William McConnaughy, CPA - Free IRS Tax Help Clinic
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appeal and offer In Compromise

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Post  warzell55 Sun Dec 04, 2011 4:25 pm

I have an appeal coming up on January 29th with a person from the IRS office - I have been trying to get an offer in compromise since March 2009 when I was laid off from my job it was a reduction in force -for 2 1/2 years I collected unemployment my only means of income - it was 2 years looking for a job - then when unemployment stopped - I had to cash in on my 401(k) and that was money that I know was going to be taxed again even though I had taxes taken out when I had to cash in on it - my question is this - can I get out of owing IRS $30,000 (thirty thousdand dollars) in taxes - 15,000 (fifteen thousand is in interest and penalties) - I offered them $5,000 (five thousand) offer in compromise for 5 years to pay off - they never responded except sending letters back and forth the entire time I was on unemployment they never considered it - I need help to do an offer in compromise do I need a tax attorney to help me? I just want to go on with my life and stop them from sending me letters every year and taxes going up - I am now claiming only 1 dependent on my taxes but my job is not permanent so I still have no income (really) - help !

warzell55

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Join date : 2011-12-04

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Post  William D McConnaughy Tue Dec 06, 2011 3:38 am

The amount IRS will accept in settlement of your delinquent tax accounts will depend on your reasonable collection potential (RCP) to them. This amount is calculated from your net assets, and net disposable monthly income over the life of the remaining statute of limitations for collections.

You should definitely have experienced professional help in this matter. I personally have done probably over a thousand Offers by now, so I could definitely help you with it.
William D McConnaughy
William D McConnaughy
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