Having a tax debt feel like a foggy morning, but the path forward is clearer than it seems. An Internal Revenue Service (IRS) offer in compromise (OIC) permits qualifying entities to settle their tax liabilities for a sum less than the total taxed amount. We recognize the professional guidance required by the IRS offers in compromise and its implications and are proud to offer our expertise in the qualification of an OIC.
The Process
An Offer in Compromise is a formal agreement between a taxpayer and the IRS. This is a way to settle tax debts when the IRS agrees to accept a reduced amount as full payment. There are several factors that are evaluated when accepting an OIC:
- Income: The current and anticipated income levels.
- Expenses: Core expenditures like housing, utilities and medical costs.
- Assets: Wealth in real estate and other valuable possessions.
- Ability to Pay: The budget strength to afford required payments.
Required Qualifications
Not every taxpayer has eligibility. The below-mentioned criteria are firmly enforced by the IRS:
- All required tax returns should be filed.
- Any necessary estimated tax payments must be made.
- It should be presented that paying the full tax debt would cause undue financial difficulties or is otherwise not feasible.
Our Expert Approach
Our tax attorneys offer solutions crafted with care. Our approach integrated with our specialized expertise manages all the requirements of the IRS offers in compromise:
- Assessing Eligibility: We perform detailed considerations of the current financial status to confirm if the OIC is the best available option.
- Application Assistance: Our team of tax attorneys completes and submits the necessary documentation.
- Professional Communication: Dimov Tax performs communication practices directly with the IRS and presents the case professionally.
- Post-Approval Guidance: Compliance with any ongoing requirements is established like timely tax filings by our tax attorneys.
Contact Us
Let us aid you access a manageable resolution to your tax issues. Contact Dimov Tax to schedule a consultation. Our experienced team will assist you embrace your available options and create a path toward financial relief.
