The IRS Code states: “We will accept an Offer in Compromise when it is unlikely that we can collect the full amount owed and the amount you offer reasonably reflects the collection potential…” (Internal Revenue Code section 7122).
Often it is possible to entirely and ultimately eliminate the taxes you or your Batavia business owe – including all penalties and interest – at an enormous discount. There is no preset bottom limit that the IRS will accept to settle your debt especially if your offer is made “right.”
If done correctly, your debt may be settled for only 5-15% of what you presently owe. The key is to determine the least amount that the IRS will accept from you before you make the offer. Jones, Savarese, Harrington accountants have the experiences and tax accounting know-how to identify appropriate offers and correctly administer the process of doing so, saving you potentially thousands of dollars and resolving your IRS issues once and for all.