Taxpayer Settled $300,000 IRS Tax Liability for $15,000.

When the taxpayer initially engaged our office, they faced a significant tax liability of over $300,000 to the IRS. Our firm strategically developed and submitted an Offer in Compromise, a formal request to the IRS to settle the tax debt for less than the full amount owed. After an exhaustive analysis and research of the taxpayer’s matter and based on her income, assets & liabilities, our office determined that she qualified for an offer-in-compromise. An Offer in Compromise is a tool that allows taxpayers settle their tax liabilities by paying less than the total amount of the debt they have accrued. In determining whether you qualify for an Offer in Compromise, the government will consider your unpaid tax debt, financial situation, assets, and (to some degree) your age and health. If the government thinks that agreeing to an Offer in Compromise is the best way to relieve your burden and collect revenue, they may be more inclined to approve your request. After a rigorous review process, the IRS accepted our client’s Offer in Compromise, resulting in a substantial reduction of the tax debt to less than $15,000. This successful outcome provided significant relief to our client, allowing them to move forward financially without the burden of a substantial tax debt.