An offer in compromise will allow you to settle your tax debt for significantly less than what you originally owed. We'll help you determine upfront whether or not you qualify, as qualifying conditions can be tricky to understand. First, make sure you're up to date on your tax filings and existing payments. From there, we can move forward. Our experience in the IRS tax law will allow us to provide you with the best solution given your current situation.
We want to get your tax debt reduced down to a manageable amount for a fee that you can afford. Regardless of what your given situation is, we'll work with you to get the best possible terms and solution for you.
Once you've ensured that all of your filings are up-to-date and you feel confident that you meet the eligibility requirements, we'll compile the necessary documents required for submission.
First, the IRS is going to evaluate your application. During this time, all non-refundable application fees and payments will be applied to your total tax liability. If you don't already have an outstanding federal tax lien, one may be filed as part of the review and approval process. The IRS may also extend the collection period, and you will not be required to make payments on an existing installment agreement if you have one.
Once your application is accepted, we'll make sure that all of the calendar year's refunds due to you are applied to what you owe and that all federal tax liens are released. We'll then help you decide on payment options. You can choose to pay in one lump sum or make monthly payments. In either case, you'll need to pay 20% of the offer amount with your application fee. If you meet the Low Income Certification Guidelines, your application fee will be waived and you won't be required to make the initial 20% payment upfront.
If your application is rejected, you can appeal within thirty days using Form 13711
(Request for Appeal of Offer in Compromise).
