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Offer in Compromise

When you owe the IRS back taxes, they aren’t interested in why you’re in debt, they just care about how and when you intend to pay it off. Remember, the longer you take to pay off your tax debt, you’ll be racking up additional interest and penalties on top of what you already owe. For certain taxpayers, in certain situations, there are options, among them, an Offer in Compromise (OIC). An OIC allows you to settle your tax debt for less than the full amount you owe if, you can prove paying in full is a hardship. However, an Offer in Compromise has some very specific requirements, and you would benefit from the advice of a skilled tax attorney to determine if this is the best option for you.

Offer in Compromise

When you owe the IRS back taxes, they aren’t interested in why you’re in debt, they just care about how and when you intend to pay it off. Remember, the longer you take to pay off your tax debt, you’ll be racking up additional interest and penalties on top of what you already owe. For certain taxpayers, in certain situations, there are options, among them, an Offer in Compromise (OIC). An OIC allows you to settle your tax debt for less than the full amount you owe if, you can prove paying in full is a hardship. However, an Offer in Compromise has some very specific requirements, and you would benefit from the advice of a skilled tax attorney to determine if this is the best option for you.


Some Say an Offer in Compromise Is Easy and Simple. But Is It?

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If you think an OIC is your best choice, think again.
According to the advertising that’s out there, you may have been convinced that an OIC is the best way to make the IRS go away. It may be, but is it the best, solution for you? In fact, it may not even be necessary to go that route, and, there may actually be other less costly choices to handle your tax issue. For example, you may be willing to live with an IRS debt, depending on your age and your dependents. In that case, “currently uncollectible” may be an easier and less time-consuming process. However, without the proper counsel from tax attorney Larry Heinkel, you’re just guessing at the best way to move forward.

Here’s the reality.
The truth is, an Offer in Compromise is anything but simple. To begin with, in order to take advantage of this program, you have to submit an offer. That said, there are a number of requirements you have to meet in order to even be eligible to request an OIC. They include receiving at least one invoice from the IRS for your existing tax debt, filing all the required tax returns and being current on estimated tax payments, and, if you own a business, you have to be current on all your payroll deposits as well.

At the end of the day, the IRS will only accept an Offer in Compromise if they believe your offer is equal or greater than the amount they would ever collect from you, even if they used wage garnishment, levies, or other collection actions. As a result, the IRS rejects most offers, and just last year, only 42.8% were accepted. In general, you can only get approved if you have serious financial issues.

Don’t go it alone.
While submitting an OIC to the IRS sounds straightforward, it’s not, particularly when you’re dealing with the government. The fact is, the IRS intentionally makes the process difficult and it is definitely not a one-size-fits-all solution. An Offer in Compromise requires an understanding of how to navigate through IRS settlement guidelines that are often unfair and unreasonable. So if you are considering applying for an Offer in Compromise with the IRS, don’t limit your options. You’ll want to have every choice available to negotiate a fair settlement with the IRS.

Look, there are a lot of reasons people get into debt, and whatever yours is, Larry can help. When you have IRS Tax Attorney Larry Heinkel by your side, you also have more than 35 years of experience on your side.

Get a free consultation from Larry Heinkel and his team at Tax Problem Solver to see if an Offer in Compromise is your ticket to freedom from the IRS!

Don’t Ignore the IRS – Things Get Bad Quickly!

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