Bobo’s • Homewood, Illinois

Understand an offer in compromise before applying

An offer in compromise may allow an eligible taxpayer to settle a tax liability for less than the full amount. The IRS reviews financial circumstances and does not accept every offer.

Call (855) 494-5639

Tax relief contact: Republic Tax

What the IRS considers

The IRS generally looks at income, expenses, asset equity, and the taxpayer’s ability to pay. The account and filing history also matter. A preliminary conversation can help identify what information a review would require.

An assessment is not an accepted offer

A service provider can discuss possible eligibility or help prepare an application, but only the IRS decides whether to accept an offer. Do not treat a projected reduction as a result.

Questions before agreeing to help

Are all required returns filed?
What financial records are needed?
Does the proposed service include the application or only an initial assessment?
What fees and responsibilities apply?

Read the current IRS requirements

Review the IRS offer in compromise overview and its pre-qualification information before relying on a general explanation.

Take the next step with a conversation.

Ask about your tax debt, the available services, and what comes next.