What is an Offer in Compromise?
An Offer in Compromise (OIC) is a program offered by the IRS that allows taxpayers to settle their tax debt for less than the full amount owed. This option is available to taxpayers who are unable to pay their full tax debt due to financial hardship.
How do I qualify for an Offer in Compromise?
To qualify for an Offer in Compromise, you must be able to show that you are unable to pay your full tax debt due to financial hardship. This may include factors such as a low income, high expenses, and significant assets that cannot be liquidated to pay off the debt.
How much does it cost to file an Offer in Compromise?
The filing fee for an Offer in Compromise is currently $205. If you are in a low-income situation, you may be able to request a waiver of the application fee.
What is the process for submitting an Offer in Compromise?
The process for submitting an Offer in Compromise involves completing the appropriate forms, providing financial information, and submitting the required payment. The IRS will then review your application and make a determination on whether to accept or reject your offer.
How long does it take to get a decision on an Offer in Compromise?
The time it takes to get a decision on an Offer in Compromise can vary, but it typically takes several months. The IRS will need to review your application and gather any additional information needed before making a determination.
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Services
Offer in Compromise
Allows eligible taxpayers to settle their tax debt for less than the full amount owed.
Payment Plan
Allows eligible taxpayers to pay their taxes within an extended timeframe. In some circumstances, taxpayers can settle for less than what they owe.
Read MoreRemoval of Federal Tax Liens
Explores different ways to release the taxpayer from a tax lien burden.
Penalty Abatement
Procures an administrative waiver for certain types of penalties if some conditions are met.
Innocent Spouse Relief
Seeks relief from tax debts if spouse improperly reported/omitted items on your tax return.
Read MoreIRS Bank Levy
Provides interaction with the IRS and Bank to grant you access to the funds in your accounts.
941 Payroll Tax Issues
Offers taxpayers representation to settle payroll tax non-compliance.
Wage Garnishment release
Explores different ways to release the taxpayer from a wage garnishment.
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