Tax Debt
I have recently divorced and we have a large tax debt. We want to file for an offer in compromise. What step do I need to take to get this done? We owe approximately 22,000.00 to the IRS and we are paying 500.00 a month right now. I am a single mother of two with a low income.
1 Answer from Attorneys
Re: Tax Debt
There are two distinct bases on which to seek an Offer in Compromise (OIC): (i) doubt as to liability, or (ii) doubt as to collectability. In general, it is useful to involve a tax lawyer in the first kind (where there is a legal question as to whether the tax is indeed owed); the second kind is purely a number-crunching analysis based upon formulae used by the IRS, and is best done by a CPA (that is, a genuine Certified Public Accountant, not some guy who calls himself a "tax preparer" or "accountant" without having his CPA license).
Best wishes,
LDWG
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