IRS OFFER IN COMPROMISE
If your tax debt exceeds your ability to pay it off within a reasonable timeframe, you might qualify for an Offer in Compromise (OIC). An OIC is a proposal you make to the IRS to settle your tax debt for an amount lower than the total owed. However, qualifying for an OIC can be a complex process, and obtaining approval on your own may be challenging. That's where the experts at Assertive Tax Solutions come in.
Our specialists will assess your situation to determine if you meet the requirements for making an Offer in Compromise. If you are eligible, we will guide you through the intricate process of preparing and submitting your offer to the IRS, increasing your chances of acceptance. Our goal is to help you navigate the complexities of an OIC and achieve a favorable resolution to your tax debt.
QUALIFYING FACTORS FOR THE OFFER IN COMPROMISE
To determine your eligibility for an Offer in Compromise (OIC), various factors are taken into consideration. While not an exhaustive list, the following factors play a significant role:
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Demonstrating your inability to pay the taxes owed: It is crucial to provide evidence that, based on your financial situation, there is insufficient income to cover your tax liabilities both currently and in the foreseeable future. The IRS will thoroughly examine your financial records to validate this claim.
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Proving your capacity to pay the proposed amount: The IRS needs assurance that you have the means to fulfill your end of the offer. You must demonstrate your ability to meet the payment terms specified in the OIC.
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Maintaining compliance with estimated taxes and withholding: It is essential to stay up to date with your current estimated tax payments and withholding obligations. OICs are intended to address past tax balances, and if you incur additional tax liabilities within the next five years due to underpayment, it could lead to the cancellation of your OIC.
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Ensuring all required past tax returns have been filed: Prior to pursuing an OIC, it is necessary to have filed all the necessary past tax returns. The IRS expects you to be in full compliance with your tax filing obligations.
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These are some of the key considerations when determining your eligibility for an Offer in Compromise. Working with professionals like Assertive Tax Solutions can greatly assist you in navigating the process and ensuring that all requirements are met for a successful OIC application.
HOW ASSERTIVE TAX SOLUTIONS CAN HELP
Our team of experienced professionals will collaborate with you to evaluate your eligibility for an Offer in Compromise (OIC). We commence the process by conducting a comprehensive financial analysis to assess if you meet the criteria for a reduction in your tax debt. Utilizing information such as your assets, liquidity, income, expenses, and discretionary income, we calculate the appropriate amount for your offer using a multiplier.
Throughout the qualification process with the IRS, we provide guidance and support, addressing any inquiries, concerns, or disagreements you may have. We advocate on your behalf and pursue appeals if necessary, ensuring that your OIC application receives the attention it deserves.
In the event that you do not qualify for an IRS Offer in Compromise, rest assured that Assertive Tax Solutions can explore alternative options to help you effectively manage your tax debt. To initiate the process of resolving your tax issues, please reach out to us using the contact form below. Our dedicated team is ready to assist you.
