Offer In Compromise
An Offer in Compromise is an arangement between the taxpayer and the Internal Revenue Service that clears up the taxpayer’s debt for less than what is owed . The IRS does have the power to “compromise” or settle tax liabilities ( within specific financial caeses). The most common situation is when it is not probably the taxpayer will have the power to repay the debt, and the amount offered indicates the amount that the taxpayer can possibly repay.
Here is how to get your Offer in Compromise accepted :
The basic requirements for an IRS Offer in Compromise are mathmatic in nature. To be eligible for an Tax Offer In Compromise, ones tax debts must exceed the book value ( fair market value ) of your assets and available surplus income for a certain period of time . The accessable surplus money earned is based on set accepted amounts rather than actual situations .
The vast majority of all OIC petitions are denied , contrary to what is said by the TV infomerical ads. A CPA could tell if you qualify for the minimum requirements for an Offer In Compromise (OIC) quickly , and at moderate cost .
If you don’t make the cut for an Offer In Compromise (OIC) , you will probably be able to set up an installment plan with the Internal Revenue Service.
In our opinion , the Offer in Compromise plan is one of the choicest tax resolution tools accessable to taxpayers. Current tax legislation las provided fresh hope to taxpayers who were rejected by the old Offer In Compromise (OIC) legislation.
