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Tax Resolution

Offer in Compromise

The IRS Offer in Compromise (OIC) is a program offered by the Internal Revenue Service (IRS) that allows eligible taxpayers to settle their tax debt for less than the full amount they owe. It is designed for individuals and businesses who are facing financial hardship and are unable to pay their tax liabilities in full. The OIC program is a way for taxpayers to reach a compromise with the IRS and resolve their tax debt while avoiding more severe collection actions.
In order to qualify, you must meet specific criteria, including demonstrating that you cannot pay the full amount of your tax debt through reasonable means. All required tax returns must be filed, and if you are a business owner with employees, you must have made all estimated tax payments and ensure all required payroll tax deposits are made. Meeting the eligibility criteria is the first step that must be followed by an application with a detailed financial statement and formal offer to the IRS. The offer is then reviewed for approval, the IRS has the discretion to accept or reject the OIC offer.

OIC Benefits

Some of the benefits of the OIC program are:
• Fresh Start
Successfully completing an OIC can provide a fresh start financially. Once the offer is accepted and the agreed-upon amount is paid, the taxpayer is no longer responsible for the remaining tax debt.
• Prevention of Collection Action
While an OIC is under review, the IRS generally suspends most collection actions, including levies and wage garnishments. This provides relief from immediate financial hardship and gives taxpayers time to work out a settlement.
• Resolution of Tax Issues
An accepted OIC effectively resolves the taxpayer's tax issues related to the specific debt in question. This means they won't face further IRS collection efforts or legal actions related to that particular tax liability.
• Improved Credit Rating
Resolving a tax debt through an OIC can positively impact a taxpayer's credit rating over time. It removes the tax lien associated with the debt, which can make it easier to obtain credit and loans.
• Flexible Payment Terms
The IRS offers flexibility in how the accepted OIC amount can be paid. Taxpayers may be able to make a lump-sum payment or structured installment payments based on their financial situation.
• Legal Protection
Having a legally binding OIC in place protects the taxpayer from future IRS collection actions related to the compromised debt, as long as they remain in compliance with their tax obligations.
Navigating the intricacies of tax law and the IRS's procedures can be challenging, that is why our Resolve Law Group experienced tax attorneys will:
We'll review your financial situation and help determine if an OIC is right for you.
Our team will compile all necessary documentation and present a persuasive case to the IRS on your behalf.
With our vast experience, we'll strive to reach an agreement that's in your best interest.
From initial consultation to final resolution, we're here every step of the way!
The IRS offers flexibility in how the accepted OIC amount can be paid. Taxpayers may be able to make a lump-sum payment or structured installment payments based on their financial situation.
Having a legally binding OIC in place protects the taxpayer from future IRS collection actions related to the compromised debt, as long as they remain in compliance with their tax obligations.
Having an experienced Resolve Law Group attorney can significantly reduce the stress and uncertainty associated with resolving tax debt through the OIC program, while increasing the likelihood of achieving a successful outcome. Don't let tax debts define your life. Let Resolve Law Group guide you toward financial freedom with our expert IRS Offer in Compromise services.
Schedule your free consultation today!

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