Colorado Springs: What are the Types of Offers-in-Compromise?

 

You owe back taxes, you have a stack of IRS notices in that special drawer, and the IRS has just levied your bank account.  What can you do?  You heard about this thing called an offer-in-compromise.  What is an offer-in-compromise?  Can I really get one?  What type of an offer can I make?  The offer-in-compromise program is authorized by Internal Revenue Code Section 7122.  The IRS is authorized to establish guidelines for when an offer-in-compromise (OIC) should be accepted

 

Step one:  Find a qualified tax professional such as an enrolled agent who will do a proper analysis to see if you even qualify to do an offer-in-compromise.

Step two: If you do qualify to submit and offer-in-compromise, what type offer can you make?  Based on your facts and circumstances you may qualify for one of the following:

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

Only after a personalized, thorough analysis will a tax professional competently make a recommendation as to what fits your best and is most likely to be successful.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA

525 N.Cascade Ave., Ste 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com