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An Offer in Compromise is a contractual agreement between the taxpayer and the Internal Revenue Service  that clears up the taxpayer’s debt for less than what is actually owed . Yes, the IRS has the authority to “compromise” or settle tax debt (under particular financial circumstances ). The most common circumstance is when it’s unlikely the taxpayer will have the power to repay the debt, and the amount proposed indicates the amount that the taxpayer can realistically pay .

Here’s how you get your Offer in Compromise approved :

The chief requirements for an IRS Offer in Compromise are mathmatic in nature. To be in line for an Tax Offer In Compromise, ones tax debt ought to surpass the book value (fair market value – amount owed ) of one’s assets and accessable surplus income for a unspecified number of years . The accessable excess money earned is based on decided accepted amounts rather than actual situations .

The greater part of all Offer in Compromise petitions are rejected, in spite of what is said by the pennies-on-the-dollar mills advertisements . A Ceritfied Public Accountant would be able to tell if you meet the lowest specifications for an Offer In Compromise (OIC) fairly quickly , and at reasonable amount.

If you do not make the cut for an Offer In Compromise (OIC) , you will probably be able to set up an installment plan with the Internal Revenue Service.

In our estimation , the Offer in Compromise program is one of the choicest tax resolution tools within the reach of taxpayers.  The latest tax legislation las provided fresh optimism for taxpayers who were disqualified by the old Offer In Compromise (OIC) legislation.

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