​​​​Robert E. Giffin

Tel: 614-326-1222
Fax: 614-326-1080
Email: rgiffin2@aol.com

Law Office of Robert E. Giffin CPA
4924-B Reed Rd.
Columbus, Ohio 43220

CPA and Tax Attorney

Internal Revenue Service Offer in Compromise

If you owe a significant amount of money to the IRS, an Offer in Compromise may allow you to settle your tax debt for less than the full amount you owe. This is a good option if you are unable to pay your full tax liability or if in paying the full amount will put you into financial hardship. You must apply for this service and the IRS will look into your situation; then, you may be given an Offer or denied. Generally, an Offer in Compromise is approved when the amount offered is the most the IRS can expect to collect over a reasonable period of time.

Things taken into account when making a decision:
Your ability to pay the full amount
Your income
Your expenses
Assets and equity

You must make sure you are eligible before applying to this program. You must be current with all income tax filings and payments, including estimated tax payments if you are self-employed. You are not eligible if you are in an open bankruptcy proceeding.

This can be a very complicated process and best done with the help of a lawyer.
You must have filed all required tax returns or your Offer may be denied.

You can go to the IRS website www.irs.gov and fill out a questionnaire to see if you would qualify.  See “Offer in Compromise Pre-Qualifier”.

WARNING! There are a number of tax scams that advertise you may only have to pay pennies on the dollar. Do not waist your money on these scams.  See a tax attorney or a CPA.  Ask how many Offers in Compromise they have done in the past year and how many were accepted. Be careful of requests to make a large upfront payment.  Also, check with the Ohio Attorney General’s Office for complaints against any company you hire.