Jan 2, 2008

Offer in Compromise Series- Preface #2- Only submit what you can back up!

As previously entries have noted, an Offer in Compromise ("OIC") cannot be filed frivolously and without merit. What this means is that you should do the financial analysis prior to the OIC submission and be prepared to explain every asset, liability, income and expense item- past, present and future.

The IRS has aggressively persued criminal sanctions against frivolous preparers and preparers and taxpayers who attempt to hide assets and income.

Honesty is always the best policy in any walk in life- especially in taxes.

It is prudent and wise to examine all options before the submission of any offer. Do you know how to submit, disclose and properly negotiate an OIC?? Most likely, you will need the assistance of a competent professional.

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