Tag: irs offer in compromise tips

5 Tips for Filing an IRS Offer in Compromise

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Offer in Compromise, or OIC, is a provision initiated by the Internal Revenue Service to help taxpayers who are unable to clear their tax debts. If an OIC is approved, the IRS agrees to settle the debt for an amount less than the actual debt. To decide the qualification of an OIC application, the IRS looks at the taxpayer’s circumstances, income, property, ability to pay, expenses, assets, and various other dynamics. Continuing on the subject, in this blog post, we present five tips for filing an IRS Offer in Compromise. Read on. 1. File Tax Returns The IRS puts taxpayer

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Filing an IRS Offer in Compromise? Read This First!

Filing an IRS Offer in Compromise - Contact The Law Offices of Nick Nemeth

Nobody can escape taxes, but what if you are broke and can’t pay the whole amount? To deal with such situations, the IRS provides you with the option of requesting an Offer in Compromise (OIC) that allows taxpayers to dissolve their tax liability for an amount lower than the actual amount owed to the IRS. To request an OIC, applicants need to fill either Form 433-A (for individuals), 433-B (for businesses), or Form 656(s) (for corporation, LLC, and partnership). However, there are certain things you need to know when filing an IRS Offers in Compromise, which we will present in

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How to Make an Offer in Compromise to Settle a Tax Debt

IRS Offers in Compromise with The Law Offices of Nick Nemeth

As every citizen of the U.S. knows, it’s always wise to be well prepared when dealing with the Internal Revenue Service (IRS). Whether your issue is simply filling your taxes on time or something more involved, like setting up a payment plan for taxes owed, you should always educate yourself as much as possible about the system and how it works. With the tax code  so massive and complex it can be impossible for the average person to resolve more serious problems with the federal agency on their own. Individuals who are unable to pay their IRS tax debt may

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5 Tips to Follow when Requesting an IRS Offer in Compromise

IRS Offers in Compromise with The Law Offices of Nick Nemeth

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

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Want to Settle Your IRS Tax Debt? An Offer in Compromise Can be a Way Out

If financial constraints have been preventing you from settling your tax liabilities, an Offer in Compromise can be a way out of the problem. An Offer in Compromise is an agreement between a taxpayer and the IRS, allowing for a settlement of debt for an amount less than the actual debt. If a taxpayer is financially capable of paying their debt in full, they are not eligible to file an OIC. It is also important to know that there is no legal right to get a waiver on your tax liabilities, and that it is at the sole discretion of

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IRS Offer in Compromise: A Ray of Hope for Tax Defaulters

IRS Offers in Compromise with The Law Offices of Nick Nemeth

Offer in Compromise, or OIC for short, is an agreement between the IRS and a taxpayer that allows the taxpayer to settle their tax liabilities for an amount less than the actual unpaid amount. It is, however, worth mentioning that taxpayers who are financially capable of paying their tax liability in full are ineligible for an OIC. If you owe a hefty amount to the IRS and are looking for relief, it is advisable to apply for an Offer in Compromise. To help you gain insight into the provision, in this blog post, we cover all you need to know

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7 IRS Offer In Compromise Tips You Must Follow to Avoid Rejection

IRS offer in compromise with Nick Nemeth

IRS offer in compromise is  a great opportunity for taxpayers to start afresh as it helps them get rid of their tax debt. The idea is to give taxpayers some sort of relief if they owe any taxes, interests or penalties that they cannot pay off because of lack of income or assets. However, when applying to the IRS for an Offer In Compromise (OIC) you got to avoid some pitfalls that might lead to rejection. Having said that, in this blog post we discuss 7 IRS Offer In Compromise tips that you must follow to avoid rejection. 1. Do

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