Offer In Compromise Formula For IRS and Most States Explained In One Minute By Tax Attorney

Here we go through Offer In Compromise formula and explain how you get it in one minute. The IRS and most states follow the principles presented in this video.

There are some exceptions:

1) Some really large balance cases you might still get through with unreasonable expenses, but the settlement amount may be quite large too.

2) When your home is unsellable you might get out of including it in your Offer calculation. An example of this was a home a client of ours had in Mexico that was on the market for two years and would not move.

3) When your home value is low and you could not afford rent somewhere else. An example of this was a client who had a $30,000 mobile home. If he had to sell it he could only afford rent for so long until he was broke and homeless.

4) Other types of Offer In Compromise: What we're covering here is financials-based Offers which are the most common. The other ones are really hard to get in most cases.

You can do an Offer yourself by checking out our complete guide here:

https://trp.tax/tax-guide/how-to-do-your-own-offer-in-compromise/

If you do not qualify for an Offer you can find other self-help options here:

https://trp.tax/taxhelp/

If you would like one of our expert tax attorneys to help you resolve your case you can call us at (888) 515-4829 or schedule a free consultation here:

https://trp.tax/start/

If you got a question related to Offer In Compromise or tax relief, post a comment below and one of our attorneys will answer.