Offer In Compromise

Did you know that you may be able to reduce your debt with the IRS with their Offer in Compromise program? The 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).

If you are young , have potential earning power left, and you are not in bankruptcy, it is difficult to get a substantial reduction of the original tax you owe the IRS.  However, you may be able to reduce penalties for reasonable cause.  The IRS would rather have you pay the amount owed over a period of time on an agreed upon payment plan.  However, if you are elderly and/or disabled and the payments are not feasible, often it is possible to reduce the taxes you owe - including  penalties and interest - at an enormous discount. There is no preset bottom limit that the IRS will accept to settle your debt especially if your offer is done "right."

Get a Consultation on the solutions to your tax problems by completing the form on the bottom of this page.

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