If you owe the IRS back taxes and are getting “Pennies on the Dollar” promises from tax companies, then make sure you read every word of this page. The truth is that Congress truly has passed four little used programs that allow you to settle your IRS Tax Debt for as little as $500, but you need to make sure you get all of the information first.
Ask lawyer allows you to get the real information regarding IRS tax resolution programs so you can make an informed decision about what is the best way to put an end to your IRS problem once and for all. Simply click on the “Ask A Tax Attorney” link and get answers to the questions you need to know to really stop the IRS harassment and finally get your life back.
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The Offer in Compromise program allows taxpayers to settle their IRS taxes for less, or often much less than you owe (or what the IRS claims you owe.)
Internal Revenue Code authorizes the IRS, to accept less than full amount of tax liability owed in any IRS civil or criminal case arising under the tax laws prior to the case’s referral to the Department of Justice. For an Offer in Compromise to be accepted, the taxpayer must establish to the satisfaction of the IRS that the taxpayer either: has no means of paying the tax, or does not actually owe the tax.
The IRS will accept an Offer in Compromise when it is unlikely that the tax liability can be collected in full and the amount of the IRS Offer in Compromise reasonably reflects collection potential. An Offer in Compromise is a legitimate alternative to declaring a case as currently not collectible, or to a protracted installment agreement. The goal is to achieve collection of what is potentially collectible at the earliest possible time and at the least cost to the government.