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 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.