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Offer in Compromise

If you are having financial hardship or are not able to pay the full amount of your back taxes, then this may be a viable option for you to consider. As always, there are certain stipulations to qualify for this type of agreement. If you want to learn more about qualifying for an offer in compromise, contact New York Tax Attorney Service at (347) 535-4017 to be connected with a tax consultant today.

What is an Offer in Compromise?

An offer in compromise is a solution from the IRS if you cannot payback the full amount of taxes you owe. The IRS normally takes these items into consideration:
  • Income
  • Expenses
  • Ability to Pay
  • Asset Equity
You can find the Offer in Compromise Pre-Qualifier here. You can go to the web page specified and this will help you in finding out if you may qualify for this type of agreement. You can also contact a tax professional at (347) 535-4017. With an offer in compromise the IRS accepts 2 types of payments; lump sum cash or a periodic payment.
FIND OUT IF YOU QUALIFY FOR AN OFFER IN COMPROMISE. CALL (347) 535-4017!
With a Lump Sum payment, you must submit a payment of 20% of your offer, along with your application. Once the IRS accepts your offer, you can send in the rest in fewer than 5 more payments.
With periodic payments, you will send a payment in with your application and continue sending payments monthly while your application is in the approval process. Once it is accepted, you will continue making payments until the balance is satisfied. Both of these methods also require the application fee of $186.

What You Need to Know

Before you send your offer in, make sure you are up to date on all your previous year taxes. Also, the IRS can keep any refunds plus interest up through the year the IRS accepts your offer. The IRS may still place a tax lien or levy against you, until the offer is stamped “pending”.
CALL A TAX ANALYST AT (347) 535-4017 & SEE IF YOU QUALIFY
FOR AN OFFER IN COMPROMISE! FREE CONSULTATION!
If the IRS rejects your offer, don’t give up right away. It can be difficult to get an offer in compromise approved. Most of the time it is because the amount offered is too low. You can appeal their decision, but if they ultimately decline again, you can try for an installment agreement. For more information on installment agreements visit this page.
In general this can be a good offer, if you can get the IRS to accept. There are also draw backs, which is normal for any type of payment plan. The best thing to do is weigh your options, and see which type of solution is best for you. You can always contact New York Tax Attorney Service at (347) 535-4017 and they will connect you to a tax consultant for a free consultation!
HAVE QUESTIONS ABOUT AN IRS OFFER IN COMPROMISE? CALL (347) 535-4017!
 
 

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Are you looking for an Offer in Compromise? An offer in compromise can be an effective way to end you IRS tax debt, but, you need to be careful before assuming you can get one. The requirements are very strict and only a small percentage of people are given one. Get the facts by calling (347) 535-4017. Call (347) 535-4017 right now and they will connect you with a tax consultant who will discuss all of your options to pay off your IRS tax debt including an offer in compromise! Call (347) 535-4017.