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 alluding to the Offer in Compromise. It is a program by the IRS to help tax payers settle their entire debt for less that what the IRS say’s they owe.
Is it a Viable Option?
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 they are going to get, then they’ll consider it.
Do I Qualify?
Most people certainly do not qualify however, for those who do qualify, it’s a great tool. Anytime you can pay less than what you owe, what’s better than that?
So, don’t be fooled by slick ads that over promise tax relief results. If it sounds too good to be true…it probably is. The IRS has the power to take everything you own as payment, why would they accept a lower offer?
We Can Help!
With all of this 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.
Please contact us today to see if you can qualify.