Tax Alliance - Offer in Compromise in Corona, California

What is an Offer in Compromise?

With Tax Alliance's help, it might be possible to wipe your tax debt clean at an enormous 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. Generally, individuals who settle their debt using 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 could be a legitimate option if you can not pay your complete tax responsibility, or doing so produces a financial hardship.

The Internal Revenue Service 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 accepts 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 for more information 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 as to whether the IRS properly determined the amount you owe.

There is doubt regarding whether the debt is entirely collectible. This means your assets and earnings are less than the quantity you owe.

The debt is appropriate, as well as you are able to pay the debt completely, yet doing so would create needless 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 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 demanded federal government tax down payments.

The IRS will return any type 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 estimated 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 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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To learn more about Offer in Compromise, get In Touch With Tax Alliance at Corona, California. Visit our website: TaxAlliance.com, or call us at 800.987.3051 for more details. Let's Resolve Your Tax Debt Today!