offer in compromise debt relief can help resolve your tax debt problems.
What Is Offer In Compromise?
Who Is Eligible?
The IRS Offer in Compromise review process is a detailed one. You are required to provide the IRS detailed information regarding your finances. Therefore, it is best to ensure you are a good candidate for the program before you apply. An unsuccessful OIC will only prolong the collections process (added interest and penalties) on your tax debt. Also, it provides the IRS additional financial information to enforce collections against you.
Eligibility Guidelines For OIC Status
What Happens Under OIC Status
What Else Should I Know?
In some cases, an OIC is returned to the taxpayer rather than rejected. This is because the taxpayer didn’t submit necessary information, filed for bankruptcy, failed to include a required application fee or nonrefundable payment with the offer, hasn’t filed required tax returns, or hasn’t paid current tax liabilities at the time the IRS is considering the offer. Once current, the OCI may be submitted again for IRS review.
Thoughts On Offer In Compromise
Getting IRS approval for an Offer In Compromise is a challenging task. It is strongly recommended that you have professional advice and representation when dealing with the IRS.