Offer in Compromise in Brea, CA

What is an Offer in Compromise?

With Tax Alliance's assistance, it may be possible to wipe your tax debt clean at an enormous discount. If you qualify 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 kind of tax resolution for those that genuinely need it. Generally, individuals who settle 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 full amount you owe. It could be a legitimate option if you can not pay your complete tax responsibility, or doing so develops a monetary difficulty.

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

• Ability to pay
• Earnings
• Expenses
• Property equity

The IRS normally approves an Offer in Compromise when the amount offered represents the most they can presume to collect within a reasonable 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.

Make Sure 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 properly determined the amount you owe.
• There is doubt concerning whether the debt is fully collectible. This means your assets and earnings are less than the amount you owe.
• The debt is appropriate, as well as you are able to pay the debt entirely, yet doing so would cause needless economic 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 estimated tax repayments.
• You are self-employed, have employees, and also have not submitted the demanded 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 kind of preliminary settlement required with the returned application will be placed to lower your debt. This policy does not relate to the current year income tax return if there is a valid extension on the documents.

For more information about Offer in Compromise in Brea, California, contact Tax Alliance at 1-800-987-3051 or visit our website: TaxAlliance.com to learn more. Let's Resolve Your Tax Debt Today!