Offer in Compromise in Buena Park CA

What is an Offer in Compromise?

With Tax Alliance's help, it may be possible to wipe your tax debt clean at a large 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 sometimes be a life-altering form of tax resolution for those who truly need it. On average, people that resolve their debt using 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 choice if you can't pay your complete tax responsibility, or doing so develops 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 everyone. Get in touch with us to learn more and to see if you're eligible for the program.

Make Certain 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 uncertainty regarding whether the IRS appropriately identified the amount you owe.
• There is doubt regarding whether the debt is entirely collectible. This means your assets and earnings are less than the amount you owe.
• The debt is appropriate, and you have the ability to pay the debt completely, yet doing so would cause unnecessary financial 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 case.
• You have actually not filed the required federal tax returns.
• You have not made the required estimated tax repayments.
• You are self-employed, have workers, 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 also 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 existing year income tax return if there is a valid extension on the documents.

For more information about Offer in Compromise in Buena Park, 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!

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