TAXSHARK LLC can assist you with the preparation and submission of an Offer in Compromise to the Internal Revenue Service.
In brief, an Offer in Compromise is an acceptance by the Internal Revenue Service of a lesser amount of money than you owe based on the Internal Revenue Service's analysis of your assets, their liquidity and your future ability to pay.
If your Offer in Compromise is accepted, and you complete all of the terms of the Offer in Compromise, as specified in the Offer in Compromise, then all Federal Tax Liens will be released.
The accepted Offer in Compromise requires that you remain compliant with all filing and paying requirements over the next five (5) years from the date of acceptance of the Offer in Compromise.
Should your Offer in Compromise default for failure to complete the initial terms of the Offer In Compromise, or for failure to remain filing and paying compliant over the next five (5) years after Offer In Compromise acceptance, the Internal Revenue Service will reassess the tax liability and refile the Notice(s) of Federal Tax Liens.