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Offer In Compromise

Posted April 12th, 2009 by admin

An Offer in Compromise is an agreement betwixt the taxpayer and the IRS   that clears up the taxpayer’s debt for less than what is actually owed . Yes, the IRS does have the ability to “compromise” or settle tax debts (under specific financial caeses). The most common situation is when it’s not probably the taxpayer will be able to repay the debt in full suggested reflects the amount that the taxpayer can realistically repay.

This is how to get your Offer In Compromise (OIC) accepted :

The fundamental requirements for an IRS Offer in Compromise are mathmatic in nature. To be in the running for an Tax Offer In Compromise, your tax debt have to exceed the book value (fair market value - amount owed ) of one’s assets and available excess income for a definite period of time . The available surplus cash is based on decided standard amounts rather than actual situations .

The vast majority of all Offer in Compromise petitions are denied , despite what is indicated by the pennies-on-the-dollar mills advertisements . A Ceritfied Public Accountant would be able to tell if you meet the lowest standards for an Offer In Compromise (OIC) expeditiously, and at moderate cost .

If you don’t qualify for an OIC, you will most likeyly be able to set up an installment plan with the IRS .

In our opinion , the OIC plan is one of the choicest tax resolution programs available to taxpayers.  The latest tax laws have given new hope to taxpayers who were rejected by the old OIC procedures .

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