Many taxpayers find themselves in a position where they can never pay off the IRS. It’s mathematically impossible with all the Penalties and Interest the IRS continues to ADD every day. These old tax liabilities can prevent you from ever owning a house or car. The banks won’t even talk to you with a Federal Tax Lien on your credit. The constant worrying about how to get on with life is never ending.
What Is An Offer In Compromise?
Established by the Internal Revenue Service, the Offer In Compromise Program is a formal application to the IRS requesting that they accept less than full payment for what you owe for taxes, interest, and penalties.
An offer in compromise may allow you to settle your IRS liabilities at a substantial discount on the basis of doubt as to collectibility, doubt as to liability, or effective tax administration.
In addition, while the IRS is considering your Offer, the Internal Revenue Service is prohibited from instituting any levies of your assets and wages. When the IRS accepts your Offer and you pay it, then ALL Federal Tax liens are removed.
You Get Your Life Back!
Most people do not have the skills or knowledge of the IRS collection process to make an Offer In Compromise that is in their best interest. Many people fill out the forms incorrectly, overstate their assets and income, and offer too much.
Government figures show that 75% of Offers are returned at the beginning due to forms being filled out incorrectly; and of the 25% that are processed, approximately 50% of them are rejected.
Schedule a consultation with our office, and we can conduct an assessment of your current specific tax situation and then give you precise feedback as to your courses of action.
Taxpayers should beware of promoters' claims that tax debts can be settled for "pennies on the dollar" through the Offer in Compromise Program.
If you schedule an appointment with the Bronson Law Firm, we can provide an analysis and compare your individual situation with the OIC requirements to see if an offer in compromise is right for you.