Offer in Comprise in Los Angeles, CA

What Is an Offer in Compromise?

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With Tax Alliance's assistance, it might be possible to wipe your tax debt clean at an enormous discount. If you are eligible 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 sometimes be a life-altering form of tax resolution for those that really need it. Generally, people that settle their debt utilizing the Offer in Compromise approach 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't pay your complete tax obligation, or doing so produces a monetary challenge.

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

• Ability to pay
• Earnings
• Expenses
• Property equity

The IRS normally 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 everybody. Get in touch with us to learn more and to see if you're eligible for the program.

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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 doubt regarding whether the IRS properly determined the amount you owe.
• There is uncertainty regarding whether the debt is fully collectible. This means your assets and earnings are less than the quantity you owe.
• The debt is appropriate, and you are able to pay the debt completely, yet doing so would cause unnecessary 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 required federal government tax down payments.

The Internal Revenue Service will return any type of recently 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 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 valid extension on the documents.

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