IRS Offer in Compromise
The Internal Revenue Service (IRS) sometimes allows taxpayers to settle a tax bill for less than the full amount of back taxes owed. Speak with a lawyer from the W Tax Group to see if an offer in compromise is right for you.
Sometimes, you just can’t pay your taxes. Fortunately, there are ways to get those collection calls from the IRS to stop. The IRS offers a variety of programs meant to help taxpayers get caught up on their taxes.
One option is called an IRS offer in compromise. This settlement option can help you settle your tax bill for less than the total amount owed. Speak with an attorney at our firm to see if this program will work with your tax situation.
What Is an Offer in Compromise (OIC)?
An IRS offer in compromise is a settlement that the IRS agrees to in order to settle your tax liabilities. An Offer in Compromise is one of the many options available in the IRS Fresh Start Program. If you qualify for an OIC, you can be allowed to settle your tax liability for less than the full amount owed. The IRS will look at your unique situation to see if you qualify for an offer in compromise.
Some of the items the IRS considers when deciding whether you will qualify to settle your tax liability are as follows:
- Your income
- Your ability to pay your taxes in full
- Asset equity
- Your expenses
Additionally, if you are in the process of filing bankruptcy, you will not be eligible for an offer in compromise. Due to rigid requirements the IRS won’t approve everyone for an offer in compromise, however if you do qualify the benefits can be significant. The IRS may approve a reduced tax payment offer if it believes the offered amount is the most it can expect to obtain from you within a reasonable amount of time.
Am I Eligible for an IRS Offer In Compromise?
There are many eligibility requirements for the Internal Revenue Service offer in compromise program. Understanding these requirements can be difficult, so it’s usually helpful to have a tax professional review your tax situation to see if you’re eligible. Here are some of the general eligibility requirements for the IOC program:
- You must have filed the appropriate tax returns.
- You must have received a bill regarding at least one of the tax liabilities you’ve included in your offer.
- You must have made all required estimated tax payments during that year.
- You must not be reasonably capable of paying your tax bill in full.
Our Tax Team Can Help with Your Offer in Compromise
Completing the necessary tax filings and applications for an offer in compromise on your own is entirely possible, however it is complicated and can take a considerable amount of time and tax knowledge.
If you believe you might be eligible for an offer in compromise, contact the W Tax Group to review your circumstances . With our free tax case review we can evaluate your finances and other eligibility requirements to see whether you qualify for this IRS program to settle your back taxes.
You have 4 ways to take action right now and all of them are free:
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