Tax Alliance - Offer in Compromise in Irvine, California

What is an Offer in Compromise?

With Tax Alliance's assistance, it may be possible to wipe your tax debt clean at a large discount. If you qualify 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 who really need it. Generally, individuals 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 resolve your tax debt for less than the full amount you owe. It may be a valid option if you can't pay your full tax obligation, or doing so creates a financial difficulty.

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

• Ability to pay
• Earnings
• Expenses
• Property equity

The IRS usually approves 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. Get in touch with us to learn more and to see if you're approved for the program.

Make Certain You Are Eligible

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 determined the amount you owe.
• There is doubt concerning whether the debt is completely 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 entirely, yet doing so would create unnecessary economic hardship. 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 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 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 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 lower your debt. This policy does not relate to the existing year income tax return if there is a legitimate extension on the documents.

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To learn more about Offer in Compromise in Irvine, California, get in touch with the Tax Alliance. Visit our website: TaxAlliance.com, or call us at 800.987.3051 for more details. Let's Resolve Your Tax Debt Today!

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