Tag: offer in compromise

5 IRS Debt Relief Provisions That Offer Solace To Financially-Distressed Taxpayers

IRS Debt Relief With Nick Nemeth

Paying off the IRS tax debt can be stressful, especially when you are going through financial hardship. Though there is no easy escape from paying off the outstanding amount owed to the government, there are certain debt relief provisions that enable liable taxpayers to pay off their taxes easily and in a lesser amount. If you are concerned about your outstanding tax debt, this post outlines five common IRS debt relief provisions. Read on. 1. Offer in Compromise (OIC) An offer in compromise is an agreement between taxpayers and the IRS that allows eligible taxpayers settle their tax debt for

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7 Most Frequently Asked Questions on Offer in Compromise

Questions on Offer in Compromise with Nick Nemeth

An Offer in Compromise (OIC) is one of the tax settlement methods offered by the IRS to its taxpayers, to help them settle their taxes for less than what they actually owe. The IRS, however, accepts an OIC only when it is fully convinced that the defaulter cannot pay the due taxes in full, not even through a relaxed deferred tax payment plan. Understanding OIC and its intricacies is not easy for a common man, and therefore, most taxpayers have several questions to ask. In this post, we discuss some of the most frequently asked questions and their answers. Let’s

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Step-By-Step Guide to Filing for IRS Offer in Compromise

IRS Offer in Compromise by Law Offices of Nick Nemeth

According to a latest estimate from the IRS, the government loses around $458 billion dollars in unpaid taxes every year. Many delinquent taxpayers who owe the IRS huge amounts in unpaid taxes, whether individuals or corporations, are not always in a sound financial condition. Apart from using tax enforcement efforts such as audits to recover the money, the IRS also helps delinquent taxpayers mitigate financial hardships through programs such as the Offer in Compromise. The IRS Offer in Compromise is basically an agreement between the taxpayer and IRS to settle outstanding debts in exchange for an amount that is lower

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