Offer in Compromise

IRS Tax Offer in Compromise

Help & Tips

IRS Tax Offer in Compromise: This is a program offered by the IRS that allows taxpayers to settle their tax debt for less than the full amount owed. It is designed for individuals who are unable to pay their taxes in full or who would face financial hardship if they did so.

Tax Debt Relief: This refers to any program or strategy that is used to help individuals who owe taxes to the IRS. It may include options such as installment agreements, penalty abatement, and offers in compromise.

Tax Settlement: A tax settlement is an agreement between a taxpayer and the IRS to resolve tax debt. It typically involves negotiating a reduced payment amount or a payment plan that is more manageable for the taxpayer. This can be done through an offer in compromise or other tax relief programs.

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    For appropriate cases involving IRS tax debt settlements, the IRS will accept a taxpayer settlement in an amount less—in many cases much, much less—than the total amount of taxes, penalties and interest owed by the taxpayer. Read More

     

    How to Get an Offer in Compromise Approved

    Once the IRS has had a chance to determine your financial statements, unless you have prepared and presented those statements in accordance with the best accounting and tax practice, you may have difficulty getting the best possible settlement.  Read More

    What Comes Next?

    After the proper submission of the application is complete, and assuming the taxpayer is eligible for the program, the IRS will grant the taxpayer a settlement in lieu of the actual amount of back taxes owed.Read More

    However, the IRS can be very restrictive when considering what should and should not be a “necessary living expense.” For example, the IRS considers an automobile payment of $400 a month to be reasonable. Read More

    If you qualify for the Tax Offer in Compromise program… the professionals at Tax Help MD can guarantee that we can help get you a settlement for a fraction of the amount you would otherwise owe. 
    Call (888)557-4020.