Offer in Compromise vs. Installment Agreements: What Taxpayers Need to Understand

Episode Summary:

Lance Drury breaks down the critical differences between IRS Offer in Compromise and Installment Agreements. Learn how these tax resolution options work, their eligibility requirements, and which solution might be best for your situation. Discover insider tips on navigating tax debt and avoiding common pitfalls in the process.

 

Key Timestamps:

00:05 - Introduction and episode overview

00:36 - Detailed explanation of Offer in Compromise

03:25 - Eligibility requirements for both options

04:37 - How to choose between the two options

06:09 - Common misconceptions about "pennies on the dollar" promises

07:33 - Success rates and professional assistance

08:45 - Hidden risks of installment agreements

10:19 - Combining resolution strategies

11:20 - Professional advice and real-world examples

 

About Resilience and Resolve:

A professional tax resolution podcast featuring Lance Drury, delivering expert insights on navigating complex IRS situations. The show provides practical solutions and strategic advice for taxpayers facing tax challenges.