Offer In Compromise
An Offer in Compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service (IRS) that resolves the taxpayer's tax liability. The IRS has the authority to settle or compromise federal tax liabilities by accepting less than full payment under certain circumstances. An OIC is considered only after all other collection alternatives have been explored.
Looking for an Offer in Compromise from the IRS? Contact one of our experienced Tax Debt Lawyers today for more information regarding an Offer in Compromise.
The minimum offer amount must generally be equal to, or greater than, a taxpayer's reasonable collection potential (RCP). The RCP is defined as the total of the taxpayer's realizable value in real and personal assets, plus future income.
Our Lawyers specializing in debt negotiation will mediate your Offer in Compromise to the IRS. Contact our IRS debt tax attorney to assist the IRS to determine that you, the taxpayer, are unable to pay the liability in a lump sum or through an installment agreement, and have exhausted the search for other payment arrangements. The last option would be to file an Offer in Compromise. In order to do this, you will need a tax lawyer review to show that you are eligible for an Offer in Compromise.
The IRS may legally compromise for one of the following reasons:
- Doubt as to the liability – this is when doubt exists with the assessed tax
- Doubt as to the ability to collect – this is when doubt exists that the taxpayer could ever actually pay the full amount of tax owed or effective tax administration
The Internal Revenue Service issued a consumer alert-advising taxpayers to beware of promoters' claims that tax debts can be settled for "pennies on the dollar" through the Offer in Compromise Program. Such promoters make money by inappropriately advising indebted taxpayers to file an application for an Offer in Compromise with the IRS, promising unrealistic results, even when the taxpayers do not meet the requirements of the program. This bad advice costs taxpayers money and time. Contacting one of our tax relief attorneys will ensure that a debt promoter does not take advantage of you. Our tax debt lawyers have your best interest in mind and are determined to relieve you of your debt to the IRS.
Looking for an Offer in Compromise from the IRS? Contact one of our experienced Tax Lawyers today for more information regarding an Offer in Compromise.
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