IRS Offer in Compromise | Pros – Cons | Flat Fee Tax Service | San Diego
Updated: Apr 15, 2020
The IRS offers a method for financially struggling taxpayers to receive a Fresh Start. You may be able to settle your IRS back tax debt through the Offer in Compromise settlement program.
96% of the Offers in Compromise prepared by the tax professionals at Flat Fee Tax Service has been successfully accepted by the IRS.
Not Everyone Is Eligible.
Are You Qualified to Settle With the IRS,
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You, the financially struggling taxpayer, must weigh the pros and cons of Offer in Compromise in light of the other options available to you. When considering whether to choose this option, you must also consider the advantages and disadvantages. An Offer in Compromise allows you the opportunity to receive a Fresh Start and reduce your tax liability relative to your current financial situation. However, settling with the IRS by way of Offer in Compromise might be the best option available to you. The requirements for accepting an offer in compromise are stringent and whoever prepares your IRS settlement should have a track record of success.
An Offer in Compromise is not a “back and forth” negotiation with the IRS. An Offer in Compromise is a complicated financial formula that takes into account many factors. For one, the IRS cannot collect on your federal tax liability forever. “The Collection Statute Expiration Date (CSED) prevents the IRS from collecting taxes from after 10 years.” The Statute of Limitations starts on the date of assessment which is not the same as your tax year.
If you are qualified and eligible, choosing to pursue an Offer in Compromise (#Taxsettlement)will be worthwhile in terms of reducing your IRS tax liability to a level that is consistent with your current ability to repay. The offer in compromise will put the activities of the IRS collectors on hold.
Although choosing offer in compromise, which is essentially requesting non-collectible status and allowing you to be taken out of collections without the fear of levy or garnishment. If the IRS has deemed you to be Currently not Collectible, you should take the next step and settle with the IRS.
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