Offer in Compromise in Villa Park, CA

What is an Offer in Compromise?

With Tax Alliance's help, it may be possible to wipe your tax debt clean at a substantial discount. If you are eligible 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 form of tax resolution for those that really need it. On average, individuals who resolve their debt using the Offer in Compromise approach end up paying less than the actual amount owed.

An Offer in Compromise allows you to resolve your tax debt for less than the total amount you owe. It might be a legitimate choice if you can not pay your complete tax responsibility, or doing so creates a monetary difficulty.

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

• Ability to pay
• Earnings
• Expenses
• Possession equity

The IRS usually accepts 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 everyone. Contact us for more information and to see if you're qualified 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 regarding whether the IRS appropriately identified the amount you owe.
• There is doubt regarding whether the debt is fully collectible. This means your assets and earnings are less than the amount you owe.
• The debt is appropriate, and you are able to pay the debt completely, yet doing so would cause unnecessary economic hardship. 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 Internal Revenue Service will return any kind 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 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 Villa Park, California, contact Tax Alliance at 1-800-987-3051 or visit our website: TaxAlliance.com to learn more. Let's Resolve Your Tax Debt Today!

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