What is an Offer in Compromise?

Tax attorney helping a client

So, what is an offer in compromise? Well, first let’s acknowledge a couple of simple truths. Owing money to the IRS can be frightening, to say the least. It is easy to feel helpless in such a situation, but you should not let fear and feelings of helplessness freeze you into inaction.

Waiting can hurt you.

Every day you wait is one more day interest and penalties are accruing, and those charges could balloon your liabilities and wreck your finances. In this article, we talk about 1 of the many options for tax relief out there called an “Offer in Compromise”. Before we jump into it, if you have a tax problem, contact our firm for a consultation.  https://www.mcclureandstewart.com/contact

What are your options?

Even if you think there is no hope of paying what you owe, you need to explore all your repayment options. Even though the IRS is a feared and powerful collection agency, they can be surprisingly reasonable when it comes to the repayment of back taxes and the settlement of long-standing debts.

If you owe back taxes to the IRS or have years of unfiled returns, you may qualify for programs that will make paying what you owe faster and easier. One of those programs is the offer in compromise, and if you qualify you could settle your IRS debt for far less than you owe. You must qualify however, and the best way to know if you do is to reach out to our firm today. https://www.mcclureandstewart.com/contact

The offer in compromise is a widely known, yet little understood, part of the tax code, and it can be extremely complicated to navigate. Not all taxpayers will qualify for the offer in compromise program, and even those who qualify may have trouble navigating the ins and outs of the IRS.

Tax Resolution Specialists Work.

An experienced tax resolution specialist will have thorough knowledge of all the IRS programs, including the offer in compromise option. And even if you do not qualify for an offer in compromise, the tax relief expert could help you find other options, so you can pay off what you owe and still have money left over to live your life.

That is why it is so important to work with a tax resolution expert when you owe back taxes. If you do not have an expert on your side, the IRS may turn down your offer of a compromise, and the amount you owe could keep ticking up with the addition of new penalties and interest.

So, if you have received a tax due notification from the IRS, you cannot afford to wait. When the tax agency wants their money, they want it now, and without an offer in compromise, you could see your options shrink considerably. Waiting longer can worsen your situation, but hiring the right tax professional, one who fights the IRS for a living, can turn things around.

We can help!

Few things in life are as frightening as owing money to the IRS. When that letter arrives in the mail, it is easy to panic and do nothing, but this situation demands quick action. The faster you move, the easier it will be to find a qualified professional, one who has your best interests at heart. And once you find a great tax resolution firm, you can work on paying off what you owe, so you can get a fresh start with the IRS and put this unfortunate chapter of your financial life to rest.

If you are in tax trouble, reach out to our tax resolution firm and we’ll schedule a free, no-obligation confidential consultation to explain your options in full to permanently resolve your tax problem. https://www.mcclureandstewart.com/contact

For additional resources, visit the IRS at www.irs.gov