Offers in Compromise

A tax Offer in Compromise (OIC) is an agreement between a taxpayer and the IRS that allows the taxpayer to settle their tax debt for less than the full amount owed. This option is typically available to individuals who are unable to pay their tax liabilities in full due to financial hardship or other extenuating circumstances. To qualify for an OIC, taxpayers must demonstrate that they cannot realistically pay the full amount through a lump sum or installment payments and that settling for a reduced amount is in the best interest of both parties. The process involves submitting detailed financial information to the IRS to prove your inability to pay and negotiating terms that reflect your financial situation. If approved, the OIC can provide significant relief by reducing the total debt and resolving the tax issue efficiently.

When pursuing an Offer in Compromise (OIC) on your behalf, the first step we take is to conduct a comprehensive review of your financial situation. This includes gathering detailed information about your income, expenses, assets, and liabilities to present a clear and accurate picture to the IRS. Our teams will help you compile and organize the necessary documentation, such as bank statements, pay stubs, and any other relevant financial records. Based on this information, our network will calculate your reasonable collection potential, which is a critical component in determining whether your offer will be accepted. Our goal is to ensure that your offer reflects your true financial capability while maximizing your chances of approval.

Once the necessary documentation has been prepared, your OIC application will be submitted and our teams will work directly with the IRS to negotiate the terms. This involves presenting your case effectively to demonstrate that the proposed settlement amount is fair given your financial circumstances. Our network of tax professionals handle all communications with the IRS, address any questions or concerns they might have, and ensure that your application meets all the required criteria - keeping you informed and guide you through any additional steps or information requests. Our role is to advocate on your behalf, aiming to secure the best possible outcome and relieve you of your tax burden in a manageable and efficient manner.