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Offer In Compromise

Offer In Compromise

Resolve Your Tax Debt with the Offer in Compromise Program

Discover a pathway to financial relief with the Offer in Compromise (OIC) program, an IRS initiative that empowers taxpayers to settle their tax debt for less than the total amount owed. Tailored for individuals facing challenges in paying their tax liability in full, the OIC program can be intricate to navigate. Mistakes in submissions may lead to denial or costly errors. 

At IRSProb.com, we specialize in guiding you through the OIC prerequisites, increasing your chances of success.

Understanding the OIC Program:

Unlock the potential of the OIC program, allowing eligible taxpayers to negotiate a reduced amount to settle their outstanding tax liability. The IRS considers various factors, such as financial situation, available income, and assets, when determining eligibility. Additionally, the accuracy of the underlying tax amount owed plays a pivotal role in securing approval for the OIC program.

Professional Guidance for OIC:

Navigate the complexities of the OIC process with confidence. Many taxpayers encounter errors when attempting to submit their own offers, leading to denial or missed opportunities. Our team at IRSProb.com offers professional guidance, helping you compile necessary documentation and prepare the IRS offer in compromise book for increased success in the OIC process.

Compliance and Termination:

Upon approval of an OIC, adherence to agreed-upon terms is critical for maintaining OIC status. Failure to meet obligations may result in termination, requiring payment of the full tax debt amount.

Benefits of the OIC Program:

Experience significant relief with the OIC program, as qualifying taxpayers can settle their tax debt for a fraction of the original cost. This presents an invaluable opportunity for individuals and businesses to regain financial stability.

FAQs

An OIC is an agreement between a taxpayer and the IRS to settle a tax debt for less than the full amount owed.
Qualification depends on your ability to pay, income, expenses, and asset equity. Generally, it's for those who can't pay the full amount or doing so would create financial hardship.
You must submit Form 656, Offer in Compromise, along with the required documentation and fees.

The IRS considers your ability to pay, income, expenses, and asset equity to determine if the offered amount is the most they can expect to collect within a reasonable time.

Yes, you can make payments, which may be applied to your tax debt.
You must meet all the terms of the agreement, including staying compliant with all filing and payment requirements.

Yes, accepted OICs are public record, and information about them can be requested from the IRS.

It varies, but it can take the IRS about six months to a year to review and respond to an OIC application.

Ensuring accurate and complete tax returns, reporting all income, and having proper documentation for deductions and credits can help reduce the risk of future audits.

Important Terms To Know

  • Offer in Compromise: An agreement with the IRS to settle tax debts for less than the full amount.
  • Tax Debt: Amount owed to the IRS for taxes.
  • Compromise Amount: The amount that the taxpayer offers to pay the IRS, which is less than the full amount of taxes owed, to settle the tax debt.
  • Financial Hardship: A situation where a person cannot afford basic financial obligations.
  • Form 656: The form used to apply for an Offer in Compromise.
  • Collection Information Statement: A form used by the IRS to gather financial information.
  • Tax Compliance: Ensuring all tax returns are filed and all taxes are paid.
  • Tax Levy: Legal seizure of property to satisfy a tax debt.
  • Asset Equity: The value of a taxpayer’s assets that can be used to resolve tax debt.
  • Payment Terms: The conditions under which payments are made to settle tax debts.

Contact us to Determine Eligibility

If you find yourself burdened by overwhelming tax debt, explore the possibility of an Offer in Compromise. Contact us today at 866-861-4443. Our experts at IRSProb.com will evaluate your financial situation and guide you through the OIC process, offering the best chance for a successful resolution. 

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