OFFER IN COMPROMISE
Many file the bankruptcy or simply do not have any other debts except a haunting IRS debt that just cannot be paid. The knowledge of the Offer In Compromise may assist you in handling this subject. I will make this as simple as possible. You can review the subject deeper if you need to. This is one of the ways this site offers to assist in getting out of owed or disputed tax debts.
What is the Offer in Compromise?
1) Offer less than you owe.
2) Compromise with IRS on an amount if they accept your offer.
Major Points to Cover
1) An estimated 20,000 are approved per year.
2) It takes about a year to complete the process to prepare the Offer in Compromise forms with evidence documented, for IRS to process the documents, and complete the process.
3) Ask to be on a non-collect status while waiting or a small, very small installment plan while waiting if it will not cause too much of a burden.
4) The fee for the IRS to review your Offer in Compromise is $150 unless you qualify for the fee waiver at Form 656-A.
5) You will need to file all tax returns on time for the next five years (consider it a probation period).
6) They will want a settlement of at least, or more than, the reasonable collection potential which can be FIGURED by reviewing details. Or just allow our office to assist you. Call Rica at 916-628-2846.
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This website contains information related to law and is NOT LEGAL advice. It contents is for information only. If you need legal advice, please consult an attorney or act as your own.
All documents typed are prepared by Rica Gilmore.