I filled out an "Offer in Compromise" form and sent it to the IRS. What's the likely response to expect from the IRS?

All monies left in my accounts were surrendered at the time I filled out the OFFER IN COMPROMISE form. I only had a few hundreds to surrender but would that save me from paying the few thousands the IRS is asking for? I told the IRS my expenses were being covered by a friend whose money I've been borrowing. All true. I have no other sources of income (unemployed), my unemployment benefits have expired, and no other monies the IRS can come after. All money I had I gave it to the IRS at the time a submitted the Offer in Compromise form, along with all the documentation the IRS asks for. What should I expect happening?

Waltham, MA -

Attorney Answers (3)

Eric P Rothenberg

Eric P Rothenberg

Tax Lawyer - Needham, MA
Answered

Offers in Compromise are very complex and require the preparer to have extensive knowledge of how they work....I highly recommend your getting legal counsel for yourself as proper presentaion is critical. They take from 6 months to a year as well to complete.

Eric P. Rothenberg, P.C.
ORSI ARONE ROTHENBERG
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Michael L Raff

Michael L Raff

Lawyer - Lake Zurich, IL
Answered

You will likely hear from the IRS in about 4 to 6 months once an examiner has been assigned to your file. They will advise you of an acceptance, rejection or adjusted Offer amount that they would be willing to accept from you.

Alex R. Hess

Alex R. Hess

White Collar Crime Lawyer - Boston, MA
Answered

Its really unclear, but I can tell you from my experience, going forward without an attorney or experienced tax lawyer can really hurt you in a situation like this. Without an attorney, you have little bargaining or negotiating power. Further, an attorney can negotiate on your behalf, with full knowledge of the tax laws and code, in an effort to protect you against wage garnishment, and potential tax lien.

Feel free to contact our office at (617) 742-4491 for help with this matter.

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