Offer in Compromise
Settle for less with the Offer in Compromise
Do you owe the IRS an amount of money that you feel you are not able to pay down, but want to resolve it with the IRS? If so, if you qualify, you may be able to settle with the IRS for less than the full amount of the debt. This option is called an Offer In Compromise and may allow you to completely settle your debt for a fraction of the amount owed.
To qualify for an Offer In Compromise, you need to be eligible. Those requirements include –
- The Tax must have been assessed by the IRS
- You must have filed all tax returns that are due
- If an employee, you must be properly withheld on payroll in the current year. If self Employed, you must have made Estimated Tax payments.
If you are eligible, you will want to make an offer that meets the IRS’s calculation of what is a fair offer based on your financial situation. This is known as Reasonable Collection potential or RCP. Offering less than the RCP will most likely get your offer rejected while offering more will deplete your much needed resources.
How Can We Help
Our firm specializes in resolving IRS Collection Cases and the Offer In Compromise alternative is one of the primary tools that we use to successfully resolve IRS Debt for our clients. We have a clear understanding of the requirements to be eligible, how to accurately calculate Reasonable Collection Potential, and how to put together a package that has the best chance of being approved.
Contact us for a FREE Consultation!