If you owe back taxes to the IRS, you may be able to settle the tax debt for less money with an offer in compromise. If the IRS has garnished your wages, placed liens on your belongings or even instituted a levy against your bank accounts, you may be able to halt these collection efforts and reach a resolution to the problem. An offer in compromise begins formal negotiations between you and the IRS, and puts their collection efforts on hold during the process. Click Here For Detailed Offer In Compromise Info!
An offer in compromise is most likely to be accepted if your tax debt is large and your income and value of assets are low. When calculating your ability to pay the debt, the IRS does not look into your actual expenses. Instead, they use tables which limit the allowable value of your expenses.
Preparing an Offer in Compromise
These expense allowances are what you are assumed to be spending on things like housing, utilities, transportation and food. An offer in compromise will take into consideration the allowable expenses, some of your actual expenses, your equity in any assets minus the quick sale value, and your income in determining your ability to pay your tax liability.
Our Tax Tiger representatives can review your situation and determine whether you are likely to qualify for an offer in compromise. Our attorneys, CPA's, and Enrolled Agents, have nearly 50 years of collective experience negotiating settlements with the IRS. One of our attorneys spent over 25 years working for the IRS, so we know what approaches work best. If your situation warrants an offer in compromise, our team of tax professionals can handle the document preparation, filing, and negotiating for you. We have had clients whom have tried an offer in compromise themselves, only to turn to us after their offer was rejected or sent to appeals. A thorough confidential consultation with our experienced staff is always free of charge or obligation, so contact us today to find out what options you have available.
