Offer in Compromise
Are you looking for a way to reduce IRS tax debt? IRS tax settlement help may be just a phone call away. Our law firm has years of experience with debt settlement and the IRS. To find out if you qualify for IRS tax settlement contact us today by calling 1‑888‑TAX‑LADY or by using our contact form.
An IRS Offer in Compromise with the IRS allows taxpayers that cannot afford to full pay their back tax liability the opportunity to settle for less than what they owe. An Offer in Compromise can reduce IRS debt. IRS tax settlements are subject to certain terms and conditions.
The IRS sets guidelines for accepting an Offer in Compromise. The IRS looks at a taxpayer’s past, current and future financial situation when evaluating whether an Offer in Compromise should be accepted. It is important to know what aspects of a taxpayer’s situation the IRS is looking at when filing an Offer in Compromise. Not everyone qualifies for an IRS Offer in Compromise, as each person’s financial situation is different. Additionally, the length of time varies but the average generally is 8 to 12 months. Thus, pre-qualifying for an Offer in Compromise is an important first step to take prior to attempting an Offer in Compromise with the IRS.
The IRS Offer in Compromise process involves completing the appropriate forms, having the necessary records on hand, being compliant with the IRS tax regulations, and filing the Offer in Compromise for review with the IRS. Once filed, the IRS begins their investigation of the taxpayer’s reasonable collection potential based upon his or her financial situation. They also evaluate the taxpayer's history of filing tax returns. Unfortunately, many taxpayers who file an IRS Offer in Compromise, get it returned due to procedural deficiencies and never make it to a point of final review. Thus, satisfying the many procedural requirements is necessary if an Offer in Compromise is to be reviewed by the IRS and is one of the benefits in hiring an experienced tax professional for filing an IRS tax settlement.
After the IRS completes its review, it makes a determination either to reject or accept the Offer in Compromise. If the Offer in Compromise is rejected, another form of IRS back tax resolution may be needed, such as an Installment Agreement, Currently Not Collectible status, or Full Pay Service. If the Offer in Compromise is accepted the offer amount is paid and the back taxes are resolved. In addition, the taxpayer must file all future IRS tax returns and make all necessary payments on time and in full. An IRS Offer in Compromise it is an excellent way to resolve back taxes and to get a fresh start with the IRS. Tax debt settlement help can be obtained by calling us at 1‑888‑TAX‑LADY or by filling out our contact form with a free and confidential tax analysis.
