An offer in compromise is an agreement with the IRS whereby a taxpayer is able to settle their tax debt for less than the full amount of the debt owed.
How is an offer in compromise calculated? Â Your offer is calculated based upon your equity in assets and disposable income.
How long does the IRS to make a determination regarding my offer in compromise? Â Generally, the IRS will take anywhere from 4-12 months to make the initial determination on your offer. Â You also have appeal rights if the offer in compromise unit rejects your offer.
Where do I submit my offer in compromise? Â You will initially submit your offer to one of two offer in compromise units, which are in Memphis, TN and Holtsville, NY.
A Denver tax attorney at The McGuire Law Firm can prepare, submit and negotiate an offer in compromise with the IRS if your financial circumstances allow. Â All potential clients receive a free consultation! Â Contact The McGuire Law Firm today!
Offices in Denver and Golden Colorado! Â Speak with a Denver tax attorney to discuss your options and ability to settle your IRS tax debt with an offer in compromise.
