You owe the IRS. You can’t afford to pay the IRS. You’re in a bind.
The good news is you may qualify for the Offer in Compromise program through the IRS. What is an Offer in Compromise?
An Offer in Compromise is an agreement between the taxpayer and the IRS
that resolves the taxpayer’s debt for less than what is actually owed.
Yes, the IRS does have the authority to “compromise” or settle tax
liabilities, under certain financial circumstances. The most common
circumstance is when it is unlikely the taxpayer will ever be able to
pay the liability in full, and the amount offered reflects what the
taxpayer can realistically pay.
The Offer in Compromise is a win-win situation for all involved – the
taxpayer and the IRS. The taxpayer can finally breathe a sigh of relief
knowing their tax debt has been taken care of. The IRS can find relief
in knowing, in more cases than not, they collected more on the debt with
an Offer in Compromise than they would have without it. Also, the
taxpayer is more likely to stay in compliance when it comes to filing
and paying future taxes as part of the condition of the Offer in
Compromise agreement.
In fact, according to the Taxpayer Advocate Service 2007 Annual Report
to Congress, the IRS collected 17 cents for every $1 owed through
accepted Offers in Compromise in fiscal year 2007. In the past, IRS
research shows they collected on 13 cents for every $1 owed on
two-year-old debts and virtually nothing on debts three or more years
old.
At Tax & Business Solutions, we never advise any taxpayer to deal with the
IRS themselves. Tax & Business Solutions has an experienced tax team to help negotiate
an Offer in Compromise for taxpayers that qualify for the program.
The Offer in Compromise program is very complex and time-consuming,
sometimes taking as little as six months and other times as much as two
years. But when you hire Tax & Business Solutions, you can be comforted in knowing that
our Tax Team has years of experience dealing with the IRS. Results are
not the same for all taxpayers, but you can be assured that you can face
the IRS with confidence when you have our Tax Team on your side. More
than 250,000 taxpayers have come to Tax & Business Solutions with IRS problems. Give us
a call today and take the first step towards getting peace of mind.
