Call Scott Allen E.A. to do your Tempe AZ IRS Offer in Compromise
On May 21, 2012, the IRS came out with another option to its “Fresh Start” initiative called the Offer in Compromise (OIC) program. The purpose of this program is to give taxpayers that have little or no hope of catching up on past taxes, eliminate their IRS problem by paying a fraction owed and staying in compliance afterwards.
Changes were made to the calculations to determine a taxpayer’s future income, allowing taxpayers the ability to pay back their student loans, delinquent state taxes and allowing more living expenses. All of these changes reduce the amount the IRS will expect to be paid to eliminate your tax liability. During the last five years, 258,000 offers were submitted and only 68,000 accepted. That’s only about 1 in 4. Most of the problems were errors in calculating the amount of the offer and maintaining constant communication with the IRS personnel assigned to your case.
The IRS estimates that these revisions will result in a 75% reduction in the amount of the OIC paid back within 5 months and a 60% reduction if paid back within 2 years. Scott Allen E.A. near Tempe AZ has the expertise to advise, file and get acceptance of your Offer in Compromise. He offers a free initial consultation and can be reached at 480-926-9300.