Offers in Compromise
Many people have heard about the IRS' "Offers
in Compromise" program, but it is very misunderstood.
- Not a give-away program
- Be aware of scam artists
promising "guaranteed
results" and "pennies-on-the dollar" settlements
- If
you have the ability to pay within statute
of limitations, IRS will not settle for less
- Ability
to pay based on equity in assets plus present value
of your monthly ability to pay
- A "rough" OIC determination
included free with game plan
Offers based on doubt
as to liability
- Used when taxpayer believes amount of tax debt
is incorrect
- Example: Statute of limitations has expired
on the taxpayer's ability to file an amended return.
- Should
be submitted with the assistance of a qualified
tax professional.
Offers based on doubt as to collectibility
- Used when tax debt is correct but taxpayer is not
able to pay
- If you offer more than IRS determines
it will ever be able to collect, IRS may be willing
to settle
- Any good representative can make a rough
estimate at your initial meeting; don't
pay thousands of dollars in fees to
someone without that determination made up front
- We can review
your OIC paperwork before you pay someone
CAUTION: Filing an offer in compromise extends the statute
of limitations on collections if not accepted. Further,
if your offer is accepted, you will be on a 5-year
probationary period.
We know the answers and we can help
solve your tax problems
Contact
us now to get your life back.
