The Offer in Compromise is what most people think of when they want to settle their tax debts. Basically you want to make a deal with the IRS to pay less than what the IRS says you owe. Imagine if you owe $50,000 and paying only $1,000 to the IRS. Unfortunately the IRS isn't as forgiving as people may believe. In fact, only a low percentage of Offer in Compromises are accepted. The IRS has taken a position where if you can afford to pay off all your debt, then you aren't generally entitled to the offer.
However, it can and does happen where the IRS has agreed to take a offer in compromise and you could settle for a fraction of the entire debt. The process does take months however as it involves finalizing assessments, providing financial documents, and negotiating with the IRS. Generally during that process, the IRS does halt any ongoing levy and collections so you wouldn't need to worry about the IRS enforcing any collection until the offer is approved or denied. With Tax Straight, we expedite negotiations with the IRS on your behalf to quickly assess if you qualify for the offer as well as maximize the chances of the IRS approving your offer.
