Offer in Compromise

What is an Offer in Compromise?

 An offer in compromise is a contract between a taxpayer and the IRS.  The agreement is to settle an outstanding tax debt for less than the full amount owed. However, submitting an application for an offer in compromise does not ensure that the IRS will accept the offer or agree to reduce your tax liabilities.  Having a professional will increase your chances of success with the IRS

Common reasons to do an Offer in Compromise

  • Doubt as to Collectability: Where the IRS agrees that the taxpayer is unlikely to be able to pay off the tax debt.
  • Doubt as to the Liability: This is where the IRS agrees that the amount owed is incorrect.
  • Special Circumstances: The IRS will allow certain agreements if the taxpayer has special circumstances such as an economic hardship.

Are you ready to file an Offer in Compromise?

As a legal service we will do an Offer in Compromise with the IRS.  An Offer in Compromise generally  requires a 20% depsosit.

You will be required to timely file all of your tax returnsincluding estimated payments and remain in compliance for a period of five years.

Collection stops during the offer in compromise period.