Question: How do I find out if I’m eligible for the Offer in Compromise program? I have significant IRS debt.

Answer:  To find out about your offer in compromise eligibility, you’ll first need to consult a qualified tax professional. Without the help of a qualified tax professional, you’ll be entering treacherous tax waters.

The first thing a qualified tax professional will do is examine your previous tax returns with a fine-tooth comb, making sure that you aren’t obligating yourself to pay Uncle Sam even a penny more than you truly owe. This will also allow the tax professional to find out your true tax debt and whether or not you qualify for the Offer in Compromise program.

What is the Offer in Compromise Program

The IRS developed the Offer in Compromise program after spending years chasing down taxpayers. The beat-on-the-door approach proved to be less successful than the IRS had hoped it would be. As an alternative, the tax-collecting agency turned to a gentler approach: the Offer in Compromise program. By negotiating upfront with the IRS, the Offer in Compromise program allows you to reduce your tax debt significantly.

There are some qualification concerns: Obviously, as an anecdotal hurdle, you can’t enter into the Offer in Compromise program with an extravagant house, a dozen luxury cars and enough money to take luxurious vacations around the world. The program was created for those who have amassed significant IRS debt but, due to a variety of circumstances, no longer have the money or income to be able to pay down the debt.

In addition to the Offer in Compromise program, taxpayers with significant debt to the IRS have a number of options available to them.

We solve IRS problems like yours every day. We are IRS Problem Solvers. For a no-risk consultation, please call our office at 303-753-6040 Ext 395.