Settle for Less: Offer In Compromise

In Need Of A Fresh Start?  Looking For A Way To Settle Your IRS Tax Debt?

The Bankruptcy and Tax Law Center offers the expertise and experience to help you reduce your federal and state tax liabilities through a negotiated settlement.  A settlement where you pay less than you owe to the IRS or the state is called an “Offer in Compromise.”

Beware of promises that sound too good to be true.  Many tax resolution businesses claim they can settle your tax debt for “pennies on the dollar.”  These businesses make the process of settling with the IRS seem enticing and easy.  Just pay their fee and you’ll walk from a huge debt for next to nothing.

Obtaining an Offer in Compromise has become more difficult than ever.  IRS statistics show that more than 75 percent of all Offers in Compromise submitted are rejected.  That means three out of every four taxpayers are turned away.  To succeed, an Offer in Compromise must comply with complicated IRS regulations, procedures, and guidelines.

A tax attorney has the knowledge, expertise, and experience to give you the best chance of success.
Under IRS guidelines for an Offer in Compromise, you must reveal all your finances, including your income and assets.  The IRS evaluates this information to determine your ability to pay.  The Offer in Compromise process is complicated and is based upon numerous calculations and evaluations.  Described simply, though, you must offer what the IRS would get if the IRS seized your assets and received monthly payments for several years.  A qualified tax attorney who knows the law, pays attention to detail, and has successfully negotiated settlements for others can make the crucial difference between a reasonable settlement and rejection from the IRS or state.

Attempting an Offer in Compromise without a tax attorney could be extremely dangerous.  As part of the process, you must reveal to the IRS all of your financial information.  If your Offer in Compromise is rejected, the IRS has the information it needs to seize your bank accounts and paycheck.

Call the Bankruptcy and Tax Law Center today at 1-800-TAX(829)-6183 or complete our Contact Form to learn whether your are a good candidate for an Offer in Compromise.  If you have been rejected for an Offer in Compromise, call us to see how we can help with a revised Offer in Compromise or another form of tax debt resolution, such as an extended payment agreement or other legal action.