Offer in Compromise in Costa Mesa, CA

What is an Offer in Compromise?

With Tax Alliance's help, it may be possible to wipe your tax debt clean at an enormous discount. If you get approved 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 sometimes be a life-altering kind of tax resolution for those who truly need it. Generally, people who resolve their debt using the Offer in Compromise method end up paying less than the actual amount owed.

An Offer in Compromise enables you to settle your tax debt for less than the full amount you owe. It might be a legitimate option if you can not pay your complete tax obligation, or doing so develops a financial challenge.

The IRS will consider your situation based on an unique set of facts and conditions, such as:

• Ability to pay
• Earnings
• Expenses
• Property equity

The IRS typically approves an Offer in Compromise when the amount offered represents the most they can presume to collect within a sensible amount of time. The Offer in Compromise program is not for everybody. Contact us for more information and to see if you're approved for the program.

Make Certain 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 identified the amount you owe.
• There is uncertainty concerning whether the debt is entirely collectible. This means your assets as well as earnings are less than the quantity you owe.
• The debt is appropriate, and you have the ability to pay the debt entirely, yet doing so would cause needless financial difficulty. This is called effective tax management.

The IRS will dismiss 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 employees, and also have not submitted the demanded federal government tax down payments.

The IRS will return any kind of newly submitted Offer in Compromise (OIC) application if you have not filed all required tax returns and 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 valid extension on the documents.

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

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