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Offer in Compromise

The Internal Revenue Service recently (5/21/12) announced another expansion of its"Fresh Start" initiative by offering more flexible terms to its Offer in Compromise (OIC) program that will enable some of the most financially distressed taxpayers to clear up their tax problems and in many cases more quickly than in the past. An Offer in Compromise (OIC) is an agreement between a taxpayer and the IRS that settles the taxpayer's tax liabilities for less than the full amount owed. An OIC is generally not accepted if the IRS believes the liability to be valid and can be paid in full as a lump sum or through a payment agreement. The IRS looks at the taxpayer's income and assets to make a determination of the taxpayer's reasonable collection potential. The IRS considers the OIC by be an option of last resort to be utilized after all other methods have failed. We'll review your situation to determine if you may qualify for an Offer-in-Compromise based on either 'Doubt as to Collectability' (I can not pay) or 'Doubt as to Liability' ( I don't believe I owe this ) .

Which Offer in Compromise is right for me?

This is a determination that can only be made after consultation and a thorough examination of the facts of the matter. Sometimes there is sufficient doubt to the validity of the debt and an offer based on ‘Doubt as to Liability’ is the way to go. Sometimes this can wipe out the entire debt if the taxing authority agrees the liability to be in error or against policy. These offers may not require financial disclosures and do not revolve around the premise of proving the taxpayers inability to pay. It’s a case of what is the right thing to do. More commonly the stronger argument is the taxpayers ability to pay the liability within a reasonable timeframe. Here, some offer of payment is made. It can be a lump sum (20% of the total amount sent as deposit and the remainder due upon acceptance) or based on a Installment Agreement with payments beginning at submission. In some cases, a professional might consider filing both types of OIC’s simultaneously. Which is right for you? Let’s talk.


Give yourself every advantage. Obtain the best outcome possible.

Now that you are aware you may have an opportunity for a fresh start - don’t squander it. A professional can ensure quality throughout the OIC submission and negotiation process. Our experience has shown us the difference between getting APPROVED and DENIED commonly depends on things like knowledge, skill, experience, perseverance and tenacity. Obtaining the BEST possible result revolves around the confidence in your ability to know precisely when the best possible arrangement for your client has been struck. Professional representation equals best results. This is why you consult a professional. Let's Talk. CALL OR CLICK to schedule | 855-442-5410
 Offer In Compromise