An Offer In Compromise is a very advantageous hardship program that the IRS offers to certain taxpayers. It allows you to settle your tax debt for a fraction of the full amount owe to the IRS.
Our success rate is largely based on our screening process. Any number of tax resolution companies will tell you they will “submit” an offer. Whether that offer is likely to be accepted is a totally different situation. The IRS has standards that must be met in order for the taxpayer to be considered a good candidate. We use the same formula the IRS uses in order to check the viability of an offer. Nothing is more frustrating than making an offer and then having it rejected.
Here are a few important things to consider in making a decision to apply for an Offer In Compromise. Some of them are:
- While the offer is being considered all collection activity is put on pause.
- he time frame for a decisiorom the IRS is typically 6-12 months.
- here is a non-refundable $186 application fee.
- Unless you qualify for the Low Income Certification guidelines, you will need to submit an additional payment with your application.
- You must be “compliant” with your tax returns. That essentially means you must have filed all of your tax returns.
There are many factors involved in determining whether the offer is accepted. Some examples include age, income, assets, health, occupation, etc. he fact that you will have to wait up to 12 months to find out if your offer has been accepted can be very frustrating. nd, to make matters worse, many Americans have hired dis-honest firms to do this very important work. Many firms will mislead the client into thinking their offer will be accepted. Then, 6-12 months later, the consumer is informed of the rejection. That may leave the taxpayer in worse shape with the IRS than before.
At Victory Tax Solutions, we have a very high Offer in Compromis acceptance rate. We absolutely attribute that to our xcellent team of tax attorneys who have the experience you can trust. When you combine that experience, with our money back guarantee, our clients sleep very well at night!
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