An offer in compromise (OIC) is an agreement between the IRS and taxpayers that allows eligible taxpayers, with unsettled tax dues, to pay off their dues for an amount less than the outstanding amount. It is a part of IRS’s ‘fresh start initiative’ that aims at helping taxpayers with financial hardship to settle their outstanding dues, giving them an opportunity to a “fresh start.”
Is it Right for You?
Whether the IRS will offer you an OIC is secondary. First you need to determine if you fulfill the eligibility requirements for obtaining an OIC. To be eligible for an offer in compromise you must
- Have a bill of the tax debt included in your application
- File all your tax returns
- Pay all your estimated taxes for the present year
- If you own a business and have employees working for it, make the federal tax payments required for the present quarter.
How We Help
Dealing in Offer in Compromise (OIC) cases is one of our core competencies. Nick and his team of experienced Financial Analysts, Case Managers, EA and CPA have proven expertise in dealing with several issues involving IRS tax law intricacies. OIC is one such issue that our team of consultants have successfully handled in the past. Rest assured, you are in safe hands, as Nick and his team will closely work with you to understand the requirements and the dynamics at play, and help you get the OIC approval from the IRS.
Contact Us for a Free Consultation
If you have any questions or need help filing an ‘Offer in Compromise’ application in Dallas, Fort Worth, Houston TX and nearby areas, get in touch with Attorney Nick Nemeth for a free no-obligation consultation. To reach us, call at 972-627-4580 or fill out our contact form, and we will take it up from there.