Why Would I Need an Offer in Compromise?
From Tax Relief with Logan Allec, CPA · 2:33
Show by Logan Allec
Do you owe at least $10,000 in IRS or state back taxes, or have multiple years of unfiled tax returns? Book a FREE consultation with my team at Choice Tax Relief:https://choicetaxrelief.com/free-tax-...Or call 866-8000-TAX.Why would you need an offer in compromise if you’re already making payments to the IRS? I answer a viewer’s question about paying old tax debt, when an IRS settlement may make sense, and whether tax relief is fair.I’m Logan Allec, CPA and owner of Choice Tax Relief. The key question is whether you can fully pay the tax debt, not simply whether you’re making payments right now.CHAPTERS00:00 Why would I need an offer in compromise?00:12 If you can fully pay your IRS debt00:35 The bankruptcy comparison01:02 Your financial situation matters01:23 Is tax relief fair?02:00 Watch the tax-relief fairness discussionWATCH NEXTIs Tax Relief FAIR? • Is Tax Relief FAIR? IRS Payment Plan or Offer in Compromise: Which Is Right for You? • IRS Payment Plan or Offer in Compromise: W... Offer in Compromise: How to Qualify and Submit Your Offer to the IRS • Offer in Compromise 2026: How to Qualify a... IRS RESOURCESOffer in compromise overview: https://www.irs.gov/payments/offer-in...Eligibility and grounds for an offer: https://www.irs.gov/taxtopics/tc204IMPORTANT CLARIFICATION: Current filing and required estimated-tax payment compliance are prerequisites for an offer. Making installment payments by itself does not establish whether you qualify. The IRS considers income, allowable expenses and asset equity, and generally will not accept an offer if you can fully pay through a payment plan or assets. Exceptions can apply. Bankruptcy has separate eligibility rules. This video is general education, not advice for your specific tax situation.#OfferInCompromise #IRSTaxDebt #TaxRelief
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