Offers In Compromise Services

If you are facing extreme tax debt, you may be able to wipe your slate clean by reaching a settlement agreement or an Offer in Compromise with the IRS. However, while this settlement plan is helpful for many individuals who cannot pay their tax debts, the IRS believes that many taxpayers have the ability to repay the full amount they owe and often refuses many Offers in Compromise.

Despite this low acceptance rate, BC Tax has helped many clients at our main headquarters in Colorado and throughout the United States negotiate an IRS Offer in Compromise and successfully secure relief from their back tax burden. Let BC Tax help you overcome tax debt today.

What Is an Offer in Compromise?

An Offer in Compromise is a program that helps taxpayers settle their debts, often for less than the total amount owed, provided they can prove they lack the financial means to repay their debts.

The Offer in Compromise tax relief process begins with the taxpayer filling out Form 656 to make an offer to the IRS. It’s important to note that taxpayers can’t just offer any amount they wish as a settlement. The IRS will consider factors such as the value of your assets, anticipated future income, and your financial situation after filling out Form 433-A to determine an accurate offer.

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How to Get the IRS to Accept Your Offer in Compromise

Because taxes are vital for government and public expenses, there are many strict qualifications regarding eligibility for a tax settlement. Before you make an offer to the IRS, check your eligibility to understand what factors the IRS will take into account when examining your case. The IRS will only consider an Offer in Compromise for the following reasons:

  • There is a valid reason to question if the amount the IRS determined you owe is correct.
  • Your assets and income are less than what you owe, leading to doubt if the debt is fully collectible.
  • The amount of debt you owe is correct, but you cannot pay the debt without economic hardship.

Signs You’re a Good Candidate for the Offer in Compromise Program

The IRS has a pre-qualifier tool to determine if taxpayers are good candidates for the Offer in Compromise program. In addition to being able to pay the settlement amount and providing an accurate collection potential, you can increase the likelihood of the IRS accepting your offer if you:

  • File current tax returns to provide the IRS with updated financial information.
  • Pay all required fees on time.
  • Submit all payroll taxes in a timely manner if you are a business owner with employees.
  • Delay declaring bankruptcy until you go through the Offer in Compromise process.

Next Steps After Receiving an Answer From the IRS

If the IRS accepts your Offer in Compromise, you will need to comply with all the terms listed in your agreement. By failing to comply with the agreement, you open up the possibility of the IRS suing you for the original amount of the tax debt in addition to penalties and interest.

Choose BC Tax in Denver for Your IRS Debt Settlement Services

Through BC Tax’s IRS Offer in Compromise services, our expert team has helped individuals and businesses across the country effectively settle their debts and save thousands of dollars. We can help negotiate your tax debt with the IRS, and possibly secure an offer in compromise.

Call us today at 800-548-4639 or fill out our contact form to schedule a free consultation or learn more about our service offerings!

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Tom EarnestTom Earnest
22:16 06 Feb 24
The best choice to solve IRS issues at a reasonable fee We received many solicitations about our tax issue. BC tax, LLC was professional and... diligent in every respect. Our issue was about and unexpected recapture of depreciation on a capital gain sale we made. I was not in a cash position to pay the entire tax when due. IRS imposed a substantial penalty for not paying the tax when due. BC Tax was able to negotiate with IRS to remove the penalty. My personal attempts to deal with IRS were frustrating and with out success. Colleen's help solved our issue quickly and in the manner we had discussed. We are very appreciative of her efforts.read more
Flint DavisFlint Davis
22:59 12 Dec 23
This man is by far the best person that I have had the honor to talk with and do business with he’s laid back and doesn’t hide anything the man is a... serious straight shooter his name is Dan and he definitely the man . He has helped me more than those people who lied to me and took my money ( 6k) and said oh we will do this and didn’t do it , so when you call ask for Dan he will do everything in his power to move heaven and hell to get you taken care of .read more
Lynda OttLynda Ott
05:25 08 Nov 23
Megan Bridge with BC Tax has been working on my issues with the IRS for about 15months. I had created an issue over 3-4 years by overpaying the... estimated Quarterly Taxes and applying the tax refund to the next years taxes. So, all was good as I never owed any additional tax above the paid Estimated Quarterly Taxes – except!, I didn’t follow up with a filed return. In 2021-22 The IRS issued huge penalties with interest for not filing timely returns. In early 2022 I filed the delinquent Tax Returns which I expected to clearup the Penalties & interest issues. However, I was getting nowhere with the IRS regarding the large penalties and interest. I asked BC TAX to help, and Megan Bridge took on my case and resolved the issue. Her ability to understand the terminology, access to the right people and the on-line information resulted in the IRS waiving the penalties and interest. Needless to say I would recommend Megan and BC TAX. Billread more
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