In a shocking development, in 2012 the IRS dramatically improved the Offer in Compromise program for challenged taxpayers.
An Offer in Compromise is an application to the IRS on behalf of troubled taxpayer who owes a substantial tax debt and has little or no hope of repaying it over their lifetime. Finally recognizing that these are challenging times and that the Offer program is not helping enough taxpayers, the IRS has improved the program dramatically. The Offer program has complicated formulas between a taxpayer’s assets and their monthly income, ending up with a dollar amount offered to the IRS to satisfy a taxpayer’s tax debt. The program can take up to two years to negotiate with the IRS.
For a typical client, the tax debt ranges from $10,000 up, very often from $100,000 to $1.0 million. The Offer amounts to settle old taxes have been as low as $500 to the IRS. Typically, the offered amount is a fraction of the total tax debt resulting on the frequent comment about solving a tax problem for “pennies on the dollar.” The Law Office of Lori Silver has an excellent batting average doing Offers in Compromise, and this new law will only improve the results for taxpayers needing help.
Lori Silver also handles other difficult tax problems for clients, such as IRS audits, uncollectible, and installment agreements. For more information,
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From: (Name withheld)
“Lori helped me obtain a successful offer in compromise. Very pleased with the outcome. Lori is a joy to work with.” — (Name withheld)
From: R. Hobbs
“Lori Silver has done my taxes for the past 2 years. Lori was highly recommended to me as a person that could help me with my complicated tax problems. Not only has she done my tax returns and billed me fairly but she has helped me work with the IRS to satisfy my outstanding tax burden. Both she and her staff have gone the extra mile to help me resolve my tax problems. I cannot thank her enough for her expertise and the peace of mind that she has given me.” — R. Hobbs