Are you struggling to pay your taxes? An Offer in Compromise (OIC) may be the perfect solution for you. An Offer in Compromise is an agreement between the taxpayer and the IRS that settles tax debt for less than the full amount owed. Here are the top five reasons why an Offer in Compromise may benefit you:

1. Reduce Tax Debt: An Offer in Compromise allows you to pay off your tax debt for less than the full amount owed. This can be especially helpful if you are unable to pay the full amount due.

2. Save Money: By settling your tax debt for less than the full amount owed, you can save money compared to paying the full amount due.

3. Avoid Penalties: When you enter into an Offer in Compromise, the IRS may waive any penalties associated with your tax debt. This can help you save even more money.

4. Avoid Bankruptcy: An Offer in Compromise can help you avoid filing for bankruptcy. This can help you avoid the long-term consequences of filing for bankruptcy and can help you get back on track financially.

5. Get Tax Relief: An Offer in Compromise can provide you with much-needed tax relief. This can help you get back on track financially and can help you avoid the long-term consequences of not paying your taxes.

If you are struggling to pay your taxes, an Offer in Compromise may be the perfect solution for you. It can help you reduce your tax debt, save money, avoid penalties, avoid bankruptcy, and get tax relief.

What is an Offer In Compromise?

An Offer in Compromise (OIC) is an agreement between the taxpayer and the Internal Revenue Service (IRS) that allows the taxpayer to settle their tax debt for less than the full amount owed. This is a way for taxpayers to reduce their tax debt and get back on track financially. An OIC is available to individuals, businesses, and estates. To qualify for an OIC, taxpayers must meet certain criteria and provide the IRS with financial information to demonstrate that they are unable to pay the full amount due. If the IRS approves the OIC, the taxpayer can pay a reduced amount to settle the tax debt.

How do I get started with an Offer In Compromise?

In order to start the process for an Offer in Compromise, you will need to complete an Offer in Compromise application. The application includes a detailed financial statement that must be filled out in order for the IRS to consider the OIC. After the application is completed and submitted to the IRS, the IRS will review the application and either approve or deny the OIC. If the OIC is approved, the taxpayer will need to make the agreed-upon payments to the IRS to settle the tax debt.

How do I get help with an Offer In Compromise application?

If you are considering an Offer in Compromise, it is important to get help from an experienced tax professional. A tax professional can help you understand the requirements for an OIC and can help you complete the application properly. A tax professional can also help you negotiate with the IRS to ensure you get the best possible outcome.

Who Is Eligible

You’re eligible to apply for an Offer in Compromise if you:

• Filed all required tax returns and made all required estimated payments
• Aren’t in an open bankruptcy proceeding
• Have a valid extension for a current year return (if applying for the current year)
• Are an employer and made tax deposits for the current and past 2 quarters before you apply