Friday, March 21, 2008

Taking the Mystery out of the Offer In Compromise (Part II)

How can I determine if I'm a good candidate for an Offer In Compromise?

When considering an OIC the IRS will take the following factors into consideration:

Age, health, education, income history, future income potential, equity, assets and statute of limitations (how long the IRS has left to collect on a liability.)

One of these factors or a combination of them can disqualify your offer. It is therefore necessary to consult with a competent tax professional to determine if this is the right fit for you.

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