How many offers in compromise does the IRS really accept?

The IRS offer in compromise program has been promoted endlessly over the last several years. Turn on your television, open up the newspaper, or listen to the radio, and there it is.  
My clients usually are very interested in the compromise program, but the first thing I do is set them straight that this is [...]

How does the IRS value retirement accounts in an offer in compromise?

I recently received a email question inquiring about how the IRS values retirement assets in an offer in compromise.
If you do not have the right to access the retirement money, then neither does the IRS, and it is not included in the value of a compromise. In other words, the IRS steps into your shoes. [...]

Can the IRS take my stuff?

In the vast majority of cases, you will not lose any of your stuff to the IRS.  Most clothing and personal household belongings are beyond the scope of the IRS collection power.  Here’s why:
Section 6334(a)(1) of the Internal Revenue Code allows you to keep all of your clothing.  Bear in mind that the tax code [...]

IRS by the numbers

IRS enforced collection activity continues to heat up.  Compromise settlements are down by 70% while bad debt accounts continue to accumulate.  Here are the numbers:
1.     779,000 taxpayer accounts were assigned to the IRS collection queue.
2.     The number of offers in compromises accepted by the IRS declined by 70% from 2001 (38,643) to 2007 (11,618).
3.     [...]

When do I know its right to file an offer in compromise? 5 top reasons. Part I of II.

1.     You are pretty much broke.   In a compromise, the IRS must be convinced that they will be unable to collect the amount of money you them in the timeframe they have to do it (10 years).  Every $100 that the IRS determines you can pay them results in $6,000 compromise value [...]

Gas at $4.00 gallon; IRS National Standards lag behind

The Speedway gas station I can see from my suburban office window lists gas at $4.00 gallon. It now costs about $75 to fill-up a F-150 truck these days. At one fill-up per week, that is $325 per month for gas for one family car.
The IRS, in reviewing an ability to repay a [...]

What happens if the IRS accepts my offer in compromise, but then I have trouble staying current on my taxes?

This is frustrating, and has happened to my clients in the past. The IRS does not want the compromise to default any more than you do. The IRS wants to give you an opportunity to remedy a potential default in an already accepted compromise.
There are three primary ways the IRS will consider defaulting [...]