Tips For A Successful IRS Offer in Compromise

Often there are circumstances that arise when a taxpayer has accumulated a substantial tax liability that clearly exceeds any ability to pay in a lump sum. In this situation, the taxpayer should consider hiring an Offer in Compromise attorney to handle the negotiations with the IRS.

As the criteria for installment payment plans center on the ability to pay, so does an offer in compromise. The IRS will consider normal household expenditures in the application, but getting qualified is not always easy. If you need offer in compromise help you should consult a CPA or a tax attorney.

The rejection rate is very high. This often is the case as submitted documentation is often incomplete, the taxpayer is delinquent with tax filings or the taxpayer earns above the required financial allowance. Getting the offer in compromise help you need to be successful is of great importance.

Upon submission of the OIC, the IRS must verify that the offer can be processed. The offer goes through a screening process to determine if the taxpayer or taxable entity has: (1) paid the required application fee; (2) ensured that all delinquent tax returns have been filed; (3) not instigated a bankruptcy court proceeding; and (4) not been issued an audit notification.

During the verification process, the IRS reviews the financial information provided by the individual. All documentation is analyzed and property ownership, income, expenses and other items are verified. If the IRS requires more documentation they will mail an Offer Verification Letter to the individual. This letter should be reviewed in detail by the taxpayer’s offer in compromise attorney.

But hope is not lost if you are rejected. Just make that when you solicit offer in compromise help that you get what you are paying for.

Offer in compromise help can come from many tax professionals. Whoever you select to help you in the process, just make sure that you are able to communicate freely with them and they understand your situation. This will give you the best chance for success.

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