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IRS offers in compromise: of great utility to eligible taxpayers

Although the Internal Revenue Service is often regarded by American taxpayers as a stern and uncompromising agency (with that view obviously being justified in many millions of cases), that does not mean that the IRS is flatly unwilling to engage in good-faith negotiations and compromise on alleged tax debt owed in select instances.

Minnesota filers and other taxpayers across the country have happily found that to be the case following their consultation with a proven tax attorney commanding broad experience representing clients in IRS-related matters.

It is a simple fact of life -- especially given the present economic conditions that unduly challenge many Americans -- that taxpayers sometimes find their tax obligation to be excessively daunting.

Put another way: Some filers cannot pay the full amount demanded by the IRS in a timely manner and in one lump-sum payment. In good faith, they seek to convey the details of their financial reality and secure an outcome that both they and the IRS can live with.

In some instances, that can be achieved through what the IRS terms an offer in compromise (OIC). An OIC is a payment vehicle eligible to some filers that allows them to pay -- either in a lump sum or through installment payments -- a lesser amount than what was originally demanded.

Filers interested in such a settlement solution should know upfront that an OIC is far from routinely granted by the IRS, although the agency has loosened its guidelines somewhat recently.

Detailed information concerning OICs can be obtained through a candid and confidential discussion with a seasoned tax attorney, who can advise a client on the program’s parameters and eligibility requirements.

Source: Forbes, "Offer in compromises made easier," Robert E. McKenzie, July 14, 2014

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