QUESTION:
I’ve heard about the Offer In Compromise Program and would like to do one, but I’m afraid it’s not for me. I use up almost all of my income, but I do have some significant assets. Also, I have a child in college and that is expensive. Do I have any options other than pay the bill in full?
ANSWER:
You may be right that you do not qualify for the Offer In Compromise program. However, do not rule it out until a qualified professional looks at all of your circumstances to see if there is a way to utilize the program. If you qualify it is by far the best way to solve your problem. Even if you do not qualify for an Offer, there are still ways to keep the IRS off your back and still maintain a good lifestyle. One way is an Installment Agreement that lets you pay the delinquent taxes gradually and even sometimes forgives the penalties that have been charged, which can be very significant. Before “throwing in the towel†why don’t you call me for an appointment to discuss your situation.