The Offer in Compromise, or also known as OIC, is a program that allows a taxpayer to settle their delinquent taxes for LESS than the total amount the IRS claims they owe.
The Offer in Compromise is arguably the most widely used of all tax resolution programs. In addition, new tax laws have given fresh hope to those who previously did not qualify for an OIC under previous legislation.
TheCPATaxProblemSolver has the skills and experience to determine whether an Offer in Compromise is the program for you. Retaining our tax professionals guarantees you peace of mind. You can rest assured:
- Settle your tax bill for LESS than the IRS claims you owe! We know all updated OIC administrative procedures and tax laws.
- We have considerable weapons including Special Circumstance Cases and Appeals.
- We know that a prepared and calculated approach is the only way to maintain our excellent track record of consistent OIC acceptance.
- If you qualify for the Offer in Compromise program, you can save thousands of dollars in taxes, penalties and interest. Taxpayers can negotiate settlements on all types of taxes including most payroll taxes, penalties and interest.
- The OIC program provides taxpayers who owe the IRS more than they could ever afford to pay, the opportunity to pay a smaller amount as a full and final payment.
- A Doubt as to Collectability (DATC) Offer in Compromise is negotiated on the basis of a taxpayer’s inability to pay and takes into account the taxpayer’s current financial position including the taxpayer’s equity in assets.
- The OIC program also allows taxpayers that do not agree that they owe the tax or feel that the tax has been incorrectly calculated, an opportunity to file an Offer in Compromise-Doubt as to Liability (DATL) and have their tax liabilities reconsidered.
UNDERSTANDING OFFER IN COMPROMISE
An OIC is a type of out of court agreement between a taxpayer and the IRS. OICs are designed to negotiate a resolution to the taxpayer’s liability and place collection efforts on hold. Do keep in mind that the IRS has the power to compromise or settle federal tax liabilities by accepting less than full payment, provided the taxpayer can provide valid reasons.