Encino, CA (PressExposure) January 15, 2009 -- Faced with overwhelming tax debt, more Americans than ever will be hoping to qualify for the IRS Offer in Compromise (OIC) program and save thousands of dollars in taxes, penalties and interest.
In 2007, approximately 46,000 offers were submitted to the IRS nationally and only 12,000 were accepted. According to tax expert Michael Rozbruch [http://www.taxresolution.com/about-us.asp], there will be more offers submitted this year, as well as a higher IRS acceptance rate due to the state of the economy.
âInstead of trying to draw blood from a rock, the government can collect a negotiated payment from distressed taxpayers now and save on administrative costs,â said Rozbruch, founder and CEO of Tax Resolution Services, Co., a company that provides affordable solutions to people with tax problems [http://www.taxresolution.com/services.asp].
To qualify for an Offer in Compromise [http://www.taxresolution.com/oic.asp], taxpayers must prove to the IRS that they have exhausted all financial resources available to them to pay their taxes. For example, homeowners are typically declined for OIC settlements. But without home equity to fall back on, many distressed homeowners may now be able to negotiate a reduction of their tax debt.
However, Rozbruch also said that taxpayers need to remember that that the OIC program is a privilege, not a right, like bankruptcy. And taxpayers should beware of tax resolution companies that guarantee specific results.
âCompanies need to be upfront and let clients know that not everyone can qualify for this type of help because the IRS has very strict guidelines governing eligibility,â said Rozbruch, whose firm has recently expanded to help even more Americans seek tax relief. âWhen the economy was strong, the IRS tightened the rules on the OIC program, but now things have changed and there are lots of people that deserve to take advantage of the program.â
Tax Resolution Services is dedicated to providing affordable solutions to businesses and individuals who find themselves in trouble with the IRS. Their team of expert tax attorneys, enrolled agents and CPAs has a success rate of 90% - second to none in the industry - and an Offer in Compromise Settlement Rate of $0.13 on the dollar. For more information or to receive a FREE tax relief consultation, visit http://www.TaxResolution.com or call 818-774-1813.