Offer in Comprise in Fullerton, CA

What Is an Offer in Compromise?

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With Tax Alliance's help, it may be possible to wipe your tax debt clean at a substantial discount. If you qualify for an Offer in Compromise, or "OIC," the IRS will approve less than the amount a taxpayer owes on a tax bill and call it even.

An Offer in Compromise (OIC) is an agreement between the taxpayer and the IRS that settles the tax liability for less than the amount owed. The Offer in Compromise can in some cases be a life-altering kind of tax resolution for those that genuinely need it. Generally, individuals that settle their debt utilizing the Offer in Compromise method end up paying less than the actual amount owed.

An Offer in Compromise enables you to resolve your tax debt for less than the full amount you owe. It may be a legitimate choice if you can't pay your complete tax obligation, or doing so develops a financial challenge.

The IRS will consider your situation based on a special set of facts and circumstances, such as:

• Ability to pay
• Earnings
• Expenses
• Property equity

The IRS normally accepts an Offer in Compromise when the amount offered represents the most they can presume to collect within a reasonable amount of time. The Offer in Compromise program is not for everybody. Get in touch with us for more information and to see if you're qualified for the program.

Make Sure You Are Qualified

The Internal Revenue Service will only consider an offer in compromise if it is for one of the following factors:

• There is doubt as to whether the IRS properly determined the amount you owe.
• There is doubt regarding whether the debt is completely collectible. This means your assets as well as earnings are less than the amount you owe.
• The debt is appropriate, and you have the ability to pay the debt entirely, yet doing so would create needless economic hardship. This is called effective tax management.

The IRS will rule out your offer if any of the adhering to are true:

• You remain in an open bankruptcy proceeding.
• You have actually not filed the required federal tax returns.
• You have not made the required approximated tax repayments.
• You are self-employed, have workers, and also have not submitted the demanded federal government tax down payments.

The Internal Revenue Service will return any type of newly submitted Offer in Compromise (OIC) application if you have not filed all required tax returns and also have not made any kind of required estimated repayments. Any application fee included with the OIC will also be returned. Any type of preliminary settlement required with the returned application will be placed to decrease your debt. This policy does not relate to the existing year income tax return if there is a legitimate extension on the documents.

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For more information about Offer in Compromise in Fullerton, California, contact Tax Alliance at 800.987.3051 or visit our website: TaxAlliance.com to learn more. Let's Resolve Your Tax Debt Today!