Offers In Compromise - A Guide

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Offers in Compromise: A Guide

If you owe a large sum in back taxes and penalties to the IRS, and it is unlikely that you will ever be able to pay the full sum off, you may be eligible for an offer in compromise. Essentially, an offer in compromise is an agreement that is reached by your tax attorney, where you agree to pay a reduced sum, and the IRS waives the remainder of your debt. There are several reasons why the IRS may agree to a compromise such as this.

If you think you may be able to reach this compromise with the IRS, you must start by filing all delinquent tax returns with your lawyer, who can then begin to work towards extending an offer. Levy Tax Associates have years of experience in reaching these agreements, and can help determine if you are eligible through a free consultation.

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