Offer in Compromise

An Offer in Compromise is a great opportunity for a struggling taxpayer to get back on his feet.   The IRS forgives part of the tax balance owes and settles for a smaller amount.   It is a true settlement.

However, an Offer In Compromise is not for everybody.   Certain requirements must be met.    Before you pay another tax resolution company thousands of dollars to submit an Offer In Compromise you should know a few things.

First, the IRS has about ten years to collect the debt for each year you owe.    Second, the IRS is patient enough to wait for your finances to improve.       An Offer in Compromise will be accepted when you can prove to IRS that your situation is such that you cannot pay the balance in full, even if given the full ten years.     The most qualified candidates will have a permanent hardship, otherwise you should really be requesting a Currently Not Collectible Status.    Successful examples of OIC candidates include:

 

-       A retired man who has tax debts from when he was working but now has only Social Security and a Pension.

-       A widow on fixed income who is responsible for tax debts incurred by her late husband.

-       A  professional who has tax debts related to an unsuccessful business venture who now works as an employee for diminished income.

-       A worker who has become disabled and can no longer afford to make payments on existing back taxes.

If you believe that you might be in this situation feel free to contact us to discuss whether you might qualify for an Offer in Compromise.    We can schedule a consultation with one of our licensed professionals (not a salesman) who will advise you regarding whether an OIC is right for you, or whether you are best suited to be in an Installment Agreement or CNC Status.

Your time and money are valuable.  The details matter.   Before you commit to the significant expense of an OIC, be sure you are on the right track.    Don’t pay thousands up front only to have your Offer in Compromise rejected after long review process.   Call and schedule your $99 consultation today!