Key Takeaway: Getting an Offer in Compromise approved is like unlocking a secret level in a game. You need to play by the IRS's rules, showing them your financial cards—assets, income, and true expenses—to find out if you qualify for that tax relief win. An accurate 'financial X-ray' or Reasonable Collection Potential is crucial.. This is what the IRS will use to do the math and check your assets as well as calculate your offer in compromise amount. The initial payment will be 20% of your offer in compromise amount for lump.
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1. Make sure you meet the basic requirements. Before the IRS will even look at your offer in compromise to either accept it or reject it, they will first check to make sure that you have met the three preliminary requirements: You must have filed all of your tax returns for the past six years to the extent required.. Then, determine the costs of your basic living expenses. This means things like gas, groceries, rent/mortgage payments, your car, etc. Your total monthly income minus your living expenses each month is your RCP. Then multiply your RCP by 12 to get your annual RCP. Offer at least that if you want to get approved.
