Hi - I owe back federal taxes and have heard of offer in compromise as well as tax settlement firms. However by the way they are advertised and what I have read from random searches it seems a little sleazy!
Has anyone had any luck with such firms or a settlement on their own?
Thanks!
This is something I have not previously heard of. I personally would be cautious about this. @lisa.eichinger is this something you have heard of?
I have heard some good and some bad things about them. Just like debt consolidation firms. I would personally just set up a payment plan through the IRS and pay that way, but that is just me and I don’t know your entire situation.
Thanks… I was hoping to hear from someone who had experience with one, but all good.
Depends on your situation, hiring a tax attorney has a lot of benefits…much like representing yourself in court or hiring an attorney. The IRS may ask you to disclose all your financial info… and once they have that you’re under their mercy of whatever payment plan they come up with based on your financials. However you don’t always have to show them financials, like if you owe less than 25k. If you want offer in compromise you have to disclose all your financials and prove you have no money left over for them to take. Be very careful hiring a company that says they can get you an offer in compromise. It can take 10 months for the IRS to approve it (or most likely deny it)…meanwhile you paid the company a few thousand dollars months ago. I can refer you somewhere that is trustworthy for help, just ask!
