Offer in Compromise in Tustin, CA

What is an Offer in Compromise?

With Tax Alliance's assistance, it might be possible to wipe your tax debt clean at a substantial 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 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 total amount you owe. It could be a legitimate option if you can not pay your complete tax duty, or doing so creates a financial difficulty.

The IRS will consider your situation based on a special 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 reasonable amount of time. The Offer in Compromise program is not for everyone. Get in touch with us for more information and to see if you're qualified 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 doubt regarding whether the IRS appropriately identified the amount you owe.
• There is uncertainty concerning whether the debt is totally collectible. This means your assets as well as earnings are less than the quantity you owe.
• The debt is appropriate, and you have the ability to pay the debt entirely, yet doing so would create unnecessary financial 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 case.
• You have actually not filed the required federal tax returns.
• You have not made the required approximated tax repayments.
• You are self-employed, have workers, 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 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 Tustin, 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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