Offer in Compromise
What does it mean?
The Internal Revenue Service’s offer in compromise (OIC) program allows qualified persons with unpaid tax debts to negotiate a settlement amount that is less than the total amount owed.
How does it work?
Not everyone can qualify for an OIC. The IRS has rigid criteria for determining who is qualified for tax forgiveness. The first thing they look at is your motivation for applying. The IRS will only accept an offer in compromise if it is for one of the following reasons:
- There is doubt as to whether the IRS calculated the amount you owe accurately.
- There is doubt as to whether the debt is fully collectible. This indicates that your assets and income are less than what you owe.
- The debt is correct, and you can pay it off in full, but doing so would put you in a lot of financial trouble.
Proving your eligibility for an OIC isn’t easy, but the reward is significant! If you think you may quality for the offer in compromise program, call us today and we’ll get the process started.
Other Services
Cryptocurrency Audits
As cryptocurrency gains popularity, it's important to speak with professionals who can help you navigate the ins and outs of this fairly new digital currency. We can represent you throughout the entire cryptocurrency audit process.
IRS & State Audit Representation
Nobody likes being audited! Unfortunately, it’s something you have to deal with if you’ve been selected for an audit, as ignoring it only makes it worse. IRS audits are the process of reviewing your accounts and finances to ensure you reported everything correctly. If this is happening to you, seek help right away!
IRS Payment Plans
An IRS payment plan, also known as an installment agreement, allows you to pay back your tax debt in a more manageable way. It’s also the most common way for taxpayers to pay their outstanding tax liability. You can negotiate a monthly payment that fits your needs instead of paying back a hefty lump sum.