The offer in compromise is one of the most coveted tax settlements the IRS offers. Taxpayers who are granted an offer in compromise may be allowed to settle their tax debt for far less than they actually owe. This IRS settlement can help individuals and businesses avoid wage garnishment and other harsh tax penalties, as well. Because securing an offer in compromise has so many benefits, the tax authorities don’t give away these tax settlements lightly. You’ll need to meet certain eligibility requirements and present a strong case in order to be considered.
The government will consider your income, assets, expenses, and ability to pay when determining whether to grant an offer in compromise. Additionally, petitioners must have filed all required federal tax returns, be up to date on required estimated tax payments, and have submitted all required federal tax deposits. Taxpayers in open bankruptcy proceedings are not eligible for an offer in compromise.
Even if you’re a strong candidate for this tax settlement, you’ll want skilled tax resolution specialists on your side as you negotiate. In and around San Antonio, Taxation Solutions, Inc. is your reliable source for knowledgeable tax help. When your tax problems spiral out of control, don’t hesitate to get in touch with us. We’re standing by to schedule your appointment to get your taxes back on track!