The Offer in Compromise program is the more frequently known debt relief program. You may have heard many advertisements with the catchphrase, Pennies on the Dollar. With an Offer in Compromise, a taxpayer can present the IRS an offer of how much they are able to pay off their tax debt. If the IRS agrees, the taxpayer could end up paying very little to how much they originally owed — typically, less than 20% of the original amount. If this sounds ideal to you, you’re not alone — many taxpayers often pursue this option. However, most of these taxpayers attempt to negotiate with the IRS on their own and frequently get denied. The IRS notoriously has a very low approval rate with this heavily sought-after program.

Eligibility includes, but is not limited to: 

  • All tax returns must be filed up to date.
  • Must not be in an open bankruptcy proceeding. 
  • Paid all estimated tax payments. 

In addition to the already complex levels of how to negotiate a delicate offer as to not be denied, the taxpayer is also subject to a tax lien if approved and must also continue to pay the installment agreement as agreed upon. If a payment is late or a tax return is not filed on time, the Offer in Compromise agreement is voided, and you would be back to square one with the original amount owed. Hiring a licensed tax professional to help you determine your eligibility for this program and navigate the nuances of getting approved will help you achieve the best outcome. At Justice Tax, LLC, we have helped millions of taxpayers get the financial freedom they needed from their tax liability. By giving us a call at 888-545-6007, you can speak to a Senior Tax Consultant at no cost and no obligation to discuss your tax situation and understand your options.

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