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Irs Offer in Compromise: Tax
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An Offer in Compromise deemed to be “processable” by the IRS is usually assigned to an Offer Specialist. Since the designation of Offer Specialist did not exist until quite recently, many of the Offer Specialists are “recycled” IRS Revenue Officers. These Revenue Officers have (had) the unenviable job of collecting unpaid taxes and unfiled returns. Consequently, quite a few IRS Collection employees, Revenue Officers, have become known for toughness and tenacity in tax collection matters.
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The IRS may waive off some amount of the tax, under the IRS offer of compromise, if it feels that a person may never be able to pay the tax levied on him. If the IRS feels that a person is not capable of paying the tax levied on him, then it may accept only a part of the tax and waive off the remaining tax. This is ... referred to as the collectibility Doubt.
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An Offer in Compromise is an agreement between you and the IRS (and the state of Colorado) that resolves your tax debt based on your ability to pay. Both you and the IRS benefit by getting you back into the system and back on track. See IRS Policy Statement P-5-100.
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If you can prove that you do not have the capacity to pay your full taxes, an IRS offers, �Offer in Compromise� (OIC). It settles your taxes for a lesser amount than what you actually owe them. You can actually pay pennies for dollars. To pay pennies for dollars, you should have no assets or money. But always remember that this can save you a lot of money, only if done correctly. You need professional help in this.
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Once your offer meets the procedural standards required, the IRS negotiations begin. This isn't an easy battle--the IRS has the power of its fleet of lawyers and decades of negotiation experience. The most effective way to negotiate with the IRS is to have an experienced tax professional do it for you. The attorneys at Tax Tiger have the power and the ability to do just that.
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Lerman, of Sterling, VA, owed the IRS $52,719 when she came to JK Harris and Company for help in negotiating an Offer with the IRS. The North Charleston-based company is the nation’s largest tax resolution firm and assisted Lerman in proving to the IRS she could not pay the entire balance. As a result, the IRS accepted her Offer of just $10.
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