Offer and Compromise

[rohi_1972]

What is the name of your state: Virginia

What is the best procedure to handle IRS "offer and compromise"?

 

[LdiJ]

What is the name of your state: Virginia

What is the best procedure to handle IRS "offer and compromise"?

Its "Offer in Compromise". The best way to handle that, and to find out if its even a viable option for you, is to hire a tax professional experienced in that area of tax. Do NOT hire a company that advertises on TV. Hire someone local.

 

[irsos]

Its "Offer in Compromise". The best way to handle that, and to find out if its even a viable option for you, is to hire a tax professional experienced in that area of tax. Do NOT hire a company that advertises on TV. Hire someone local.

While I agree not to hire those that advertise on TV, it is not because they advertise on TV, it is because most have settled lawsuits with the states for fraud and misrepresentation. The advice to hire someone local does not make any sense unless someone local has experience in doing Offers. The key to hiring soemone is experience not location. Someone doing one or two offers a year does not qualify. You want a firm that specializes in IRS collections in general, because an Offer may not always be the best solution and you may not qualify for an Offer.

 

[tranquility]

I agree with irsos. We do a LOT of tax work. And, I have done a few OICs and a bit of collections work. But, I have to look everything up each time and we make it clear they have better options out there. When the amounts are significant, we have a people we recommend. This is an area were experience is very important. If you need someone to negotiate with the IRS on the underlying tax or who may need to go to tax court, we'd be good. If you admit the tax and are having trouble paying, see an expert in that sub area. There are a lot of tricks of the trade which are not that obvious from reading the code and regs.