Chen & Fogg
Certified Public Accountants
You may be staring at a tax bill that are thinking you could never pay. The IRS may understand this, but they will still want to collect something. This means that in some cases, they are willing to strike a deal under the offer in compromise program.
This program allows some individuals to negotiate an unpaid tax debt for less than the owed amount. The calculations involved in all of this, however, can get complicated. First, the IRS will want to see that all other payment options have been explored before filing for an OIC. When moving ahead with that filing, though, the IRS will be looking at your income, expenses and assets to determine what you can pay. We at Chen & Fogg have the experience to know the questions they will ask and the numbers they will look at. This allows us to put together the best offer for you.
Some of the benefits of this are obvious, in the reduction of your taxes owed, the ending of liens and levies and even possible installment plans making the payment of that reduced bill even easier. Offers in Compromise have become easier to qualify for in recent years. No one is guaranteed acceptance, however, and many factors will be taken into account to see if is the right fit for you. If this is something you would like to explore, though, please contact us today!
6300 W. I-40 Suite 102A
Amarillo, Texas 79106
Have Any Questions? Call (806)290-0850
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