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.

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