IRS Offer in Compromise
The IRS Offer in Compromise (OIC) program is a tax debt relief option that allows eligible individuals to settle their outstanding tax debts for less than the full amount owed. At IRS Fresh Start, our team of tax professionals can help you navigate the complicated application process and improve your chances of being approved.
OIC Eligibility Requirements
Before applying for an Offer in Compromise, it is important to determine if you meet the eligibility requirements.
The IRS evaluates several factors when considering an OIC, including the taxpayer’s income, expenses, asset equity, and future earning potential. To be eligible, you must be current with all your tax filing and payment obligations. Additionally, the IRS will assess your ability to pay the tax debt through other means, such as an installment agreement or equity in assets. It is important to note that the IRS conducts a thorough review of your financial situation and may request detailed financial information during the application process.
At IRS Fresh Start, your free consultation includes pre-qualification for the OIC program, as well as other tax relief options. Call us today to see if you qualify!
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How to Request an Offer in Compromise
Once you have determined that the OIC program is the right option for you, it is essential to follow the correct application process to maximize your chances of success. Here are the steps involved in applying for the OIC program:
Once your offer is submitted, the IRS will review it and the supporting documentation. This review process can take several months, so it is important to be patient and responsive to any additional requests for information.
The OIC application process is complex, and navigating it successfully requires expertise and knowledge of tax laws and regulations. You can increase your chances of acceptance, however, by working with a tax specialist. At IRS Fresh Start, our tax partners have decades of experience dealing with OIC requests. To see if the OIC program is right for you, contact us today!
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