Offers in Compromise
Established by the U.S. Congress, an Offer in Compromise (OIC) allows you to settle back tax liability, penalties and interest after negotiating a settlement amount with the IRS. In effect, the program can provide you with a fresh start â€“ but you must first meet specific conditions. Getting approved isn’t as simple as just making an offer to the IRS.
As you might expect, expert representation improves your chances of successfully negotiating a tax settlement. You must also go through a formal filing process that involves disclosing your financial situation, completing the required IRS forms, organizing your financial records, and complying with IRS tax regulations.
This process is complicated and can last several months â€“ even as long as a year. Once complete, your approval isn’t guaranteed. In fact, the IRS rejects most Offers in Compromise because many requests get filed by â€śtax resolutionâ€ť companies that don’t completely understand taxpayers’ problems. As a result, requests are made for people who aren’t viable candidates for the program.
That’s why we use an in-depth interview process to determine if you really quality. We also go through our own review process to make certain the information we submit for you is accurate and properly portrays your situation.
The reality is most taxpayers don’t qualify for the Offer in Compromise program. If this is the case for you, we’ll suggest other viable solutions that offer a better chance for a permanent solution to your tax problem.
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