Offer in Comprise in Long Beach, 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 a substantial discount. If you get approved 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 in some cases be a life-altering form of tax resolution for those who truly need it. On average, individuals who resolve their debt utilizing the Offer in Compromise method end up paying less than the actual amount owed.

An Offer in Compromise enables you to resolve your tax debt for less than the total amount you owe. It might be a legitimate option if you can't pay your full tax responsibility, or doing so produces a monetary hardship.

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

• Ability to pay
• Earnings
• Expenses
• Possession equity

The IRS normally 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 qualified 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 identified the amount you owe.
• There is uncertainty regarding whether the debt is completely collectible. This means your assets and earnings are less than the quantity you owe.
• The debt is appropriate, as well as you have the ability to pay the debt entirely, yet doing so would cause needless economic hardship. This is called effective tax management.

The IRS will rule out 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 kind of newly submitted Offer in Compromise (OIC) application if you have not filed all required tax returns and have not made any kind of required approximated 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 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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For more information about Offer in Compromise in Long Beach, California, contact Tax Alliance at 800.987.3051 or visit our website: TaxAlliance.com to learn more, let's Resolve Your Tax Debt Today!