IRS Offer in Compromise

First Step — Make Sure You Qualify for an IRS Settlement

The IRS approves less than 20% of all Offer In Compromises. The reason for such low success is really two-fold:

1. People are submitting an Offer In Compromise when they do not qualify for a reduction or elimination of their tax debt, which will inevitably result in an automatic rejection.
2. Taxpayers (and even so-called Tax Professionals) do not understand how to properly compute the financial figures in a manner that will force the Offer Examiner to accept the Offer In Compromise due to a Doubt as to Collectability.

The IRS Offer Examiners will try to find any reason possible to reject an OIC as they do not want to make it easy for taxpayers to walk away from a tax debt.

We are over 95% successful in our negotiations with the IRS due to the fact we do not chase after unattainable outcomes and we always spend the necessary time to confirm someone's candidacy before anyone gives us a penny to pursue any kind of settlement or other tax resolution options with the IRS.

We will fully review your case, determine your true level of candidacy, and understand the type of outcome you can expect to receive if everything is handled properly. If it is determined you do not qualify for an Offer In Compromise, we will identify the right strategy in providing you with a desirable outcome.

3 Steps to Successfully Resolving IRS Balances through an Offer In Compromise

We will fully review your IRS case for FREE and truly evaluate all available options to ensure you understand what can be done and how to receive the very best resolution to your particular set of tax issues. Often times, we will even find a better outcome using a different strategy than an Offer In Compromise.

Step 1 — Understanding of Issues

Call us so we can discuss your tax issues. We want to know the type of tax issues you are having and if you have received any recent IRS Notices. This will allow us to evaluate your best options in resolving your tax debt with the least amount of financial burden possible.

Step 2 — Confidential Check-Up

We will conduct a free "behind-the-scenes" checkup on your behalf to uncover everything that needs to be known about where things stand with the IRS. This allows us to provide a complete evaluation and to ensure all information on account with IRS is exposed. NOTE: This Free Confidential IRS Check-Up will not awaken the IRS, impact collections, or have any negative consequence whatsoever.

Step 3 — Confirm Candidacy

We review your candidacy for all resolution options and make sure you are advised of the type of outcome you can expect if everything is handled properly and within your rights as a taxpayer. You will have all the information you need to finally make informed decisions.

How Can Colonial Tax Consultants Help

Taxpayers we have represented before the IRS who do qualify for this program have received astounding results. If you qualify, we will settle your debt at the absolutely lowest amount possible. We have settled debts for our clients for less than 1% of what they originally owed.

Our team of tax professionals will also confirm any and all options available to you to ensure you are taking the proper approach that will result in the best outcome. Often times, we will find a strategy other than an Offer In Compromise that can promote an even better end result.

The best way to evaluate your chances and confirm the type of approach and outcome you can expect is to call us for a free consultation, or download our free Offer in Compromise eBook.

3 Warnings

1. This Should Not Be Done Without Help

Completing an Offer in Compromise on your own is a daunting task and the IRS never wants to make it easy to walk away from an unpaid IRS debt. The IRS rejects approximately 80% of all submitted Offer in Compromises and it is important that everything is prepared in a manner that prevents the Offer Examiner from being able to negate or contest what is being proposed.

2. You Only Have One Chance

If an Offer is rejected, you cannot resubmit another OIC unless there is a significant change in collectability. Essentially, you only get one shot. It must be done correctly and in a manner that promotes the best possible outcome.

3. Work With Someone Trustworthy

Beware of companies promising a "pennies on the dollar" settlement. The Offer in Compromise is not for everyone and many requirements must be met before the IRS accepts a tax debt settlement.

What Happens After an OIC is Submitted?

• The application fees and payments you submitted for your OIC will go towards your outstanding tax debt (you can choose which debts for which tax years).
• Your collection statute will stop running the moment an OIC is received by the IRS.
• Your collection statute will be extended in accordance with the amount of time it takes to complete the process. The OIC must be accurately prepared to cut down on the time your statute is paused.
• If you are in an Installment Agreement, these payments must continue to be made while the OIC is being reviewed. Best to show an inability to continue making monthly payments prior to submitting OIC.

Frequently Asked Questions

1. Do I Qualify for an Offer in Compromise Tax Relief Settlement?
2. Can a Business file an Offer in Compromise?
3. How long does an Offer in Compromise take?
4. How is an Offer in Compromise Calculated?
5. How long will I have to pay my Offer in Compromise Settlement?
6. Will Interest and Penalties accrue if I choose the Periodic Payment option?
7. Will an IRS Offer in Compromise appear on my Credit Report?
8. Offer in Compromise vs. Bankruptcy
9. What is an Effective Tax Administration Offer in Compromise?
10. What is a Doubt as to Liability Offer in Compromise?

For detailed answers, call us at (866) 573-3755 or request a free consultation.