OFFER IN COMPROMISE

An OIC is an agreement with the IRS that settles tax issues for less than the original amount owed.

There are many ways to deal with outstanding tax issues, and some people choose to explore something called an “offer in compromise.” This is often the first alternative tax solution many people look at. If you owe a significant amount of back taxes, you might never realistically be able to pay it all back. The IRS knows this, and you know this. If you qualify under one of these three tax situations, you could be eligible to file an OIC:

Doubt as to collectability
Doubt as to liability
Effective tax administration

Tax Solutions Attorneys can help you get ready for and file an Offer in Compromise (“OIC”). With an OIC, the IRS examines your income, expenses, asset equity, and ability to pay or doubt as to collectability in making a decision on acceptance of your OIC. If accepted, an OIC is an agreement with the IRS that settles tax issues for less than the original amount owed, and is contingent upon many circumstances and factors.

However, in some cases, these OIC offers are denied by the IRS and Tax Attorneys Solutions can also help you with re-submitting your OIC or appealing the IRS’s denial of your OIC.

The OIC program is so enticing that you should seek the help of Tax Solutions Attorneys to see if you may qualify. Contact us for your free consultation!