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Question: Give it to me straight and easy. If I owe money to the IRS that I cannot find a way to pay back, how do I go about qualifying for and negotiating with the IRS in an Offer in Compromise?

Answer:  No matter what, your first step at this point should be to consult a qualified tax professional. He or she will not only analyze your previous tax returns, but after doing so, we’ll be able to tell you whether the Offer in Compromise program will work for you.

First, it might help to understand fully what the IRS Offer in Compromise programis. Simply, after years of chasing deadbeat taxpayers with mixed results, the IRS realized that a kinder, gentler enforcement approach can be more effective than an iron-fisted one. Enter the Offer in Compromise program, which allows taxpayers who are absolutely unable to satisfy their debts to negotiate a settlement amount with the IRS. Oftentimes, believe it or not, that settlement is a lot less than you owe.

Now, assuming you do qualify for an Offer in Compromise, your qualified tax professional will closely analyze your previous returns to come up with the exact amount you owe the IRS. After all, why go to the negotiating table starting with an amount even a penny more than you owe? Once that’s complete, you and your tax professional will sit down with an IRS agent and come to an agreement on what you need to pay to settle this tax debt once and for all.

Really, it’s that simple. Keep in mind, too, that should you not qualify for the Offer in Compromise program, you have other options as well — including the Installment Agreement (also knows as an IRS Payment Plan)— and you should discuss these alternatives with your tax professional.
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A note from Michael Rozbruch:  I’ve seen it time and time again: Life is much easier for clients once they solve their IRS problems and no longer have to worry about the taxman. I solve tax problems every day. That’s because I’m an IRS Problem Solver. For a free, no-risk consultation, please call my office at 866-IRS-PROBLEMS (866-477-7762). 

More Tax Help, IRS News and Tax Relief Tips:

1. Ask the Tax Resolution Expert: What if My IRS Back Taxes Problem Cannot Be Resolved with the Offer in Compromise Option?
2. Ask the Tax Resolution Expert - Offer in Compromise Can Help with Tax Debt
3. Ask the Tax Resolution Expert - Do I Qualify for the IRS Offer in Compromise Plan or Participating in the IRS Installment Agreement Payment Plan?
4. Offer in Compromise Program or an IRS Payment Plan? Get Your Tax Debt Questions Answered Here!
5. Ask The Tax Resolution Expert: Is the IRS Offer in Compromise Program too Good to be True?

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This entry was posted on Friday, September 18th, 2009 at 9:13 pm and is filed under IRS Question Corner, IRS Times and Inquirer, Offers in Compromise. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.