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We frequently represent clients who want to resolve their outstanding IRS federal tax debt with an Offer-in-Compromise in Hartford, Connecticut often ask us how much they have to offer? The truth is it depends upon the individual’s personal financial situation.
The IRS looks to obtain what it can based upon the taxpayer’s Reasonable Collection Potential, or “RCP.” It is the RCP that will determine whether the taxpayer’s Offer-in-Compromise is ultimately accepted by the IRS.
So what is involved with the RCP? For our clients in Hartford, Connecticut and elsewhere, the RCP consists of what the IRS could expect to collect from both the taxpayer’s assets and their future income. The combination of the assets and future income is the RCP, and that will be the amount the IRS uses to evaluate the taxpayer’s Offer-in-Compromise.
Knowing the IRS only accepts 20% of those offers filed, how is it that we can get more than 90% of our offers accepted, and how can we help you or your client evaluate whether an Offer-in-Compromise is worth pursuing? By understanding the IRS rules and how the IRS will evaluate your Offer-in-Compromise we can not only perform the same analysis and tell you what your RCP is, but ways to legitimately change your picture and reduce your RCP.
Sitting with a professional who specializes in IRS representation and Offers-in-Compromise is the best way to make sure that you are an Offer-in-Compromise candidate and that you file an Offer-in-Compromise with the IRS that will be accepted.
If you have any questions regarding Offers-in-Compromise in Hartford, Connecticut or any other area of Connecticut do not hesitate to contact me at (860) 657-9040 or by email at egreen@convicerpercy.com.
Eric L. Green, LL.M.
Convicer, Percy & Green LLP
41 Hebron Avenue
Glastonbury, Connecticut 06033
Ph. (860) 657-9040
Fax (860) 657-9039
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