What You Should Know
An offer-in-compromise is an agreement between the IRS and a taxpayer that settles a debt for less than the amount owed. Similar to installment agreements and other IRS programs, certain compliance and collectibility requirements must be met in order to qualify. In general, for an offer-in-compromise to be accepted, the IRS has to determine that it can collect more from a taxpayer through a settlement compared to what it can collect over the life of the remaining collection statute. In May 2012, the IRS expanded its offer-in-compromise program to include more flexible terms, allowing more taxpayers to qualify.
How We Can Help
A proper analysis and presentation of your financial situation is key in determining whether or not an offer-in-compromise is right for you and if it will be accepted. The IRS has strict guidelines on qualification and only accepts offer requests under limited conditions. Using our knowledge and experience with the offer-in-compromise program, we can assist you with qualification analysis, preparation, and submission of your offer-in-compromise to the IRS.