Use an IRS specialist for an OIC
Do you owe unpaid back taxes, interest and penalties? Are you wondering if you can get help?
If you are unable to pay your entire tax debt, a negotiated tax settlement, OIC - offer in compromise - could be a good option for you. An OIC will allow you to resolve your tax issues and pay less than the entire amount that is owed. An OIC will allow you to start over and it is a good option when you are unable to pay the full tax liability due to financial hardship.
The IRS considers the taxpayer's unique facts and circumstances by looking at the following factors:
- Equity in assets (real estate, IRAs, 401k, etc.)
- Ability to pay
- Disposable income, or lack of
- Living expenses
- Household Income
Reasonable Collection Potential (RCP) - If the calculated payment provided by the taxpayer is the most that the IRS can anticipate collecting from him or her within a specific period of time, the IRS will usually accept this offer in compromise in lieu of full payment. The taxpayer should attempt to find other settlement options before requesting an offer in compromise. This settling option is not recommended for everyone.
You can opt to represent yourself, or hire a tax professional to represent you. You should beware of the advertisers, only an IRS approved representative can help you, such as EAs enrolled agents, CPAs and attorneys that specialize in IRS tax representation.
Do you need to get help for an offer in compromise?
An offer in compromise is the best solution to settle your tax debt for less money than you owe. Once an offer has been negotiated and accepted, all of the liens are released and withdrawn. Tax problems can cause a huge burden on families, and getting rid of this problem can provide much needed stress relief. The IRS can enforce collection actions on taxpayers such as wage garnishments, bank levies and tax liens. Finding a way to settle your tax debt and resolve these actions, is a burden that is lifted from your shoulders.
If you owe taxes and are unable to pay them, you should consider an OIC settlement. However, you should know that it is very difficult to get approved for an offer in compromise. So it becomes critical for you to look for an experienced and qualified tax professional that has the experience and ability to assess your current financial standing and whether you will be a suitable candidate for getting your offer in compromise approved.
How can a tax professional assist me with an offer in compromise?
For the taxpayers that are eligible, an OIC is a blessing. This is because the OIC can allow these taxpayers to have a second chance at financial freedom by getting rid of the tax burden.
A tax expert will decide whether the taxpayer qualifies for an OIC and will come up with a plan for tax relief. However, if the taxpayer is unlikely to be eligible, there are other options that can be used to fix the tax matter and prevent enforcement actions such as tax levies and liens.
We help our clients to effectively settle tax issues with several settlement options. Call us today at (888) 842-1366 to get started.