How do I decide what is a fair Offer and Compromise that the IRS will take? 4 Answers as of March 07, 2011

I owe back taxes and I want to make an Offer and Compromise with the IRS for State and Federal tax bills. I want to know how to decide what is a fair compromise that the IRS with settle with

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Steven J. Fromm
Steven J. Fromm | Steven J. Fromm & Associates, P.C.
This is a very difficult area and really no one can give you an answer until they make a complete review of your personal assets as indicated on the Form 433-A and your particular circumstances. You need to consult directly with a tax attorney about your particular situation. As an aside, be aware that in many cases these offers are never successful for various reasons and that you still must remit some money with the offer and pay the filing fee for such offers.
Answer Applies to: Pennsylvania
Replied: 3/7/2011
David Hoines Law
David Hoines Law | David Hoines
very complicated question I cant answer here. See a CPA.
Answer Applies to: Florida
Replied: 3/4/2011
LT Pepper Law
LT Pepper Law | Luke T. Pepper
It is hard to answer this question without more particulars. Usually, the IRS will waive part or all of the penalties and that would constitute a fair result. All that being said, you should sit down with an accountant to determine the tax owed and what would be a fair offer and compromise.
Answer Applies to: Pennsylvania
Replied: 3/4/2011
Meyer & Yee, LLP
Meyer & Yee, LLP | Kent W. Meyer
Its based on what u owe, how much you make and your assets. You put these in a formula to get an estimate.
Answer Applies to: California
Replied: 3/3/2011
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