Offer In Compromise Facts

An Offer in Compromise is one type of IRS Tax Settlement. Get tax relief with the help of an attorney, Call Now (800) 632-1750

Most people would like to sign up for an Offer in Compromise and pay the IRS ten cents on the dollar and have their tax debt magically wiped away. You will see that same advertisement on television 20 times per day. Sometimes, this is an option for you but most of the time it is not. What most people do not realize is that an Offer in Compromise only works in special situations.

Unfortunately, many companies are not up front with you about this and you only find this out after they have $4,000.00 of your money and they give you an excuse for why things didn’t work out after the fact. I would strenuously advise you to check out any of these companies with the Better Business Bureau. Often times you will find that these companies are F rated and have hundreds and hundreds of formally filed complaints. It is unfortunate and alarming that some of the largest companies in the industry have the worst reputation. Don’t let them scam you too.

Give us a call and we will be more than happy to give you a free consultation so that we can educate you about the benefits of an Offer in Compromise, determine if you are a good candidate for an Offer in Compromise & advise you of what course of action will be of the best benefit to YOU, not what will make the most money to a sales person at one of our competing firms. At Nationwide Tax Group, we are not going to advise you to do an Offer in Compromise unless there is a realistic chance for you to benefit from it.

*HOW DOES AN OFFER IN COMPROMISE WORK?***

An Offer in Compromise can allow you to get rid of your tax debt for a fraction of what you owe. Most of our clients have neglected to file tax returns for a number of years. They either were not aware that they had to file or could not afford to pay the debt and decided not to file one year. They decided not to file the following years for fear of the IRS catching up to them. The tax and penalties multiply and soon you find yourself in a situation where you owe the IRS 100,000.00

Depending on your financial situation, you may not be able to pay the debt within a reasonable amount of time. This is a situation that could be a good fit for an Offer in Compromise. There are other factors which come in to play which is why it is imperative that you speak with a professional who can explain things to you in plain English and determine the best course of action for your particular situation.

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