An Offer in Compromise is a settlement with the IRS. In other words, the IRS agrees to wipe away the debt for less than the total amount owed. Getting an Offer in Compromise accepted can reduce the amount you have to pay by thousands or even tens of thousands of dollars.
An Offer in Compromise can provide you with many other financial benefits. For example, an accepted Offer in Compromise will release tax liens the IRS has filed against you and your property. Also, while the IRS reviews your Offer in Compromise the IRS may not start wage garnishments, bank levies, or other property seizures. In other words, you are protected from aggressive IRS collection actions while the IRS considers your Offer in Compromise. This protection is important because the IRS usually takes several months to consider an Offer in Compromise–an amount of time most people just cannot afford to see their paycheck taken.
While filing an Offer in Compromise can provide many benefits, it is important to make sure the Offer in Compromise is done correctly. The IRS can take advantage of taxpayers who do not know their rights. Taxpayers who do not know their rights can end up in a worse position than when they started the Offer in Compromise process.
Contact us to help you with your Offer in Compromise. Call 877.273.7383.