An Offer in Compromise is an agreement between the taxpayer and the IRS that resolves the taxpayer's debt for less than what is actually owed. Yes, the IRS does have the authority to "compromise" or settle tax liabilities, under certain financial circumstances. The most common circumstance is when it is unlikely the taxpayer will ever be able to pay the liability in full and the amount offered reflects what the taxpayer can realistically pay.
At Kilmer & Associates, CPA, P.C. we never advise any taxpayer to deal with the IRS themselves. Kilmer & Associates, CPA, P.C. has an experienced tax team to help negotiate an Offer in Compromise for taxpayers that qualify for the program.
The Offer in Compromise program is very complex and time-consuming, sometimes taking as little as six months and other times as much as two years. But when you hire Kilmer & Associates, CPA, P.C. you can be comforted in knowing that our Tax Team has years of experience dealing with the IRS. Results are not the same for all taxpayers, but you can be assured that you can face the IRS with confidence when you have our Tax Team on your side. Give us a call today and take the first steps towards attaining peace of mind.