After careful analysis, the determination is made that you are a candidate for an offer in compromise through Internal Revenue Code Section 7122. But, what kind of offer in compromise is right for you?
To make an accurate determination a careful analysis must be completed. Once your assets and income have been analyzed to determine you ability or lack of ability to pay your tax bill, one possibility is the Doubt-as-to-Collectability offer. With this type of offer you are telling the government that due to lack of assets and low future income, that you are simply unable to pay your taxes.
With this type of offer you request the government to accept a lower amount based on your financial situation. Most commonly taxpayers offer either a lump-sum or make payments over a 24 month period. To make this type offer there must be a detailed analysis completed by a competent tax professional such an enrolled agent.
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