Offer in Compromise With a Utah Tax Attorney
The IRS Offer in Compromise program is an excellent way to settle your tax issues with the IRS, put your tax debt behind you, and move on with your life. An offer in compromise allows you to settle your tax debt for less than the full amount that you owe. The IRS will usually approve an offer in compromise when the amount that you offer is the greatest amount that the IRS can expect to collect from you within a reasonable amount of time.
If you are in a position where you will not be able to fully pay your IRS tax liability over the statute of limitations, and all of your tax returns have been filed and all of your taxes have been assessed, then you may qualify for an Offer in Compromise. The amount that you will have to offer the IRS to settle your outstanding tax debt is a combination of the equity that you have in your assets combined with a total of 12 months worth of what you can make in monthly payments to the IRS.
If you do qualify for an offer in compromise, now is the best time to submit and offer. In 2012 the IRS eased some of the offer in compromise requirements and conditions and it is easier now to settle your tax debt. We can review all of your financial information and make a determination as to whether you qualify for an offer in compromise, and if you do, the amount that you would have to offer the IRS in order to settle your tax debt.
Don't wait to file your offer in compromise. Just because you qualify today doesn't mean that you will still qualify for an offer in compromise in the future. This is not an opportunity that you want to miss.