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Will an Offer in Compromise work for me?

 

As you have most probably discovered, the IRS Offer in Compromise is appropriate for solving many tax problem situations. Certainly, everyone would like to settle for "pennies on the dollar". 

The reality is that for some taxpayers an Offer in Compromise is a viable option. For others it is not. You should first determine whether you qualify.  Discussing your case with an experienced Tax Attorney is the first step.

The Internal Revenue Service has issued a consumer alert advising taxpayers to beware of promoters’ claims that tax debts can be settled for “pennies on the dollar” through the Offer in Compromise Program. This IRS advises that such promoters make money by inappropriately advising indebted taxpayers to file an application for an offer in compromise with the IRS, promising unrealistic results, even when the taxpayers do not meet the requirements of the program. This bad advice costs taxpayers money and time. 

For those of you who qualify for an Offer in Compromise, your tax debt may be Settled for Pennies on the Dollar, your tax liens will be released, and all collection action on the old tax debt will be stopped. Trying to accomplish an Offer in Compromise without professional assistance is generally not recommended.

The IRS has a large amount of unsettled tax accounts. The IRS policies and procedures for collection used in the past cost the government millions chasing after taxpayers that would not produce any results. The Offer in Compromise program makes economic sense for both the government and you, the taxpayer. For example, it helps you get back into compliance (paying and filing current and future tax obligations). For the government, it means current tax collections and revenue (and getting taxpayers into routine compliance). It affords you a  means by which you can stop worrying about  past due tax obligations which both you and the government realize you  can never pay off in full. 

However, negotiating an Offer in Compromise can become very involved. The IRS seeks to impose National and other standards on taxpayers without taking into account a taxpayers particular facts and circumstances as required by the law.  This results in phantom cash flow and a higher Offer amount.

The Offer in Compromise program may be a solution for you. But, merely submitting an Offer in Compromise is not enough. Even getting an Offer accepted is not enough. You must set up a PLAN to ensure that all current and future taxes are full paid, and all returns timely filed. Under an accepted Offer, you agree to comply with all provisions of the Internal Revenue Code relating to filing returns and paying the required taxes for at least 5 (five) years. Thus, if you fail to meet such requirement, the "back" tax obligations return. My office provides experienced legal services in helping you set up a plan so that the Offer becomes a long term solution.

The Offer in Compromise program may be right for you. Please call to discuss your situation and a plan of action for you.    

Call in your TaxSOS today.

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Submit your Free Offer in Compromise Consultation request   

 

Some links and information are provided. However, a  tax professional, who routinely deals with IRS collection matters and Offers in Compromise, should be consulted before any action is taken.
The above limited information is intended for informational purposes only.  If legal advice or other expert assistance is required, the services of a competent professional should be sought, and this general information should not be relied upon without such professional assistance. 

For assistance please contact A. Nathan Zeliff, Attorney at Law

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