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Offer In Compromise

IRS Offer In Compromise Facts

Although many Americans are unaware of the policy, federal tax law has enabled the IRS to settle tax liabilities for less than the total owed for close to 40 years. But, the practice of accepting Offers in Compromise did not truly begin until the early 1990s. This Offer in Compromise is merely a settlement issue, and certainly does not grant tax amnesty to anyone - you do have to pay taxes, no matter whom you are.

However, around 1995, the IRS adopted what is called the Collection Financial Standards, in order to standardize the amounts they accepted in the Offer in Compromise process. This removed the discretionary powers of IRS agents in favor of a system which sets amounts for expenses and maximum allowances for others. One of the negatives of this policy is that the Housing and Utility allowance made it very difficult for taxpayers who own a home in an expensive area to have their Offers accepted.

But, there are ways to get around such policies, and the IRS Problem & Tax Lien Help Group can help you construct your offer in a manner that ensures you get the best tax settlement possible. We have years of experience dealing with the IRS, and can ensure you do not get hung up thanks to any recent rules or regulations. As an example:

Did you know?

Last year, the IRS Chief Counsel made a decision which has ensured that many taxpayers are being treated unfairly. Before the decision, the IRS valued retirement funds at a reduced rate in order to account for the tax consequences of withdrawing funds from those accounts. Previous to the rule change, reductions could be as much as 50%. But now, unfortunately, unless you take funds out of a 401K or IRA to pay for the Offer In Compromise, the IRS will not make any reduction from the full value of those assets. The result can be high penalties and double taxation!

The IRS Offer In Compromise Process

Unfortunately, the offer in compromise process is not a quick process. As you may expect in a large bureaucracy, the amount of time it can take can be anywhere between three to 18 months, depending on the IRS district you live in. And, understand that a professional firm is more likely to get your offer accepted than your do-it-yourself offer.

Contact us here, and find out whether you qualify for an Offer in Compromise in less than 10 minutes!

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