An Offer in Compromise is a legal binding agreement between the taxpayer and the IRS that settles the full amount owed. Many times, for a FRACTION of what’s owed. It’s the IRS’s version of a “fresh start” when it comes to IRS debt. If approved, the IRS accepts a lesser amount to settle your entire debt. However, it isn’t easy to gain approval due to its strict criteria and eligibility requirements.
The IRS considers your income, assets, expenses, ability to pay, and whether paying the full amount, even over time, would cause financial hardship. It’s important to remember that the IRS wants its money and will only accept an Offer in Compromise if it thinks it’s in the best interest of the government and it wouldn’t receive any money otherwise.
Your odds for acceptance increase significantly when you have an experienced tax resolution specialist negotiating with the IRS on your behalf. If you do qualify, we get to work immediately by implementing a customized resolution plan that fits your unique circumstances.
We are Tax Resolution 360 are experts in IRS tax problem resolution and help taxpayers with their IRS problems everyday. It’s all we do! We know the “ins and outs” and know how to navigate the IRS maze. There is a solution to EVERY problem. Call for your free consultation today!