An Offer in Compromise is an IRS program that may allow certain taxpayers to resolve their tax debt for less than the full amount owed. Despite how it is sometimes advertised, approval is not automatic, and not every taxpayer will qualify.

Olympus Tax Resolution helps individuals and business owners in Coral Gables and throughout South Florida determine whether an Offer in Compromise may be a realistic option. We evaluate your income, necessary living expenses, assets, equity, future earning potential, tax compliance, and the time remaining for the IRS to collect the debt.

The IRS generally considers an offer when there is doubt that the full balance can be collected, a legitimate dispute over whether the tax is owed, or exceptional circumstances that make full collection unfair or financially harmful.

For most taxpayers, eligibility is based heavily on reasonable collection potential. This calculation considers what the IRS believes it could collect from your available assets and future disposable income. An offer submitted for less than that amount may be rejected unless special circumstances apply.

Our team reviews your IRS account and collection history, confirms that required returns have been filed, analyzes your income, expenses, assets, and equity, and calculates a supportable offer amount. We can also prepare the application and financial disclosures, communicate with the IRS during the review, respond to requests for additional information, and evaluate appeal options if the offer is rejected.

Submitting an incomplete or unrealistic offer can result in delays, lost application fees, or rejection. During the review process, taxpayers must also remain current with filing and payment requirements.

An Offer in Compromise can provide meaningful relief for those who qualify, but other options may be more appropriate when qualification standards are not met. These may include an installment agreement, partial-payment plan, penalty abatement, or Currently Not Collectible status.

Reach out to Olympus Tax Resolution at (833) 554-7743 to schedule a confidential consultation and determine whether an Offer in Compromise fits your circumstances.