An Offer in Compromise (OIC) is a chance for qualified taxpayers to offer the IRS a substantially lesser amount of money in order to fully satisfy their outstanding tax liability. First, before you become eligible for an Offer in Compromise, you must file all delinquent tax returns and make estimated tax payments for the current tax year. Then when it comes time to fill out the required OIC submission paperwork, it’s critical that it is filled out correctly to get a favorable OIC accepted. Negotiation skills are also very important in getting the lowest payment possible, which is why it’s critical that you have an experienced tax attorney on your side.
Around 30% of all OIC’s submitted are immediately returned back to the taxpayer by the IRS because the required OIC submission paperwork was completed incorrectly or because the offer amount was too low and thus had no chance of getting accepted. We can determine if you might qualify for a reduced Offer in Compromise settlement. This means we can figure out the lowest amount for you to offer the IRS that they will likely accept.
Because the process is complex, you need an experienced tax professional on your side who is knowledgeable and confident in this area of tax law and understands the IRS’s Offer in Compromise requirements. Regardless of where you live, we can help you. During the past 30 years, we have helped thousands of taxpayers.