Tag Archives: Offer In Compromise

The Modernization of the IRS Offer in Compromise Process: What’s Happening and What it Might Mean for You if You Want an OIC!

The Internal Revenue Service (IRS) will make all IRS offers in compromise cases available online instead of just having hard copies available at local offices, according to a new report from the Treasury Inspector General for Tax Administration (TIGTA). Following several high-profile scandals throughout the early 1950s, the IRS was forced to provide the public […]

Why Do So Few Americans in Debt to the IRS Win Their Offer in Compromise Cases?

While the Internal Revenue Service (IRS) made changes to its Offer in Compromise (OIC) program in 2012 and enacted more flexible terms, many Americans still struggle to win their cases. Why? And what can you do to win yours or at least position yourself for best results? Understanding how the IRS evaluates OICs might help […]

6 Critical Insights about the IRS Offer In Compromise Program

The Internal Revenue Service’s Offers In Compromise (OIC) program helps qualified taxpayers reduce what they owe to the federal government. However, the IRS will not make an OIC agreement if the taxpayer can pay his or her debt in full through a payment plan. The following tips can help you as you prepare and submit […]

Do You Qualify for an Offer in Compromise?

What is the Internal Revenue Service’s Offer In Compromise (OIC) program, and what does it take to qualify for this relief? This IRS program allows someone who owes federal taxes to pay less than the full amount that’s due, provided that certain conditions are met. The Offer in Compromise program reviews the best interests of […]

Offer In Compromise Settled for $3,000!

We had a client come to us with a tax bill of well over $80,000 for tax year 2005 and was interested in filing for an Offer in Compromise. The debt was accrued by way of her former spouse who was self employed at the time. She was always a wage earner and paid in […]

5 Tips for filing an Offer In Compromise

The Offer In Compromise program has changed in the past and for the better.  However, today we are going to outline 5 tips on filing an  Offer in Compromise. – Make sure you check the box on the Offer In Compromise Form 656 indicating you have completed the pre-qualifier (and complete the pre-qualifier found at […]

How to File an Offer In Compromise – A 5 Step Process

We filed an Offer in Compromise for a client in the beginning of February 2013.  His balance dues were less than $32,000 at the time. However, he had a few missing returns needing to be filed first. Once the returns were filed we could proceed with the financial form, collecting of supporting documentation, and subsequently […]

Offer In Compromise Saves Taxpayer 85%!

Our client came to us with a unknown tax liability. She also needed her 2009 tax return prepared. After preparing her 2009 tax return, we determined that she owed approximately $30,000 in taxes and a total of $35,000 with penalty and interest. After reviewing the financial statement we made the determination that she qualified for […]

In Business Taxpayers: Things to Watch Out for When Filing an Offer in Compromise

If you own a business, operate a business, or have ownership percentage in a business, beware of the repercussions it could cause with regard to a personal Offer In Compromise. A personal Offer In Compromise under doubt as to collectibility, or effective tax administration is an offer to settle the outstanding amount owed for any personal […]