Our successful Denver tax practice specializes in taking care of people in the IRS hot seat. We have dedicated ourselves to helping people with their tax problems. It’s what we do all year long.
Offer in Compromise
The offer in compromise program can be a great tool in obtaining a fresh start with the government. Tremendous savings and finality are the advantages of this device. Careful consideration and analysis should take place prior to the decision to enter into an offer. Taxpayers must be willing to pull together resources and pay the most they can to settle the debt for less than what is owed. Some special circumstances allow for a taxpayer to settle for even less. An offer in compromise is only for people who are truly willing to change whatever caused them to owe in the past. A condition of an offer is to remain in compliance (filing and paying) with the tax system for the time you are in an offer in compromise and the following five years. If you do not, the offer is defaulted and the entire amount becomes due. Another reason to take an offer seriously is that you must be willing and able to supply complete documentation and information during an offer investigation. The information must be supplied by due dates in order to get an offer accepted.