Offer In Compromise

An Offer in Compromise is an agreement betwixt the taxpayer and the IRS   that wipes clean the taxpayer’s debt for less than the full amount owed . Yes, the Internal Revenue Service does have the power to “compromise” or settle tax debts ( within particular financial situations ). The most common situation is when it’s not probably the taxpayer will be able to repay the debt, and the amount offered indicates how much money the taxpayer is able to realistically repay.

Here’s how you get your OIC accepted :

The basic requirements for an IRS Offer in Compromise are arithmatical in nature. In order to be in line for an Tax Offer In Compromise, your tax debts have to surpass the book value ( fair market value ) of your assets and available surplus income for a certain time period. The accessable excess cash is established on set standard amounts rather than actual circumstances .

The vast majority of Offer in Compromise applications are rejected, contrary to what is indicated by the pennies-on-the-dollar mills advertisements . A Ceritfied Public Accountant would be able to tell if you qualify for the minimum specifications for an OIC expeditiously, and at reasonable price .

If you don’t qualify for an Offer In Compromise (OIC) , you will most likeyly be able to prepare an installment plan with the IRS .

In our opinion , the Offer In Compromise (OIC) plan is one of the choicest tax resolution tools accessable to taxpayers.  Recent tax legislation las provided fresh optimism to taxpayers who were rejected by the old OIC procedures .