Offer In Compromise
An Offer In Compromise is also called the “Fresh Start” or “Pennies on the Dollar” program. This the solution most frequently advertised on television and radio.
While this solution is the most sought after solution, few will qualify. An Offer In Compromise is for taxpayers who have a relatively large tax bill that the IRS agrees will not be paid in full even if they exhausted all collection tactics available to them.
We work with our clients to make sure they qualify for this solution before we agree to prepare an Offer In Compromise. Pre-qualification does not guarantee the IRS will accept an Offer.
It is a lengthy process as the IRS can take up to 24 months to make a decision on an Offer submitted. While the IRS considers your Offer, you must file all tax returns and pay all taxes when due and make payments on the amount you listed in your Offer.