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Make an IRS Offer in Compromise Program Work for You


Most Taxpayers are not prepared when it comes to resolving their Tax Debt Issues. Taking on Tax Debt is a daunting task that presents many confusing issues. The majority of Taxpayers are aware of the option to pay their Tax Debt in full or pay in monthly payments. But there’s another option, the IRS “Offer in Compromise”. Knowing the steps to success with an IRS Offer in Compromise is important, because if your offer is approved you can save thousands of dollars!

Settling Your IRS Tax Debt

 In a nutshell, an “Offer in Compromise” is an IRS Tax Debt Settlement. If you qualify for an offer, you can have your IRS Tax Debt greatly reduced. However, it’s not easy to qualify for an Offer. The IRS will weigh your entire financial situation and take a closer look at your income and assets. If the IRS determines you do not have enough income to satisfy your debt in full, your Offer may be approved. The IRS will collect the amount you offer in one lump sum. After that transaction is complete, so are all of your IRS Tax Debt issues. You will not have to keep making small payments with interest slowly making your debt grow.

Insider Tip

 It's notoriously hard to have your IRS Offer in Compromise approved. But there is a secret way to crack the IRS's code. The IRS determines if you qualify for an Offer in Compromise based on any of the following three factors.

  • Doubt as to Collectability: If you know you cannot pay your IRS Tax Debt in full, you may qualify. Remember, if you have assets that could be sold to satisfy your debt, then you will not qualify for an Offer in Compromise.
  • Doubt as to Liability: If you think the debt liability does not fall to you, you're a good candidate for an Offer in Compromise. But your reasons must be legitimate. Here are three legitimate reasons listed on the official IRS website:
    • (1) the examiner made a mistake interpreting the law

    (2) the examiner failed to consider the taxpayer’s evidence or

    (3) the taxpayer has new evidence.

  • Effective Tax Administration: If you know you owe the taxes and can also afford to pay them, there's still hope. There may be “Exceptional” circumstances. This means that if the IRS was to collect the debt in full, it would cause the taxpayer a financial hardship or an unfair circumstance. This usually applies to people who are disabled, seriously ill, or single mothers.

Don't forget: Getting your Offer approved is only the beginning. When your Offer is approved you are entering a 5 year contract with the IRS. This means you have to file your taxes on time for five consecutive years. If you default on a payment or fail to file, the IRS can charge you the original debt amount plus penalties and interest.

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Disclaimer: TaxReliefSource is not a government sponsored website, nor does it dispense tax advice. TaxReliefSource matches consumers with companies that offer tax relief services. For additional help in resolving tax problems, consider contacting the Taxpayer Advocate Service, independent organization within the IRS, at http://www.irs.gov/advocate/article/0,,id=97395,00.html.
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