Offers in Compromise

Offers in Compromise - Qualifications

3 Qualificatins for Offers in Compromise

  • Before you can file an Offer in Compromise, all due tax returns must be filed. There is simply no way to assess how much to offer if you do not know how much you really owe. The IRS may assess what you owe, even if you do not file. However, when the IRS assesses taxes for un-filed years, they do not take into consideration any deductions or other tax breaks you may be eligible for.

  • You must not currently be in a bankruptcy proceeding.

  • The third requirement is for business owners with employees, including self-employed individuals. Simply put, your federal tax deposits must be made on time for the previous two quarters.

If you do not meet the above criteria, you may be able to bring yourself closer to qualification status. For example, the most common cause for not qualifying is un-filed tax returns. You can bring yourself closer to qualifying status by preparing and filing un-filed tax returns.

Even if you do not qualify for an Offer in Compromise, there are other resolution options you can utilize. Installment agreement, penalty abatement, interest abatement, innocent spouse relief, levy release and injured spouse relief are some avenues that can be taken. Search the links on this page for additional information.

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