What does Offer In Compromise mean to you?
Let’s talk about the offer-in-compromise for a moment. It’s a program you hear a lot about. You hear the term pennies on the dollar quite often in advertisements for companies wishing to help you settle your IRS debt. They are illuding to the Offer in Compromise. It is a program by the IRS to help tax payers settle their entire debt for less.
Now, the question is, why would anybody do that. If the IRS can not get you to pay your taxes, then they’re going to want you to pay it out. If you can’t afford to pay it out and the offer you’re making is the best they think their going to do, then they’ll consider it. But bare in mind it’s a technique for collections of last resort.
Most people certainly do not qualify, regardless of what you hear about on TV. However, for those who do qualify, it’s a fabulous tool. Anytime you can pay less than what you owe, what’s be better than that. So, you may wind up with a substantially less liability than what you originally owed.
Don’t be fooled by slick ads that over promise tax relief results. The IRS has issued a consumer alert advising taxpayers to beware of promoter’s claims that your tax debt can be settled for “pennies on the dollar.”
If it sounds too good to be true….it probably is.
The IRS requires you to disclose your income and assets before they will even consider an offer by you. The IRS won’t accept any offer you make unless its in the best interest of the IRS.
The IRS has the power to take everything you own as payment, why would they accept a lower offer?
That being said, the Offer in Compromise program is real and very effective for those who qualify. We use the program to your advantage whenever possible.
Contact us today to see if you can qualify.
CALL: (972) 613-3034
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