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What Is an IRS Offer in Compromise?
Our Qualified 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.
Can I Walk Into the IRS Without an Appointment?
You may visit an IRS Taxpayer Assistance Center (TAC) without an appointment if you are dropping off a payment or tax return or picking up a tax form. However, before doing so, always check IRS.gov or the IRS2Go app to confirm the days and hours of operation, services offered, and guidelines at the IRS TAC near you. Otherwise, for all other IRS needs, you must call and make an appointment. Call 844-545-5640 to schedule an appointment.
Fortunately, if you are considering an offer in compromise, it is not necessary to go to an IRS location. You may make a check or money order payable to the United States Treasury or pay through the Electronic Federal Tax Payment System (EFTPS).
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.
- Learn More: Tax Relief FAQ
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When you come to our firm, we can treat your case with the specific attention to detail it deserves. Our trusted Oklahoma City tax attorney handles every case personally. With more than 30 years of experience and hundreds of tax 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.
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