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Richardson TX - Offers-In-Compromise: Are You An Offer Candidate?
Most of the taxpayers that come into our Richardson TX tax office with IRS debt have heard the advertisements stating that taxpayers can settle their IRS debt for pennies on the dollar. This is done using the IRS’s Offer-In-Compromise program. Not everyone qualifies for an Offer-In-Compromise however. How can you determine if you’re a candidate?
While it’s not possible to give you a definite answer without knowing your exact situation, here are some of the factors that will determine if you are a candidate.
You MUST be in tax compliance or get in tax compliance to successfully file an Offer-In-Compromise. What this means is: Your last six years of taxes have been filed, and You must be properly withheld or made Estimated tax payments for the current year. You are not in Bankruptcy Proceedings. You have the inability to pay in full within the remaining time that the IRS has to collect the tax debt. You do not have a substantial amount of equity in assets. The IRS will consider your assets in your ability to pay your IRS Debt. Your monthly income does not substantially exceed your allowable expenses permitted by IRS guidelines. You are ready and able to meet all ... more
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