The IRS Offer in Compromise Process – 3 FAQ’s

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I tend to field quite a few questions regarding the IRS offer in compromise process. Below are the top 3 questions I receive regarding the offer in compromise process:

Q. How long does the Offer in Compromise process take from start to finish?

A. The answer is usually it depends. However, the standard Offer in Compromise can take up to a year to be finalized. Meaning from the time we are retained to work on your Offer in Compromise, to the time it is accepted, paid, and all liens are removed, it can take up to 1 year.

Q. How is an Offer in Compromise calculated? 

A. The offer process is not an easy process to navigate. To arrive at the offer amount we take a look at assets, equity in assets, and discretionary income to arrive at your offer figure. You must be current and compliant with all tax deposits, all tax forms and filings, and also be ready to provide a substantial amount of financial information. We will assist you in providing, walk you through the processes, and even offer financial consulting to get you into a better offer position.

Q. Do I need to pay my Offer in Compromise in full upon acceptance? 

A. No. There are two different types of plans concerning the offer in compromise process. The first option is a cash offer whereby you pay the offer amount (accepted) within 5 months of the acceptance date. The second options is to pay the offer within 24 months of the acceptance date.

If you think you qualify for or are considering filing an offer in compromise please look no further. We are your IRS offer in compromise specialists! We will guide you through the process from start to finish and help you negotiate the settlement you deserve! Call us immediately at 720-398-6088.