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| *Ostroff, Fair and Company>>>United States Taxes |
Offer in Compromise. Can I do it? |
I am wondering if I can do an offer In Compromise or a penalty reduction to the IRS without paying an Attorney or one of the companies that advertise all over the place. Is it really that hard? Maybe there are books to step you through it? Thanks. First of all, forget what the person said about using his ratio of 500 out of 14,000 to make an offer. The offer is based on your ability to pay, not based on any ratio that someone else might have settled for. Second, the IRS doesn't play by its own rules. So, unless you get extremely lucky, expect to get your offer rejected for a variety of reasons. I would suggest finding someone who could help you. I found several people through the Internet who are ex-IRS agents and offered their services at very reasonable prices (one fellow offered six months of phone and e-mail support for $250). I would definitely stay away from the firms that want to "represent you" for $1500 to $3000. But you should definitely get some help. And finding a qualified, affordable person who can help you for a fixed price or by the hour, is most definitely advised. Also, get some advice before you fill out the forms. I did the forms myself and shot myself in the foot with some items. Fortunately, I was able to get the IRS to accept my revision on appeal. But it's better to not shoot yourself in the foot! Get someone to help you by reviewing your situation and giving you advice before you submit it to the IRS. Oh, and also: all IRS forms are available for download at the IRS web site. So you don't have to waste time calling them and requesting that they mail them to you. Also, keep in mind that if you can pay the debt in full within the timeframe allowed by law (10 years from the date the taxes were due), and if there's no doubt as to liability (i.e., you really do owe that money), then your offer will be rejected regardless of any help you get. Thus, you might want to consider that before wasting time and $150 on it. Good luck! its very easy but it costs 150 dollars now. call the IRS and ask them to mail out the form. I owed 14,000 and I settled for 500. Use that ration to make your offer. The previous respondent may have had good fortune in his circumstance, but the IRS will look at each individual separately. The Offer in Compromise may be accepted if it is unlikely that the tax liability can be collected in full. The link below will give you information that you are seeking. Good luck. http://www.irs.gov/pub/irs-pdf/f656.pdf... |
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