You owe the government thousands of dollars in taxes, and you have no idea how you are going to pay them.
You want to make an offer to the Internal Revenue Service to pay off back taxes and stop the letters. You’ve seen the ads on TV - pay the company money and they will stop all contacts by the IRS, stop any levy processes while under consideration and have you pay pennies on the dollar for what you owe.
Wow! Sounds like a plan. Let’s call.
Whoa, there.
What they fail to tell you in the ads or sometimes what you miss when they are talking to you, is that not everyone can make an Offer in Compromise to reduce and pay off what is due to the IRS.
For many years the Internal Revenue Service has opened the Offer in Compromise program (OIC) to more taxpayers. The streamlined version can be used by taxpayers with income up to $100,000 and tax debt under $50,000. Even though you are having a professional make the offer for your debt, there are still items you must provide to get the offer in place.
To be considered you must:
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