Offer in Compromise IRS Houston

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Offer in Compromise IRS Houston
It is very possible through an IRS offer in
compromise but not as easy as the
advertisements that tell taxpayers that their tax
resolution company can settle IRS debt for
pennies on the dollar.
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Chapter 7 Bankruptcy

• Requirements for discharging tax debt in Chapter
  7 Bankruptcy
• The taxes are income based.
• The return was due at least three years ago.
• You filed the return at least two years before
  filing for bankruptcy.
• The taxes were assessed at least 240 days ago.
• There is no fraud or willful evasion.

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Even if you meet the above, the tax debt is not
dischargeable if

• The IRS has filed a tax lien.
• The tax is a trust fund tax such as FICA,
  Medicare, and other mandatory withholdings.
• Non-Punitive tax penalties and erroneous refunds.

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Offer in Compromise

• If paying your existing tax debts will cause
  significant financial difficulty, the IRS offers
  an Offer in Compromise (OICs). The IRS wants to
  get the most it can in a reasonable amount of
  time, and if that means negotiating the debt they
  will.

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Pre-qualifying for an offer in compromise

• You must not be in an open bankruptcy proceeding
• You must have filed all required federal tax
  returns
• You must make all estimated tax payments
• If you are self-employed, you must have submitted
  all required federal tax deposits

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Conditions for requesting offer in compromise
There is some doubt as to whether the IRS can
collect the tax bill from you now or in the
foreseeable future. The IRS calls this doubt as
to collectability.
due to exceptional circumstances, payment of your
full tax bill would cause an economic hardship
or would be unfair or inequitable.
There is some doubt as to whether you actually
owe all or some of the debt. The IRS calls this
doubt as to liability.
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