Do you owe back taxes to the IRS? Can you afford to pay the full amount due? If not, you may qualify to participate in the IRS Offer in Compromise program. This is similar to consumer debt settlement programs. An Offer in Compromise allows you to settle your IRS tax liability for less than is owed.
If you have a long-standing delinquent tax liability the IRS may questions whether or not they can collect all of the taxes due. The lack of significant property or assets or income that the IRS can use for collection is a factor the IRS considers. Even if the IRS is not currently attempting collection of back taxes, you should consider an Offer in Compromise with the IRS.
An Offer in Compromise may allow you to settle you tax liability for a small amount. While less than 50% of the applications in recent years have been accepted, the average accepted settlement amounts have ranged from $7,000 to $10,000 from 2014 to 2017.
If you're interested in discussing the benefits and opportunity to settle your tax liabilities with an Offer in Compromise, you need the help of a tax professional. Schedule an appointment today or give me a call to discuss this valuable option in resolving delinquent taxes.