A Guide to the Offer in Compromise Program (2nd Edition)
This no-nonsense step-by-step guide (updated in 2012) will help you or your business prepare a formal Offer in Compromise Application to the IRS to settle delinquent taxes, penalties & interest for a fraction of the original debt.
The IRS Offer in Compromise Program is designed to give taxpayers and businesses a "fresh start" by eliminating tax debt & removing federal tax liens even if past tax returns have not been filed.
Information in this book includes compilations from the IRS combined with powerful real-world strategies that will help you avoid rejection and get the best possible tax settlement.
INCLUDED:
- Descriptions of actual Offer in Compromise case settlements.
- How to avoid the top 20 mistakes made by Offer in Compromise applicants.
- How to find a qualified tax professional to help if you don't want to do it yourself.
- Alternate tax relief options such as abatements, hardship relief, innocent spouse relief, relief while overseas or in military service, and bankruptcy.
- Insights into how IRS agents review and evaluate Offer in Compromise applications.
- Tips on releasing Liens and rebuilding credit afterwards.
- A robust Appendices with references and links to IRS forms, instructions and Internal Revenue regulations that govern the process.
"A lifesaver. "Slash IRS Back Taxes" will help taxpayers get the beast off their backs." - Herb Nerkle, Enrolled Agent, West Palm Beach, FL
"I owed nearly $60,000 in back taxes and penalties. The Offer in Compromise settled the debt for $5,000, and I did the application myself! I can't imagine where I would be if that didn't happen." -K.C.S., Kauai, Hawaii
"My tax debt was overwhelming. It (the Offer in Compromise) settled everything for less than one cent for every dollar I owed." -Scott Canning, Minnesota
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