An offer to the IRS to lower the total tax liability owed by the taxpayer due to financial constraints. This is a very popular solution advertised by most firms, but not available if the taxpayer has the ability to pay the debt. People think the best time to make an Offer is when they’re financially sound. Actually, the best time to make an Offer is when they’re financially distressed because the IRS usually accepts OIC’s when they otherwise could not expect to collect the full amount owed. One other caveat, if the IRS accepts your OIC, you must remain current for five years by filing on time and paying timely otherwise the IRS can revoke your OIC.
How much Less can I pay?
Well, if you qualify, a lot LESS! The IRS looks at these old tax liabilities and knows they will not collect most of them. So, they have set up this great program called Offer In Compromise. This program allows taxpayers to pay what they can afford regardless of the amount the IRS says they owe.
The Offer Program requires the total amount owed to be included in the settlement. Therefore, once you qualify and have an accepted Offer, you are completely paid up and your tax problems are finally over. Even payroll taxes can be settled this way.
When I say Settle Up, I mean completely, 100%! Once the IRS has accepted the amount you offer and you pay the reduced amount, then the IRS releases all Federal Tax Liens. Your IRS nightmare is over and you get your life back.
The IRS is now more than ever willing to make deals. They have yet again restructured their parameters for OIC. Many taxpayers who previously did not qualify for OIC are now being accepted into the program. You have to take the first step. Your IRS problems will not solve themselves. If you are ready to make the first move set up a no cost no obligation consultation with our office. We are happy to discuss the possibility of having you enter into an Offer in Compromise.