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Offers in Compromise/

Businesses, including partnerships, corporations, and LLCs may qualify to submit an Offer in Compromise as a way to settle tax debt owed to the IRS. An Offer in Compromise gives you the opportunity to settle your tax debts without paying the full amount owed based on your business' unique financial condition. This may be a viable option for businesses that are unable to pay their debt in full without creating further financial hardships.

Offers in Compromise/Settlements

A business Offer in Compromise is a little different from one submitted by an individual as more substantiation of the business' financial condition must be disclosed, and additional compliance prerequisites must be adhered to. If both the business and its owners have tax debts, an Offer in Compromise can be submitted to address both tax accounts.

Offers in Compromise/Settlements

Your business could be eligible for an Offer in Compromise if it meets the following criteria:

  • Have filed all necessary tax returns and made all required tax deposits for the current quarter and two quarters prior to submitting
  • The business is not currently involved in an open bankruptcy process
  • There is a valid extension for the current year's income tax return if it is not submitted by the first annual deadline

Submitting an Offer in Compromise for your business can be a long and complex process. It is important to discuss your options with a tax professional like Golden Lion Tax Solutions to make sure that this is the best tax debt solution for your business' particular situation, and to find out if you are eligible for this solution. Contact us to discuss your options for effective tax debt resolution.

Disclaimer: There are requirements that must be satisfied in order to qualify for some of the tax solutions we discuss on our website. Not all of our services will be suitable for every client. Golden Lion Tax Solutions is here to help you find the most appropriate resolution strategy to fit your situation.