OFFERS IN COMPROMISE

An offer in compromise is a generous government program which provides the taxpayer with the ability to pay current basic, essential living expenses and current taxes by forgiving the past taxes which are due. Not only is the offer in compromise program in the best interest of the taxpayer, it is also in the best interest of the Government. The taxpayer who is given a fresh start gets back into the tax system filing and paying taxes timely, and this is beneficial to the IRS. The Government also receives from the taxpayer as a requirement of the program what it could have reasonably collected from the taxpayer had he not entered into the offer program. The amount offered as a compromise can even be paid in installments. Importantly, if a taxpayer who owes a five figure, past due tax debt to the IRS can only offer a few thousand dollars, the IRS is not allowed to compare the total tax debt owed to the amount offered and reject the offer because it is a small percentage of the total taxes owed. The IRS has been directed by Congress to verify that the taxpayer is honestly presenting his property and income, and if that is the case to consider accepting the offer in compromise. The offer in compromise program is discretionary, and if the documentation is presented properly to the IRS they will use their discretion and accept the offer. Thomas F. DiLullo has done nearly one thousand offer in compromises and would be pleased to assist taxpayers who are interested in entering the program.

 

 

• Overview

• Investigation

• Financial Analysis

• Effective Tax Administration

• Understanding an Offer in Compromise

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DISCLAIMER

Thomas F. DiLullo presents the materials and information contained in this Web site for informational purposes only and they do not constitute legal advice. All of the facts and circumstances of each case must be thoroughly examined before proper legal advice may be given. The materials are not represented to be complete or up-to-date. Accordingly, you should not act or rely on any information in this web site without seeking the advice of an attorney licensed to practice law in your jurisdiction. The materials contained in this Web site do not create and are not intended to create an attorney-client relationship between you and Thomas F. DiLullo.

 

Thomas F. DiLullo, P.C.

A Hackensack law firm serving Bergen County, as well as, New Jersey, New York and Connecticut, and Federal tax cases nationwide.