What is an IRS Offer in Compromise?
Our Oklahoma City Tax Attorney Explains
Another great tax relief option is an offer in compromise (OIC). If you
have an insufficient income along with no assets, an OIC can essentially
take away your tax debt. An offer in compromise allows you to settle your
tax liability for less than the original amount you owed.
There are three bases under which an offer in compromise can be negotiated
with the IRS:
- Doubt as to collectability: The taxpayer is not able to pay the full tax debt.
- Doubt as to liability: The taxpayer asserts that he or she does not owe the debt.
- Effective Tax Administration: By fairness, the amount of the tax liability
the taxpayer owes must be compromised, even if he or she can pay the liability in full.
Offer in compromise based on Effective Tax Administration is the least
common of the three bases and are rarely accepted. We could help you determine
if you qualify for an OIC.
Understanding the Process
The offer in compromise process can be a very complicated one. It involves
a cornucopia of paperwork and IRS forms, a gathering of your financial
records, and more. Many taxpayers get refused simply because they are
missing a small portion of their offer. If you have our trusted Oklahoma
City tax lawyer working with and for you, you can be sure that we will
help establish that the process is thoroughly completed.
Contact Us Today - (405) 256-2619!
When you come to our firm, we can treat your case with the specific attention
to detail it deserves. Our trusted attorney handles every case personally. With
more than 25 years of experience and hundreds of cases handled, you can be confident that your case is in great care. All of us at The
Carver Law Office, PLLC work hard to end your tax nightmare and get you
the results you desire.
Contact our office
today for more information.