An IRS Offer in Compromise allows you to establish an agreement with the Internal Revenue Service (IRS) to pay less than what is owed. An Offer in Compromise is based on many factors, some of which include your age, current health, income, and assets. However, all taxpayers may be eligible for an Offer in Compromise. When taken into account, these factors (and others) determine your eligibility and the amount the IRS may be willing to accept under an Offer.

When can an Offer in Compromise be made?

The ultimate goal of an Offer in Compromise is to reach a settlement, reduction and/or elimination of the tax liability that is in both parties (Government and Taxpayer) best interest. However the preparation and submission of an Offer can be a difficult process requiring knowledge of IRS procedures and regulations.

A tax debt can be legally compromised for one of the following reasons:

  • Doubt as to Liability
  • Doubt as to Collectibility
  • Effective Tax Administration

There is thin line between acceptance and rejection of an Offer. Michael C. Whelan JD CPA, being a former IRS attorney, can possibly negotiate a fair and reasonable Offer in Compromise on your behalf. Contact our office at (847) 298-9275 to schedule an appointment for a consultation.