An offer in compromise is where the IRS is given a settlement offer for less than what you currently owe. The benefit to you is that you are able to settle your outstanding debt for a lower amount, and the IRS is able to collect some from you. The IRS looks at your income and assets, your debt, and liabilities, and takes it into account in it’s formula. The information you send is inserted into a formula, and then the output is used by an IRS offer in compromise attorney to negotiate an amount that is less than what you owe. Once the amount is agreed, the new reduced amount can be either paid in full, or it can be paid over time depending on your facts.
If you are considering an offer in compromise in order to get current on your taxes, then speak to our law firm. We understand the IRS offer in compromise guidelines and can use it to help you settle for less than what you owe.
It usually takes 6-9 months in order to go through the process. If you want the best deal possible then you have to go to the appeals officer. Very few tax attorneys who deal with the Offer in Compromise program actually take it to the tax appeals level. Generally, they accept whatever the IRS gives them at the first level – which is the revenue officer. We are ready to go to the appeals level with every single client in order to get the lowest possible settlement amount. If you go through all stages of the process it can take up to 18 months.
When you have an effective offer in compromise lawyer on your side, you are better prepared. By having someone who understands the guidelines on your side, you can offer the lowest possible settlement offer. There are way too many legal and procedural issues which are pitfalls – unless you’re an experienced tax lawyer who understands them.
Todd is a miracle worker who will work tirelessly for you and your family. He is one of the few attorneys i've met - who I earnestly trust to protect me, and who I am happy to refer to our friends and fellow family members. The Spodek Law Group is someone you want on your side, because they will treat you just like family. Todd and his team are available 24/7, and they always answered our calls. Even when we were being irrational, and crazy - they were calm and super helpful. Just call Todd. He gives you a free consultation and is very understanding.- Donna & Robert
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