IRS Offers in Compromise with The Law Offices of Nick Nemeth
  • March 11, 2019
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Many taxpayers face certain situations or circumstances wherein they are unable to pay off their tax debts. In such cases, the IRS has a number of tax debt relief options. One such option is an Offer in Compromise (OIC), which is an agreement between a taxpayer and the IRS that allows the taxpayer to settle any tax liabilities for an amount lesser than the actual unpaid amount. If you owe a large sum of money to the IRS and do not have the means to pay the amount in full, you can always request an Offer in Compromise to settle your tax debt. To help, in this blog post, we present five tips to follow when applying for IRS Offer in Compromise.

1. File Your Tax Returns Regularly

The most important condition the IRS expects every taxpayer to follow is to regularly file their tax return. It is essential for taxpayers to file their taxes, on time, for the next 5 years to be eligible to apply for an OIC. If taxpayers fail to do so, the IRS has the authority to revoke the OIC and reinstate the tax debt. It is, therefore, essential to file your tax returns regularly.

2. Check Your Eligibility

Before you go ahead and apply for an OIC, it is essential to check the eligibility criteria. Taxpayers with too much equity, any open bankruptcy, or any other disposable assets may not be eligible to apply for an OIC.  It is, therefore, important to consult an IRS tax lawyer who can help you determine your eligibility for an OIC.

3. Have a Just Cause

The most important aspect an IRS offers in compromise application is the reason that prevented you from paying the tax debt in full. It is essential to be honest in your application and give a just cause. In addition, you are also required to give adequate proof to support your claim. A few good reasons wherein your OIC may be accepted include substance abuse issues, disability, and serious health issues.

4. Make Timely Payments

After your OIC application is accepted, it is essential to pay all the installments on time. Defaulting on your payments may result in high penalties or, in some cases, the IRS may choose to revoke the offers in compromise deal. Keep a reminder on your phone and never miss any payment.

5. Seek Professional Help

Although you can use the DIY route to apply for an IRS offers in compromise, it is advisable to seek professional help and let an IRS tax expert take control. IRS tax lawyers can not only help you with some great IRS Offer in Compromise tips, but will also guide you throughout the process, saving you from various hassles and confusions.

Wrap Up

Whether filing for an Offer in Compromise or appealing to a rejected offer, it is advisable to seek the help of an IRS tax attorney who can guide you in the right direction. We, at the Law Offices of Nick Nemeth, have a team of experienced IRS tax lawyers who practice exclusively in dealing with all sorts of IRS tax related issues and provisions, including IRS Offers in Compromise. For a confidential, no-obligation consultation, simply call (972) 426-2553 or fill out our contact form and we will get back to you, shortly.

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What Our Clients Have to Say

Susan WilsonSusan Wilson
03:27 25 Jan 23
I have been very pleased with the solid counsel and guidance that Nick Nemeth has provided me regarding my tax issue. I found him to be honest and straightforward which I appreciated. I was impressed with his relevant experience and knowledge . He has definitely brought me peace of mind during a difficult and stressful time.
Sarah HowardSarah Howard
03:44 14 Nov 22
I would like to thank Mr. Nick and his staff for the superb help that I received from them. My IRS problem was resolved quickly and efficiently. It took 2 visits to convince me that I was over my head. I thought that I could call the IRS, appeal my tax notices and settle on a payment plan on my own. After many phone calls to the IRS, waiting sometimes more than 4 hours with no resolution to speak of, it proved to be extremely difficult and stressful. Revisiting Mr. Nick was a huge wake up call. My account was reviewed, and a payment plan was established with the IRS within a week. I will be forever grateful to the staff who worked on my case and especially to Lorna who listened to me vent while going through this painful process.
00:33 07 Aug 22
I cannot say enough good things about Nick and his team. When I first met with Nick he was up front, honest, friendly and efficient. When I worked with one of his attorneys, Eric B, I was just as pleased. All of the staff there are nice and very helpful. I wish I hadn't waited so long to get help with my issue. Over 6yrs I tried getting through and getting anywhere with the IRS and hardly made any progress. I know this may not be the case for all, and even I thought it would take longer than it did, but 3mos and they had my situation straightened out. I still can't believe it. Thank you thank you THANK YOU for all that you did for me. This is a huge burden gone out of my life now thanks to you. If anyone needs help out there, I know you may not want to shell out more money to get their help but it may just save you in the long run.
Spoilly GirlSpoilly Girl
23:49 03 Aug 22
The Nemeth Law team is exceptional. They treat their clients like a family member who is in crisis. They want you to get the best possible outcome. I really appreciate everything that they did for me. Jake and Ashley had the greatest role in my case and it all turned out for the best for me. Thank you Nick and team for easing my fears and getting me through the long process. I'm truly grateful.
Eddie WaltEddie Walt
19:44 12 Jul 22
During a time in which competent, professional service at a fair price seems to have disappeared, Mr. Nemeth and his team are a refreshing breath of fresh air.From my first phone call to the final settlement of our case with a non-responsive IRS, they under-promised, over-delivered and were in constant courteous contact to make sure we knew exactly what was happening and where we stood.I hope to never need their services again, but, should I receive another friendly letter from the IRS...I know who to call!
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