The IRS Offer in Compromise program provides taxpayers who owe the IRS more than they could ever afford the chance to pay a small amount as a full and final settlement.
This program also offers taxpayers who don’t agree that they actually owe the taxes in the first place the chance to file an Offer in Compromise and have those tax liabilities reconsidered.
The Offer in Compromise program allows taxpayers to get a fresh start.
All back tax liabilities are settled with the amount of the offer.
All federal tax liens are released upon IRS acceptance of an Offer in Compromise and payment of the amount offered.
If the Offer filed is based on your inability to pay, the IRS reviews your current financial position and considers your ability to pay, as well as your equity in assets.
When reviewing an Offer in Compromise, the IRS considers many factors including but certainly not limited to:
- The amount collectible from your assets.
- The amount collectible from present and future income. The IRS will consider the present value of money in relation to future collection potential. In other words, by accepting the offer the IRS will get money that is worth more today than in the future.
- The amount collectible from third parties.
- Sources of funds that are available to you but not subject to IRS collection action.
This is a complex tax environment, one in which we have worked for many years and have established a record of more than 90% OIC acceptance upon first submission. Using our extensive experience and knowledge of IRS review processes, procedures and “hot buttons”, as well as the results of thousands of previous rulings and decisions on cases we have brought forward, our tax professionals have been uncommonly successful in representing clients to compromise all types of IRS taxes, penalties and interest. Even unpaid trust-fund payroll taxes have been compromised.
If you qualify for this program, we can help you save thousands of dollars in taxes, penalties and interest. You must meet the following minimum rules:
- You must have filed all tax returns. It’s alright to owe money but you must have filed your returns.
- You will need to disclose all assets owned including all cash and bank accounts.
- You must not have adequate cash available in a checking, savings, money market, or brokerage account to pay the IRS.
Even if you don’t meet these criteria’s now, we can help you get into a position for submission of your offer. Just because you don’t meet the qualifications, the IRS will not back off. We can help protect you from aggressive IRS collection tactics while bringing you closer to submitting your offer.