When you file an Offer in Compromise with the IRS, and you are making the claim that you don't have the income or assets to pay the debt under the “Doubt as to Collectability” rules, the IRS will do everything it can to prove you wrong.
It will scour your income, budget and asset documents in making a case that you can pay it more than you think you can.
If you have made the mistake of leaving out an asset in your Offer in Compromise disclosures, you have made the situation worse. The IRS Officer reviewing the file will wonder what else you have left out at a minimum, and may place your file in the “dishonest pile” making it much more difficult for you to re-file the Offer successfully even if you meet the Offer criteria.
You may be able to re-file the Offer and win nonetheless… but you probably need help. You could have other options as well, like a low pay installment plan with the IRS coupled with the use of the Statute of Limitations on Collection or even a Bankruptcy.
The next step should be to have an experienced Arizona Tax Attorney review the situation.
Video: IRS Offer In Compromise Explained By Tax Lawyer Michael AndersonMichael Anderson Explains The Process of An IRS Offer In Compromise
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