An Offer in Compromise is the IRS’s version of settling a debt for less than the full amount. The process is difficult and can take a year to resolve. One wrong move and not only will the IRS reject your offer, but they will also keep the amount you submitted as a settlement and apply it toward the debt you owe.
In effect, you will have paid down a significant amount of your debt with no funds left to try again. You will still have to set up an installment agreement to pay the IRS over time or watch as they seize your assets. Those assets may include your home, business, vehicles, bank accounts, jewelry, and personal items.
You will still have to contend with the endless stream of demand letters, the revenue office butting into your affairs, and the sleepless nights as you worry about Uncle Sam destroying the life you have built.
Not only will an Offer in Compromise get you out from under your financial obligation to the IRS, but it will also drop those embarrassing liens that may be preventing you from qualifying for a loan, getting a job, or selling your property. You can also stop worrying about the IRS sending a levy notice.
If you hire me to help you with an Offer in Compromise, I can put my extensive tax law experience to work for you to ensure the IRS accepts your first offer. Together, we will create an accurate financial picture for the IRS and determine a reasonable offer that will persuade the IRS that it is in their best interest to settle for a fraction of your balance due.
While an Offer in Compromise is a lengthy process, it will not get any shorter by putting it off. Schedule a consultation today.