Offer in Compromise
Michael C. Whelan • Chicago Tax Lawyer
An IRS Offer in Compromise allows you to establish an agreement with the Internal Revenue Service (IRS) to pay less than what is owed. This is usually the option an individual must take if he or she cannot pay the full tax liability because of a financial hardship. An IRS Offer in Compromise is based on many factors, some of which include your age, current health, income, and assets.
However, all taxpayers may be eligible for an IRS Offer in Compromise. When taken into account, these factors (and others) determine your eligibility and the amount the IRS may be willing to accept an Offer. IRS may generally approve an offer if there’s a possibility that the tax payment is close to the original amount.
When can an Offer in Compromise be made?
The Offer in Compromise program is not for everyone. To qualify, as previously stated, you must prove to the IRS that you suffered through financial and economic hardship to not fully pay your taxes. The ultimate goal is to reach a settlement, reduction and/or elimination of the tax liability that is in both parties (Government and Taxpayer) best interest. A tax debt can be legally compromised for one of the following reasons:
- 1
Doubt as to Liability
- 2Doubt as to Collectability
- 3Effective Tax Administration
There is often a thin line between acceptance and rejection from the IRS. With Michael C. Whelan JD CPA, a former IRS attorney, on your side, you have the advantage of expert negotiation skills to help secure a fair and reasonable settlement with the IRS. His in-depth knowledge of the IRS process can make a significant difference in achieving a favorable outcome.
Contact our office today at (847) 298-9275 to schedule an appointment for a consultation and take the first step toward resolving your tax debt.
