Our clients hear this term quite a bit but have no idea what it means. An Offer in Compromise is literally how it sounds – an agreement between the IRS and taxpayers that allows eligible taxpayers with unsettled tax debt to pay off their dues for an agreed-upon amount that is less than the amount owed.
This compromise is part of the IRS’s fresh start initiative, which allows certain taxpayers the option for a fresh start.
Is it Right for You?
An Offer of Compromise sounds like a great deal, but is it the right deal for you? For starters, you need to determine if you are eligible, and there are specific qualifications in place to answer that question:
Have a bill of the tax debt included in your application
File all your tax returns
Pay all your estimated taxes for the present year
If you own a business and have employees, make the federal tax payments required for the present quarter
We are experts in Offers of Compromise because of our close relationships with the IRS and our ability to come up with an offer that works best for both our client and the IRS. So rest assured, you are in the best hands possible with Pairett CPA, PLLC. We will help you understand the situation, and come up with the best option that is right for you.
Questions Call Pairett CPA, PLLC at 940-498-7422
If you have questions or need help with an Offer in Compromise, give us a call at 940-498-7422 today!