IRS-Offer in Compromise

[dfloyd_chef]

I want to make an Offer in Compromise (OIC) to the IRS for back taxes. Due to a lack of income and assets, it seems like a straightforward proposition. However, most web sites advise that I hire professionals to do this for me (most at around $3000). Is it necessary to hire a professional (i.e. is the IRS more likely to accept an offer from a "professional"). Also what does the IRS consider to be a reasonable offer?

 

[loku]

OIC

It is not necessary to hire a professional to make an Offer in Compromise; however, it may be advisable to do so, depending on your situation and your ability to do the work on your own. I suggest you purchase an excellent book from Nolo Press, called “Keep the Tax Collector at Bay.” It is well written and has a very clear, good coverage of offers in compromise. It gives step by step instructions and suggestions about tactics, including how much to offer. After reading that, you can make a good decision as to whether you can handle it well, or whether you ought to hire a professional.

The downloadable book costs $15.96. And even if you decide to hire a professional, it will be well worth the money for you to know the inside info on this. The following link will bring you to the Nolo site for the book:
http://www.nolo.com/product/SIRSAC/summary_SIRSAC.html?t=00210001603202000TopicID*16

 

[ELNbluemax2]

bargaining

Gee, now they're writing books on how to
bargain for "pennies on the dollar" of a
debt I might owe to the IRS.
If you earn the money, the IRS should get
every penny owed in taxes, even if it takes
the rest of your life to pay it off.
I owed 20 dollars, plus interest and penalty,
years ago, due to a bank error on my 1099,the
IRS certainly wanted every cent paid back then.
What's going on today with these "compromises"??

 

[dfloyd_chef]

OIC

I can't speak to the majority of cases, but in my case I went from making $100,000 one year then getting sick, racking up $34,000 in medical bills and ending up homeless. I starting to get back on track, but I now make about $25,000. There is simply no way (unless circumstances change) that I could ever repay what I owe. (mostly due to penalties and interest) The IRS simply feels it is better to collect something and allow people to straighten thier lives out rather than spending alot of effort on debts that are simply uncollectable.

 

[ELNbluemax2]

Sorry, I guess bad things happen to good
people. Wish you better health and good
luck.

 

[APTHUNTER2001]

OFFER OF COMPROMISE

YOU CAN ONLY MAKE AN OFFER OF COMPROMISE IF YOU DONT HAVE IN ASSETS THE SAME AMOUNT YOU OH. tHE OFFER CAN TAKE 6MONTHS TO A YEAR FOR THEM TO ANSWER. THERE IS ALOT OF BS COMPANYS OUT THERE THAT SAY THEY CAN GETYOU TO PAY PENNIES ON THE DOLLAR! BS!! IF YOU CAN DO A O.F.C. THEN MAKE A PAYMENT PLAN WITH THEM THAT YOU CAN AFFORD BUT YOU WILL GHET KILLED BY PENITIES AND INTEREST, BUT WHAT CAN YOU DO