If you're serious about clearing up your problems and paying your debts, the IRS and the State are glad to welcome you back and the Offer in Compromise is one of the ways they have to help you do it...

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Can your IRS or State Tax Debt really be settled for “Pennies on the Dollar?”

You betcha.

It's called an "Offer in Compromise."

What I want you to do is start thinking of the IRS and the State as just another creditor.

They just want their money.

Unless of course, you're an Al Capone type and this is the only way they can get you or you have bold-faced broken the law. For most people, a stretch in the Big House is most likely not in their future.

If you're serious about clearing up your problems and paying your debts, the IRS and the State are glad to welcome you back and the Offer in Compromise is one of the ways they have to help you do it.

When you make Offer in Compromise (OIC or Offer to us in the tax biz), you're saying "Listen guys I can't pay the whole thing -will you take less and I'll start fresh and pay you on time from now on..."

There are three ways that you can qualify for an OIC.

First, you have proof that you don't owe the tax.

The IRS calls this "Doubt as to Liability."

This is not used much. But you must have proof.

Second, you just can't pay in this lifetime, no way, no how.

The IRS calls this "Doubt as to Collectabilty"

This includes cases where you're paying back taxes so you can't pay current taxes so you're always behind and will never catch up.

What usually trips up this offer is Home Equity.

If you can borrow against or sell things you own to pay off your debt, then your offer will probably be rejected.

Mainly this means your house.

Look at it this way: Your friend owes you $1000.00. He just tied up all his cash- $50000.00- in Widgets Inc. stock that took a dive and is now worth $30000.00.

You ask him for the $1000.00 because you have to pay your tax bill.

He asks you to settle for $50.00 with him 'cause he doesn't want to loose on the Widget Inc.. "Jeeze Louise!"- you say to yourself , "He's got the money!"

This Tiger thinks you see the picture-and it's not pretty.

But then again, it's not over until the fat lady sings.

The third way an Offer is considered is if paying your full tax will cause you undue financial hardship.

This is called "Effective Tax Administration."

What the heck does that mean?

Well, I'll tell you. Say taking out that Home Equity Loan will strap you so bad that you would be reduced to fighting with Sparky over the dog food.

Maybe your payments on a payment plan are so high that you had to give up your apartment and cannot otherwise afford the necessities of life so now you're sleeping on your sister's couch.

Worse yet, you have to borrow money from your Brother-in Law to go to work to pay your tax bill. I try to keep this light but make no mistake, this Tiger knows none of this is funny if it's happened to you.

If you want to know if you have a chance at an Offer, fill out the no-obligation form and I'll get back to you with an answer.

Suppose, you don't qualify for an Offer has the Fat Lady sung?

No way.

I'm a Tiger and whether I'm stalking prey or solving tax problems, patience, persistence, cunning, courage and skill are my hallmarks.

I'll be cluing you in in future articles.

Of course, you can always call my bosses or stop by the office. Then again you can write this paper. Just tell them to “Ask The Tiger”.


Best Wishes,

The Tiger , Elizabeth Marasco, MBA, Mike Bronstein CPA
Tiger Tax and Accounting Services
354 Neighborhood Rd
Mastic Beach NY 11951
Telephone: 631-729-3229 Fax: 631-207-8349


Thank you for your interest, and please remember we offer a free Outsourcing Report to business owners in Long Island and New York.


Best wishes,

Elizabeth Marasco, MBA
Bookkeepers Plus, Inc.
354 Neighborhood Rd
Mastic Beach
NY 11951
Phone: 631-949-5864
Fax: 631-207-8349

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