What is an Offer in Compromise?
An Offer in Compromise is an agreement between the taxpayer and the IRS that allows a tax bill to be settled for an agreed-upon amount.
An Offer in Compromise is one of the most difficult resolutions to qualify for as it requires an extremely strong case proving the financial hardship of the taxpayer.
Properly negotiated, an Offer in Compromise can reduce a taxpayer’s liability to a small fraction of the original amount. Taxpayers who achieve their Offer in Compromises through TaxRise often see a reduction upwards of 90%.
How Do You Qualify For An Offer In Compromise?
To qualify for an Offer in Compromise, you must first ensure that you are compliant with the IRS.
IRS compliance is based on your current tax filing status. If you have unfiled tax returns, then you are not compliant with the IRS and you are not qualified for an Offer in Compromise nor are you compliant for any other type of IRS Fresh Start Initiative relief program.
If you need assistance with filing your taxes, please contact a TaxRise specialist at 833-419-RISE (7473).
Once you are up to date with your tax filings, you can submit IRS Form 9465 requesting an Offer in Compromise.
However, the IRS regularly rejects requests for Offer in Compromises. It is best to submit for an Offer in Compromise after compiling a strong case proving your financial hardship and inability to pay your tax balance.
There is no minimum tax liability amount necessary to qualify for an Offer in Compromise. Instead, eligibility for this resolution is based on each taxpayer’s unique financial and liability situation.
Can I Qualify For An Offer In Compromise On My Own?
You are not required to seek professional help to submit for an Offer in Compromise, however, it is strongly advised that a taxpayer work with a tax relief professional.
An Offer in Compromise is the most difficult resolution to achieve and often requires intense negotiations. Representing yourself in an Offer in Compromise case is equivalent to facing a prosecutor without a lawyer present.
Additionally, if a taxpayer submits an Offer in Compromise to the IRS and gets rejected, it drastically limits their chances of finding a successful resolution for their tax bill in subsequent attempts.
Why Work With TaxRise To Secure My Offer In Compromise?
TaxRise is a settlement-focused tax relief company. Our tax attorneys work with the IRS and get settlement offers approved every single day.
Your tax relief team will work diligently to develop a financial hardship case specifically for you and your needs. Furthermore, we will negotiate with the IRS on your behalf and help you maintain your compliance throughout your resolution.
Our team has a stellar 98.6% success rate placing our clients in an IRS resolution, one of the many reasons why we have become the fastest-growing tax relief company in the nation.
If you’re interested to see if an Offer in Compromise is right for you, give us a call at 833-419-RISE
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