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Understanding Offers in Compromise

UNDERSTANDING OFFERS IN COMPROMISE WHAT IS OFFER IN COMPROMISE? An arrangement with the IRS to pay less than you owe on your tax debt May be an option if you cannot pay in full what you May also be an option if paying in $ full would create a financial hardship owe in taxes The IRS evaluates requests based on your: I Ability to pay I Current income I Regular expenses Asset equity OFFER IN COMPROMISE STATISTICS The Offer in Compromise process can také 6-12 months For fiscal Year 2011, the IRS received 59,000 Offers in Compromise About 20,000 Offers were accepted That's roughly 33% for fiscal Year 2012,. the IRS received 64,000 Offers in Compromise About 24,000 Offers were accepted That's roughly 38% More were ultimately accepted in 2013, making that percentage even higher The trend is growing each year, with the IRS accepting more Offers in Compromise THE OFFER IN COMPROMISE PROCESS fApply for an Offer in Compromise biy filing specific forms The application fee is $186, but may be waived in certain cases You must provide detailed financial information for yourself or your business You must follow specific guidelines to come up with a "reasonable offer" to make ! Any errors or omissions can work against you in getting your offer accepted Work with an experienced tax professional to make sure your offer is complete and correct PROVIDED BY: ALPHA B GROUP TAX & BOOKKEEPING SERVICES wwwalphabgroupblogcom SOURCES: http://www.nolo.com/legal-encyclopedia/offer-compromise-settle-tax-bill-debt-29832.html https://www.ctctax.com/news/2015/offer-in-compromise-statistics/ https://www.irs.gov/individuals/offer-in-compromise-1

Understanding Offers in Compromise

shared by BrittSE on Jun 17
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Offers in compromise can take from 6 months to a year, but the IRS has been accepting more and more of them as of late. Learn all about the process by reading this infographic.

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Economy
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