If you owe the IRS a serious amount of money, there is assistance you can obtain from the IRS. The IRS’ Offer in Compromise program may let you pay off your tax debt for a fraction of what you owe. Whether your taxes were based on an error or you simply can’t afford to pay the entire bill, there are many reasons the IRS might accept less than you owe.
The IRS has one goal: to collect as much of your money as possible.
However, it also realizes that some tax debts are so crushing that taxpayers simply can’t catch up, especially as interest and penalties continue to mount. When it calculates that you can’t pay your entire tax debt, it will consider an offer in compromise. The IRS isn’t being charitable when it does this. It benefits by collecting what it can, and you benefit by getting out of debt. Don’t expect the IRS to tell you that there could be a benefit to you by filing an offer in compromise. They will not.
You need professional advice in situations such as these.
Convincing the IRS to accept your offer in compromise isn’t easy. You need to be able to prove that you have no way of paying off your tax debt, even if you could use an installment plan to do it. When you completely and correctly fill out the IRS’ paperwork, there’s no minimum amount that it will accept. You could pay your tax debt off for 20 cents or even 5 cents on the dollar. The key is to complete the Offer In Compromise paperwork correctly, asking the IRS to accept an offer that represents the lowest possible amount that they will accept. Doing this takes expertise and experience with the process.
The best way to successfully complete an Offer In Compromise and to save as much money as possible is to get a professional to help you. Our team has years of experience working with taxpayers like you and helping you get the best deal from the IRS. We will direct you in compiling records, fill out the IRS’ forms, submit them for you and represent you in negotiations with the IRS.
Our goal is the same as yours — to reduce your taxes as much as possible.
Contact us to get the process started.