Offers in Compromise for Tax Debt Resolution

What is an Offer in Compromise?

An offer in compromise is an IRS program designed to allow qualified persons, who have a tax debt which is unpaid, to negotiate a settlement amount for less than the total amount that they owe the IRS. The purpose is to come up with a solution in which the taxpayer can be relieved of their debt to the IRS while the government collects the taxes they are able to obtain.

The offer in compromise program is complex as to its requirements and how it is administered. An incorrectly prepared offer will be turned down. It is vital that you use a qualified Palm Beach County tax lawyer to assist you in order to be successful with this program.

Three specific points that the IRS will review in order to establish eligibility are:

  • Doubt as to Liability - The firm has to be able to show the IRS that there is valid reason to believe that your assessed tax liability is incorrect
  • Doubt as to Collectability - It must be clearly illustrated that it is highly unlikely the IRS will ever be able to collect the full amount they currently say you owe
  • Effective Tax Administration - On this point, you are not contesting that you owe the money. You are showing that there are special or extenuating circumstances that would make the collection of the full amount an economic hardship or that it would be unfair to collect the full amount owed

Tax Attorney in Palm Beach County

As a former IRS agent with over 2 decades of tax, accounting and legal experience, Mr. Miller knows the successful tax resolution procedures. He strives to find the exact right solution to your tax problem and in a manner which is most cost-effective for you. Please don't be fooled by deceptive advertisements which state they can resolve your situation with the IRS for "pennies on the dollar." The firm will review your tax situation in full and determine, based on the law and in consultation with you, whether an offer in compromise is the best course to resolve your tax debt.

Contact a Palm Beach County tax attorney to find out if the IRS offer in compromise program is the correct solution for your tax debt.

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