An Offer in Compromise is an agreement between you and the IRS or state that resolves your back taxes for less than you owe. Depending on your circumstances, an Offer in Compromise could be the perfect way to settle your tax debt.
A recent Omni client is a great example of how an Offer in Compromise can provide huge tax debt relief. The client, who owned an aviation business, came to Omni with IRS debt of over $3 million.
He started accruing tax debt following the 9-11 tragedy. The event sent his business into a tailspin, but instead of laying off employees, he neglected to pay his federal tax deposits.
After assessing his situation, Omni Tax Solutions proposed an Offer in Compromise of $221,000. After years of negotiations, the IRS finally accepted the offer, saving the client $2.7 million.
You can read the whole story here.
An Offer in Compromise is not for everybody, and may not be the best way for you to settle your tax debt. For a free tax debt consultation and to find out if an Offer in Compromise is for you, contact Omni Tax Solutions today.