An Offer in Compromise is a formal process to identify whether you are eligible to settle your debt with the IRS for a lesser amount than is owed. The IRS will review your entire financial picture, including any assets you have, such as real estate, retirement accounts, savings accounts, etc. and what your monthly liabilities are. We will assist you in collecting and compiling this information in the appropriate format for the IRS to review.
The IRS Code states: "We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential..." (Internal Revenue Code section 7122).