We’re pleased to announce the release of a free online Offer in Compromise Calculator. While the calculations for an Offer in Compromise can be complex, this online version is a great starting point for taxpayers when deciding on a solution for their tax debt problems.
The IRS has increased audits and other tax enforcement actions, and more taxpayers are finding themselves in a situation where they owe substantial tax debts. Penalties and interest continue accruing and many people find themselves in a difficult situation and needing guidance.
TV commercials from dubious firms promise a magical “pennies on the dollar” solution to troubled taxpayers. Before speaking to a sales rep at one of these firms, they can get instant results about their potential eligibility for an Offer in Compromise.
An Offer in Compromise is made to the IRS when a taxpayer owes more in taxes, penalties, and interest than they will be able to pay. They can offer to pay a portion of the debt and the remaining debt is forgiven. For many people in tax trouble, it is a life-saver.
To see if they might qualify, users enter their assets, income, expenses, and tax debt into the free online Offer in Compromise Calculator. If the results show they would save on their tax debt by submitting an Offer in Compromise, they are encouraged to call me for a more detailed and accurate calculation in a free, no-obligation consultation.