Offer In Compromise
If you turn to Bentz Law Firm for help with your back taxes, our professionals can help you determine whether or not you should pursue an Offer In Compromise. What is an Offer In Compromise? An Offer In Compromise is an agreement between you and the IRS or State that resolves your tax debt for less than the amount owed. When you are unable to pay a tax debt in full and an installment agreement is not an option, then you may be able to take advantage of an Offer in Compromise. Offers in Compromise can include all types of taxes, penalties, and interest. Even payroll taxes can be compromised.
The IRS has the authority to "compromise" or agree to settle your tax liabilities in one of the following circumstances:
 When there is doubt as to whether the assessed taxes are correct;
When it is unlikely you could pay the full amount of taxes actually owed; or
When, the tax assessed is correct and there is no question as to whether you could pay the full amount of the taxes owed, but there is an exceptional circumstance that allows the IRS to consider an Offer in Compromise.
Why Hire The Bentz Law Firm?
Negotiating an Offer In Compromise can be very complicated, lasting anywhere from six months to two years. At the conclusion of the negotiations, the IRS accepts only about a quarter of all offers filed. Consequently, it is highly recommended that you obtain a skilled professional to help with your negotiation. According to the Taxpayer Advocate Service 2007 Annual Report to Congress, the IRS collected $0.17 on every dollar owed through accepted Offers In Compromise during the fiscal year. If your Bentz Law Firm tax professional can show you qualify for an Offer In Compromise, you can finally take care of your tax debt while saving thousands of dollars.
Important Points
Compliance Required:
You must remain compliant for two consecutive quarters (6 months) before an Offer In Compromise can be submitted.
Advantage of an Offer In Compromise:
The amount paid in an Offer In Compromise is considerably less than what is actually owed, all principal and interest stops accruing and enforced collection is suspended.
Disadvantage of an Offer in Compromise:
After an Offer In Compromise is accepted, you must remain current and compliant for five years after acceptance or you will once again be liable for all taxes and fines.
Contact Bentz Law Firm for a Free Consultation
For more information on Offers in Compromise and other debt relief options, contact the Bentz Law Firm online today to schedule a free consultation or call (312).641.2233 ext. 269.
DISCLAIMER:This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter
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