IRS OFFER IN COMPROMISE
Did you know you may be eligible to significantly reduce your IRS Tax Debt, with an Offer in Compromise? This allows delinquent taxpayers to settle with the IRS on tax debt that has been incorrectly assessed, or for liabilities they cannot afford to pay.
The IRS Code states: “We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential…” (Internal Revenue Code section 7122).
Often it is possible to fully and completely eliminate the taxes you owe – including all penalties and interest – at an enormous discount. There is no preset bottom limit that the IRS will accept to settle your debt, especially if your offer is done “right.”
Two Things You Need To Know Before Applying For An Offer in Compromise:
You must be in compliance first, before the IRS will even consider an Offer in Compromise.
In general, the IRS will not accept a settlement offer if the you have the ability to pay your entire tax debt in full. For example, if you owe the IRS $30,000 and you have assets sufficient enough to satisfy your tax debt, your offer will not be accepted. However, some assets are excluded, so you’ll need to speak with one of our Tax Professionals and get yourself pre qualified first.
If done correctly, your debt may be settled for only 5-15% of what you presently owe. The key is to determine the least amount that the IRS will accept from you before you make the offer.
If you can’t afford to pay the IRS in full and need to be sure you understand your options, click the green button below and schedule your free Tax Strategy Analysis Today!