Friday, August 5, 2022

Colorado Springs: Can I Qualify to Pay Less Than What the IRS Says I Owe in Taxes?


 We have all heard the advertisements from services claiming to be able to negotiate your back taxes down from several thousand dollars to only a few dollars.   Is this really possible for everyone?  It depends on the facts and circumstances for each individual taxpayer.  According to the Internal Revenue Code (IRC) Section 7122 the IRS is authorized to accept a compromise from taxpayers.  How does a taxpayer qualify for an Offer-in-Compromise(OIC)?  

The first step is to find a qualified tax professional such as Marcelino Dodge, EA to consult with you to determine if you are a candidate for an OIC.  If you are a qualified to file an OIC, you have to next get fully compliant by filing 6 years of back tax returns.  Once the necessary tax returns are filed, then we start the process of completing the OIC, determining the type of offer to make, and how much to offer.

Marcelino Dodge
525 N Cascade Ave
Suite 200
Colorado Springs, CO 80903
(719) 359-8789

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