Offer in Compromise for Hillsborough Taxpayers
Florida's exemptions reduce your Reasonable Collection Potential, making Tampa OICs more competitive.
An Offer in Compromise lets you settle your tax debt for less. The IRS calculates your Reasonable Collection Potential: future income plus net asset equity. Florida's homestead exemption and unlimited retirement protections reduce the asset calculation, sometimes dramatically.
A Tampa homeowner with $300,000 in home equity and $200,000 in retirement accounts might show minimal equity for OIC purposes. That same person in a state without these protections would have a much higher RCP.
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