Chicago: Should You Consider An Offer in Compromise as a Solution to Your IRS Tax Problem?
Tax Payment Options Chicago: IRS Offer In Compromise
In looking for help with your IRS problem, you may have heard of a tax-relief strategy called an Offer in Compromise. It basically means settling with the IRS for less than what you owe.
These are the plans that you see on late night infomercials and all over the web, promising to settle your tax debt for “pennies on the dollar.” The infomercials and sales letters greatly exaggerate the potential of Offers in Compromise. But it is possible to settle with the IRS.
And once the discounted amount is paid, then you don’t owe the IRS a penny more. This is very different than becoming “uncollectible,” which we talked about in a previous video. When you are declared uncollectible, you still owe EVERYTHING at the end – plus interest.
For many taxpayers, an Offer in Compromise is a very good option – if they can get approved.
But for most people, it just doesn’t happen. According to the IRS, 84% of all taxpayers who submit an Offer in Compromise application are rejected.
That means you only have a 16% chance of success to get an Offer in Compromise, with or without an attorney.
And if the Offer of Compromise fails (as they usually do) you can be forced into a payment plan where you are forced to pay more than you can handle.
One of the best ways to put the odds in your favor for an Offer in Compromise is to use a competent tax attorney who knows all the ins and outs of your personal situation and the tax law.
To discover more about IRS Offer in Compromise and other strategies on how you can break free from the IRS and reclaim your life, call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now!