Offer in Compromise in Fullerton, CA

What is an Offer in Compromise?

With Tax Alliance's help, it might be possible to wipe your tax debt clean at a large discount. If you are eligible 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 that truly need it. Generally, people who resolve their debt utilizing 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 might be a valid option if you can not pay your total tax duty, or doing so creates a financial hardship.

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

• Ability to pay
• Earnings
• Expenses
• Possession equity

The IRS typically 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 everyone. Get in touch with us to learn more and to see if you're qualified for the program.

Make Sure 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 doubt as to whether the IRS properly determined the amount you owe.
• There is doubt concerning whether the debt is entirely collectible. This means your assets and earnings are less than the quantity you owe.
• The debt is appropriate, and you are able to pay the debt entirely, yet doing so would cause 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 estimated tax repayments.
• You are self-employed, have employees, and also have not submitted the demanded federal government tax down payments.

The Internal Revenue Service will return any kind of newly 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 decrease your debt. This policy does not relate to the current year income tax return if there is a legitimate extension on the documents.

For more information about Offer in Compromise in Fullerton, California, contact Tax Alliance at 800.987.3051 or visit our website: TaxAlliance.com to learn more. Let's Resolve Your Tax Debt Today!

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