If you owe back taxes to the IRS, you may be able to settle the tax debt for less money with an offer in compromise. The IRS Offer in Compromise may be just the right IRS tax resolution you need. It is an out of court agreement between the IRS and the taxpayer that negotiates a resolution to the taxpayer’s liability, while placing collection efforts on hold. The Internal Revenue Service has the authority to settle or compromise federal tax liabilities by accepting less than full payment under certain circumstances. These circumstances are:
- Doubt as to liability – Doubt exists that the assessed tax is correct.
- Doubt as to collectability – Doubt exists that you could ever pay the full amount of tax owed.
- Effective tax administration – Economic hardship which present little chance of repayment.
If you are a candidate for an Offer in Compromise and meet the IRS criteria, our veteran tax professionals will contact the IRS for you and negotiate your Offer in Compromise settlement. The negotiations usually center on the proper valuation of your assets, accurate information about your monthly income, and living expenses.
OIC is Offer in Compromise
OIC Tax has the advantage of a national perspective regarding the Offer in Compromise process, because we have active cases throughout the United States, which helps eliminate the misapplication of tax law and prevent unnecessary errors while negotiating Offer in Compromise settlements. Through many years of experience and insight into unpublished IRS administrative practices and policies, OIC Tax has developed an expert understanding of the Offer in Compromise process, and because of this, we have been able to settle cases at the lowest amounts the IRS will allow for each qualifying taxpayers situation. That insight we have into the Offer in Compromise process allows us to minimize the opportunity the IRS has to return an offer without resolution.
For a free confidential consultation, please give us a call at 916-331-2011 or fill out the confidential questionnaire and one of our tax professionals will contact you.