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Offers in Compromise: a futile gesture?
March 11, 2009
Is it a waste of time to try to compromise your taxes liability with the IRS? Some attorneys are about ready to throw in the towel. I think it can be worth the trouble, but fortunately this hasn't been an issue for my clients (yet).
Tax attorney Peter Pappas has some thoughts:
While we agree that it is difficult to get the IRS to accept a valid Offer in Compromise, we still find that if the Offer is legitimate and properly presented, it will be accepted.An IRS settlement offer must be well-organized and thoroughly prepared.
The IRS is very picky about these things. If you find yourself in a situation where you can never get the taxes paid, hire a specialist to help you get the taxes settled (and not the specialists you see on late night cable t.v.). If you get the IRS to agree to compromise, live up to your end of the bargain; if you screw up, you probably won't get a second chance.
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