Offer in Compromise – Call to see if you qualify
Whatever the reason for unpaid taxes, your future may depend upon a successful offer in compromise. If you want to see if you qualify for an IRS tax settlement, give us a call for a free case analysis.
An offer in compromise involves negotiating a reduced payment that the IRS will accept as full payment for any unpaid tax due. Keep in mind; an IRS offer in compromise is unlike negotiating with an everyday business. The IRS will only negotiate an offer in compromise settlement if strict financial formulas have been met. This doesn’t mean there isn’t room for negotiation; it just means a lot of planning needs must be designed to meet the IRS formulas.
How an Offer in Compromise works
Individuals and business owners submit an IRS offer in compromise requesting to fully discharge all unpaid taxes in exchange for either a single lump sum payment or for installment payments. An IRS agent investigates your situation and analyzes it to make sure you meet the minimum offer in compromise qualifications.
• The government first adds up the amount the taxpayer could expect to receive if any assets were sold, and reduced by any debt that secures their property.
• The tax can be available for payment of the past taxes – based on guidelines that decide which monthly expenses are permitted and which are ignored.
• If the equity value of your assets plus the monthly anticipated stream of income is enough to satisfy the unpaid taxes, your offer in compromise settlement will be rejected.
• If the equity value of your assets plus the monthly anticipated stream of income, projected over approximately 3-5 years are less than the total tax due, the IRS will consider your offer in compromise settlement.
Many people look at an IRS offer in compromise as an everyday negotiation you may delve into with a collection agency or a creditor, however, an offer in compromise is not a traditional negotiation. The IRS will not work out a deal like other creditors; this is one reason you require IRS offer in compromise help.
Unfortunately, an offer in compromise settlement is very mechanical with formulas and analyses going on in the background. For the IRS, it’s all about analyzing what you can afford to pay back but proper planning and preparation can improve the results.
• One significant way to craft a better outcome is by showing more secured debt, which is an allowed expense; what won’t help your IRS tax offer in compromise is unsecured debt, like credit cards.
It’s crucial you work with a professional to start working on your case as soon as possible. Nationwide Tax Group reviews your financial situation and performs our own analysis to help you reorganize items to improve your chances of having the IRS offer in compromise accepted. Our qualified professionals also work with you to get the IRS to accept the lowest amount possible.
There are many possible options when it comes to dealing with unpaid taxes. Nationwide Tax Group deals with the IRS every day; we are qualified experts and can quickly provide IRS tax offer in compromise help for favorable results.
