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Offer In Compromise

Offer In Compromise

You want to submit an Offer In Compromise
Challenge:

  • An Offer In Compromise (OIC) is a settlement between the Internal Revenue Service (IRS) and an individual to settle unpaid tax debt. There is no such thing as “SLAM DUNK OIC”.  An OIC is an extensive financial analysis process to ensure that the taxpayer qualifies for an OIC.  In order for an individual to qualify, you must demonstrate that you are unable to pay the current tax obligation. Once this has been determined, the OIC can be filed under the following three requirements:

    • Doubt as to Collectibility
    • Doubt as to Liability
    • Effective Tax Administration

      The IRS may file tax liens anytime the OIC is reviewed by the IRS.

Solution/Strategy

  • Our tax team will contact the IRS for a complete account summary
  • We will place all collections on your account on hold until the OIC is completed.
  • Our tax team will instruct with the completion of all the missing tax return.  The OIC can not be submitted unless you have filed all missing tax returns.
  • If you are self-employed, you must be in compliance with your Estimated Tax Deposit (ETD) payments.
  • Our tax team will prepare extensive financial analysis to determine if you are an OIC candidate

Benefits:

  • Once the OIC is accepted, you are relieved of all unpaid tax debt.
  • The IRS will release all tax liens filed on your account.
  • You will have to file your taxes and pay any amounts by the due date of the return.
  • The IRS may keep the refunds for the year the OIC was accepted.

Recommendations:
Please call us today to find out if you qualify for a settlement. The OIC is an extensive and time consuming process with the IRS.  It takes about 6-9 months for an acceptance of the OIC.  In the event that an individual is not an good candidate for an OIC, our tax team will review alternative resolution options on your account to determine the best resolution with the IRS. 

Our tax team also prepares State Offers.  Not all states have a settlement program but our team will work with each state on its merits.  We will work and fight for you.

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