An Offer in Compromise (OIC) is an agreement between the IRS and taxpayers that allows those who qualify to settle their IRS debt for less than what’s owed. An OIC is part of the IRS’ Fresh Start Initiative which is designed to help taxpayers facing financial hardship settle their IRS issues, thus giving them a “fresh start.”
Is it Right for You?
Before applying for an OIC, you must first determine if you meet the criteria to be a candidate. Some of the requirements to be eligible for an Offer in Compromise include the following:
- All personal tax returns are filed
- All business tax returns are filed, if applicable.
- Ensure you have sufficient payroll withholding or are current with your quarterly estimated tax payments if you are self-employed.
- If you operate a business with employees, ensure you are compliant with your federal tax deposits.
- You must demonstrate the inability to pay back what is owed through a detailed financial analysis.
How We Help
Helping taxpayers with Offer in Compromise cases is one of our core competencies. Nick and his team of experienced financial analysts, case managers, enrolled agents and CPAs have years of experience dealing with offers in compromise. Rest assured, The Law Offices of Nick Nemeth will leave no stone unturned when developing a plan to resolve a taxpayers’ IRS problems, and if there is any way possible to qualify for an OIC, we will find it!
Contact Us for a Free Consultation
If you have any questions or need help filing an Offer in Compromise in Dallas, Fort Worth, Houston or anywhere else in Texas, get in touch with Tax Attorney Nick Nemeth for a free no-obligation consultation. To reach us, call 972-635-4098 or fill out our Free Case Evaluation Form.