Make no mistake, the offer in compromise has a profound impact on many Faith Firm clients. For folks who fit into the program, it offers these key benefits:
The Offer Brings Hope. When our law firm submits an offer, our clients know there is an excellent chance that the IRS will settle for less. This brings hope and peace of mind.
The Offer Brings Closure. If your offer is accepted, you pay the IRS, file your tax returns for five years, and it’s done. No more IRS in your hair, in your mailbox, and in your bank account. The painful loose end is closed. It’s nice to put it behind you.
The Offer Stops Collection. Once your lawyer submits the offer, the IRS suspends collection. See Internal Revenue Code 6331(k): no levy may be made during the period that the offer is pending, for an additional 30 days after the offer is rejected, and during the time any appeal of the rejection is pending. And if the offer is accepted, the IRS will leave you alone for good!
Streamlined Offer. If your total debt is $50,000 or less, you may qualify for a “streamlined” OIC, which is a quicker path to settlement, and receives less scrutiny from IRS examiners.
You may gain a clearer understanding by calling us for a free tax settlement analysis or obtaining the Faith Firm free book The Truth about Tax Settlement and Alternative Tax Solutions.