compromises that are submitted. The reason for such a low success rate is:
- People are submitting an Offer In Compromise when they do not properly apply or state their qualifications for a reduction or elimination of their tax debt. This will inevitable result in an automatic rejection.
- Taxpayers (and even so-called Tax Professionals) do not understand how to properly compute the financial figures in a manner that will essentially force the Offer Examiner to accept the Offer In Compromise due to a Doubt as to Collectability.
The IRS Offer Examiners will try to find any reason possible to reject an OIC as they do not want to make it easy for taxpayers to walk away from a tax debt. This would only set a public precedent for people to stop paying their taxes.
Hoyt Law Office’s formula for success is really pretty simple. We are successful in our negotiations with the IRS due to the fact we provide the IRS with the proper information and facts to support your case. Many of the television advertisers for tax relief utilize clerks and accountants that are not qualified to practice tax law in court. Sad but no license is required to practice tax. Your hairdresser or barber has a license. Be sure your tax professional has the proper education and experience to handle your tax problems.
We invite you to take advantage of our FREE consultation to truly learn what can be done to get your tax issues resolved. You will never be under any kind of obligation to hire us just because we spend the time to fully evaluate your case! Yes, we give out a lot of free advice but we also feel an obligation to assist those who aren’t sure where else to turn or who to trust.
Get Honest and Trustworthy help before you ever hire anyone….The last thing you need is to get bad advice and potentially worsen your position with the IRS.
The IRS Fresh Start program makes it easier for taxpayers to pay back taxes and avoid tax liens. Even small business taxpayers may benefit from Fresh Start. Here are three important features of the Fresh Start program:
- Tax Liens. The Fresh Start program increased the amount that taxpayers can owe before the IRS generally will file a Notice of Federal Tax Lien. That amount is now $10,000. However, in some cases, the IRS may still file a lien notice on amounts less than $10,000.Some taxpayers may qualify to have their lien notice withdrawn if they are paying their tax debt through a Direct Debit installment agreement.
If a taxpayer defaults on the Direct Debit Installment Agreement, the IRS may file a new Notice of Federal Tax Lien and resume collection actions.
- Installment Agreements. The Fresh Start program expanded access to streamlined installment agreements. Now, individual taxpayers who owe up to $50,000 can pay through monthly direct debit payments for up to 72 months (six yearsTaxpayers in need of installment agreements for tax debts more than $50,000 or longer than six years still need to provide the IRS with a financial statement. In these cases, the IRS may ask for one of two forms: either Collection Information Statement, Form 433-A or Form 433-F.
- Offers in Compromise. An Offer in Compromise is an agreement that allows taxpayers to settle their tax debt for less than the full amount. Fresh Start expanded and streamlined the OIC program. The IRS now has more flexibility when analyzing a taxpayer’s ability to pay. This makes the offer program available to a larger group of taxpayers.Generally, the IRS will accept an offer if it represents the most the agency can expect to collect within a reasonable period of time. The IRS will not accept an offer if it believes that the taxpayer can pay the amount owed in full as a lump sum or through a payment agreement. The IRS looks at several factors, including the taxpayer’s income and assets, to make a decision regarding the taxpayer’s ability to pay. Use the Offer in Compromise Pre-Qualifier tool on IRS.gov to see if you may be eligible for an OIC.
7 Things You Must Know For Relief
- The goal of any IRS Settlement negotiation (Offer In Compromise) is to convince the IRS the amount of money they can collect is as small as possible. The IRS does not make it easy to negotiate a settlement and reduce or eliminate existing tax balance, but it is 100% possible if everything is done correctly.
- It usually takes anywhere from 6 to 12 months to negotiate an Offer in Compromise (estimate is based on an experienced tax professional handling case). If an IRS Offer Examiner rejects the initial OIC submission, then it can take over 2 years to go through Appeals! It should be noted that the entire time an individual’s Offer is pending, he or she is protected from IRS enforcement action. Wages cannot be levied or garnished while an OIC is pending.
- There is a specific formula that needs to be computed in order to confirm candidacy. You should not proceed with an Offer in Compromise (OIC) until you know you qualify or properly state your qualifications. The reason most OIC’s fail is because the computations are not done correctly and the IRS will look for a reason to reject.
- Be very cautious with who you hire. You really only get one shot to submit an Offer in Compromise (If it fails, you have to wait until there is a significant change in your collectability). Most accountants and tax preparers don’t even know the OIC formula. They will go through the motions, telling you they did everything they could, but then lose the case and you gained absolutely nothing.
- On tax balances that exceed $10,000, the best advice we can give is to get trusted and reliable help. That’s it. You would never attempt to represent yourself in a court of law. The same holds true with the IRS. Once again, you only get one shot at an OIC and you need to make it count before the IRS bullies you into paying more than you really could have settled for had it been handled properly.