Will Your Offer to Compromise Be Accepted by the IRS?

If you owe back taxes, and the IRS has contacted you, then you likely want to have the matter completed as quickly as possible. One of the options that may be available to you is called an Offer in Compromise. An Offer in Compromise may allow you to settle your tax debt for less than the full amount that you owe. However, before an Offer in Compromise can provide you with relief, it must be accepted by the IRS.

Do You Qualify?

Before you even consider putting together an Offer in Compromise, you should be sure that you qualify for it. Generally, the IRS may accept an Offer in Compromise if the offer represents the most they can expect to recover from you in a reasonable amount of time. The IRS will consider your unique circumstances, including your ability to pay, your income, your assets, and your expenses when deciding whether your Offer to Compromise represents the best that you can do to settle your tax debt.

In order to qualify for this type of relief, you have to be current with all your tax filings, and you can’t currently be in bankruptcy. Then, you have to file an application. It is important that your application be complete and conclusive. An experienced Oklahoma City tax lawyer who has filed Offers to Compromise before can help you with this process. Specific forms must be filled out, and your arguments must be convincing. If not, your offer may be rejected. In that case, you may have the right to appeal within 30 days. If an Offer to Compromise is not accepted, then you will still owe the full amount of your tax liability to the government.

Call an Oklahoma City Tax Attorney for Help

If you are considering filing an Offer to Compromise, then please call an experienced Oklahoma tax attorney today for more information and for help getting the relief you deserve. We welcome your call at 800-721-7054, and we invite you to read our FREE book, The Ultimate Survival Guide for IRS Problems, for more information.