Offer In Compromise
An offer in compromise (OIC) is an agreement between a taxpayer and the IRS to settle a tax debt for less than what a taxpayer owes. If you cannot pay the full amount owed to the IRS but are willing to pay a fraction of the amount owed in full satisfaction of your tax debt, an offer in compromise is the right path for you. An offer in compromise is a very effective and efficient way to get a fresh start and eliminate your tax debt. However, not all taxpayers qualify for an offer in compromise. The IRS will look at your assets and disposable income to determine if you have the ability to repay the tax debt. It is a very fact-specific determination. We will analyze your particular situation to determine what type of OIC to submit and at what offer amount. Beware of any tax resolution company where a “tax associate” promises that you qualify for an OIC based on the preliminary information you provide to them over the phone. They are not held to the same ethical standards as a licensed attorney and therefore often make guarantees that do not comport with reality. We will look at your current financial situation and determine if you are eligible for an OIC or another form of tax relief.