What is an Offer in Compromise?
An Offer in Compromise is settling with the IRS for less than what you owe. It is by far the most sought out resolution. Who wouldn’t want to pay less? The problem is that the IRS isn’t like other creditors. It’s not just about what’s in your bank account. Settlements are about the big picture; income, assets, future earning potential and more.
It’s important to keep in mind that this is a lengthy process. It’s not uncommon to see a year go by before you come to an agreement with the IRS. While an Offer in Compromise is pending the IRS cannot pursue collection action against you; however, it also extends the length of time they have to collect your past due taxes if your offer is denied. Additionally, penalties and interest are continuing to accrue the entire time your offer is pending review. That is why you should not submit an offer lightly.
Why Real Tax Remedies?
If you are considering applying for an Offer in Compromise, you want an experienced tax professional in your corner. Someone who will tell you upfront if an offer is worth your time. More importantly, if you are a candidate, you want a professional who knows how to put together a clear, organized, clean application to give you the competitive edge for a smooth approval process. You should always be wary of a practitioner who is willing to submit an application just because you ask. The IRS does not accept arbitrary percentages or amounts. As resolution experts, we have the knowledge to determine if an Offer in Compromise is your best option and the experience to negotiate it successfully when it is.
An Offer in Compromise can be a great solution to resolve your taxes owed. Schedule your free consultation today to find out if it’s the right fit for you.
Additional Services
Installment Agreement
Payment Plan Program
Currently Not Collectible
Hardship Program
Revenue Officer
An individual agent assigned to enforce maximum collection
Payroll Tax
Taxes Associated with Paying Wages
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