One of the ways you may be able to lower your overall tax liability is to arrange a settlement with the IRS called an Offer in Compromise. It’s important to understand that every taxpayer will not be able to achieve this outcome, but those who qualify may be able to save significantly! The best way to know for sure is to ask a tax professional for help. Call us at 844-841-9857 or click on the CONTACT US button below to fill out the form so we can reach out!
How does an Offer in Compromise work? If a taxpayer cannot afford to pay back the taxes he or she owes and doesn’t have any significant assets, the IRS may accept an Offer in Compromise to recoup as much as it can – even if that means settling for less than the actual tax bill.
Unfortunately, the process for a tax Offer in Compromise is complicated. First, the IRS will look closely at the taxpayer’s financial situation to determine what can be paid now and in the future. The paperwork for an Offer in Compromise can be quite complicated, involving significant financial records, strict regulations, and more. One mistake could delay the entire process or cause your IRS offer to get lost in the maze of IRS procedural requirements before it is even reviewed by the IRS. It’s also not a fast process. Offers in Compromise can take years to be received, reviewed and accepted, even if you qualify immediately!
An Offer in Compromise attorney can help you throughout the entire process so you can provide the necessary records and ensure your offer is reviewed. Contact us today! You can also fill out our confidential contact form below.