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Offer In Compromise |
Did you know that IRS has a program that may allow you to settle your tax debt for less than you owe? The Offer in Compromise program will do just that if you qualify. This program allows 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. The key is to determine the least amount that the IRS will accept from you before you make the offer. We will evaluate your financial situation to determine if you qualify for an offer and what the amount of the offer should be. We will also assist in the preparing your offer paperwork for submission to the IRS to be sure it is done correctly.