Offer in Compromise in Newport Beach, CA

What is an Offer in Compromise?

With Tax Alliance's help, it might be possible to wipe your tax debt clean at a substantial discount. If you get approved for an Offer in Compromise, or "OIC," the IRS will accept 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 who really need it. On average, people that resolve their debt utilizing the Offer in Compromise method end up paying less than the actual amount owed.

An Offer in Compromise allows you to resolve your tax debt for less than the full amount you owe. It might be a valid option if you can't pay your total tax obligation, or doing so produces a financial challenge.

The Internal Revenue Service will consider your situation based on an unique set of facts and circumstances, such as:

• Ability to pay
• Earnings
• Expenses
• Possession equity

The IRS typically 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. Contact us for more information and to see if you're approved 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 uncertainty regarding whether the IRS appropriately identified the amount you owe.
• There is doubt concerning whether the debt is entirely collectible. This means your assets as well as earnings are less than the amount you owe.
• The debt is appropriate, and you are able to pay the debt entirely, yet doing so would create unnecessary economic difficulty. This is called effective tax management.

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

• You remain in an open bankruptcy case.
• You have actually not filed the required federal tax returns.
• You have not made the required estimated 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 type of recently submitted Offer in Compromise (OIC) application if you have not filed all required tax returns and also have not made any kind of required approximated repayments. Any application fee included with the OIC will also be returned. Any kind of preliminary settlement required with the returned application will be placed to reduce your debt. This policy does not relate to the current year income tax return if there is a legitimate extension on the documents.

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!

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