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Attorneys Tax Relief LLC Explains How Offer in Compromise Works

Attorneys Tax Relief LLC Explains How Offer in Compromise Works

Do you have a tax debt you can no longer afford to pay off? Did you know that there is a way to settle your tax debt for less than what you owe the IRS? If you meet certain qualifications, you can reduce your debt under a program called the IRS Offer in Compromise.

If you think the IRS commonly approves people for this program, think again. Out of the 16 million people and 3 million businesses that owed back taxes in 2018, just 25,000 qualified to settle their tax debts with the Offer in Compromise program.

Here are some of the important things you need to know about applying for an Offer in Compromise:

  • The IRS will only accept your settlement offer if you can’t afford to pay what you owe.
  • You need to try other payment options first, such as a payment plan before you can apply for an Offer in Compromise.
  • You must have all required tax returns filed before the IRS will consider negotiating a settlement.
  • When you apply for a settlement offer, you will have to make an initial payment that will be applied to your debt amount.
  • If you want to find out if you meet the eligibility requirements, you can use the Offer in Compromise Pre-Qualifier tool.

New tax reform under the Trump administration and a growing gig economy has increased the number of Americans paying back taxes each year. This is why it is crucial to consult with a seasoned tax attorney to discuss which option is best for you.

At Attorneys Tax Relief LLC, our team of tax attorneys has years of experience assisting clients who owe back taxes to the IRS . We are familiar with this area of law, and you can count on us to provide comprehensive legal advice about your case. Call (800) 261-6671 to request a free consultation today.