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What Exactly Is An Offer In Compromise?

An Offer in Compromise is an agreement between the taxpayer and IRS to reduce the amount owed

Who Is An Ideal Candidate For The IRS Offer In Compromise Program?

A taxpayer that does not have the necessary income and/or assets to pay back the debt in full

How Do I Apply For The Offer In Compromise?

Dealing with the IRS is a convoluted mess. There are many steps to get a proper Offer in Compromise submitted and accepted. It is like going through an intense labyrinth.

Do I Need To Give The IRS Information About My Bank Accounts And Assets?

Yes. Information about your finances is required.

Do I Need An Attorney To Apply For The Offer In Compromise?

Preferably. As a tax attorney, I am uniquely positioned to represent you in IRS matters including in the U.S. Tax Court. Not many attorneys are admitted to practice in the U.S. Tax Court.

Is There A Way To Find Out If The IRS Will Accept My Offer In Compromise Before I Send The Application Fee And All The Paperwork?

There is no 100% guarantee that an Offer in Compromise will be accepted. When working with a qualified tax pro, your chances increase significantly.

How Is An Offer In Compromise Calculated?

The IRS must look at all income and allowable expenses as well as all assets and allowable deductions. The combination of the two determines the amount to be proposed in the Offer in Compromise.

Do I Need To Pay My Offer In Compromise In Full Upon Acceptance?

No. An Offer in Compromise, is a compromise to a figure less than full. Other options are available if a taxpayer is able to pay in full.

How Long Does The Offer In Compromise Process Take From Start To Finish?

The process is not quick. A typical Offer in Compromise takes between 6-12 months. Some take longer.

What Happens If I Never Hear Back From The IRS About An Offer In Compromise?

After 24 months, it becomes accepted. But that almost never happens.

What Can I Do If The IRS Rejects My Offer In Compromise?

Appeal. If the offer is not accepted, the taxpayer has the option to ask for the decision to be reviewed. Also, the taxpayer is able to submit a new offer.

What Is The Difference Between An Offer In Compromise And Currently Not Collectible?

Currently Not Collectible is a status where the IRS agrees with the taxpayer that the tax is not able to be collected based upon the taxpayer’s current situation. That situation can change and the tax from the taxpayer can become collectible later. During the period the taxpayer is in Currently Not Collectible status, no attempts are made to collect the debt. In an accepted Offer in Compromise, even if the taxpayers circumstances change for the better, the agreement remains in effect and the taxpayer only owes the agreed to amount.

How Much Time Do You Think We Will Have To Resolve My IRS Accounts?

Depending on where you are at in the IRS collection process and what letters you have received, you may have to act quickly. It’s important to not delay.

For more information on IRS Offer In Compromise In Ohio, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (937) 247-6447 today.

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