Offer-in-Compromise

Are you delinquent on payment of your tax liability to IRS and/or your State tax collecting agency? Officer-in-Compromise (OIC) is the best answer to lower the tax liability and settle down your account for less and stop receiving nerves-breaking notices, telephone calls from IRS/collection agencies, and to remove payroll garnishment orders or lien on your properties including bank checking and retirement accounts.

What is OIC? OIC is an agreement between the taxpayer and the IRS and/or State tax collecting agency that settle the eligible taxpayer’s tax liability for less than the full amount of tax owed. Eligible taxpayers are those who cannot pay the full tax liability because their assets and income is less than the full tax liability.

The IRS may accept an OIC based on three grounds:
• First, the IRS can accept a compromise if there is doubt as to liability. A compromise meets this only when there is a genuine dispute as to the existence or amount of the correct tax debt under the law.
• Second, the IRS can accept a compromise if there is doubt that the amount owed is fully collectible. Doubt as to collectibility exists in any case where the taxpayer’s assets and income are less than the full amount of the tax liability.
• Third, the IRS can accept a compromise based on effective tax administration. An offer may be accepted based on effective tax administration when there is no doubt that the tax is legally owed and that the full amount owed can be collected, but requiring payment in full would either create an economic hardship or would be unfair and inequitable because of exceptional circumstances.
Please visit www.irs.gov or call us for more details.