Did you know that you can settle your debt with the IRS for just pennies on the dollar with their Offer in Compromise program? The program allows taxpayers to settle with the IRS on tax debt that has been incorrectly assessed or for liabilities they cannot afford to pay. However, the Offer in Compromise program is a difficult one to navigate on your own with many burdensome rules and requirements the IRS makes you meet before you are eligible. At Nelson Tax Accounting, we can help you analyze your chances for a successful Offer in Compromise, along with helping you with all the paperwork and organizing all the required information for the IRS.
The IRS Code states: "We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential..." (Internal Revenue Code section 7122).
Often it is possible to fully and completely eliminate the taxes you owe - including all penalties and interest - at an enormous discount. There is no preset bottom limit that the IRS will accept to settle your debt especially if your offer is done "right."
If done correctly your debt may be settled for only a fraction of what you presently owe. The key is to determine the least amount that the IRS will accept from you before you make the offer. To figure out that magic number, your entire financial picture must be analyzed; from your current income and expenses, to your current assets and liabilities. It isn't as easy as just throwing a number out to the IRS and hoping they accept it. Their is a science to getting you offer accepted and at Nelson Tax Accounting we're here to help.