Offer in Compromise (OIC) is an IRS tax relief program that allows qualified taxpayers to settle their tax debt with the IRS for an amount that is less than the full amount owed. The IRS offers this program for people who cannot pay their tax debt in full, have exhausted all payment options available, and the IRS has doubt about whether the taxpayer could ever pay the full amount owed. The Offer in Compromise is also a good program if there is legitimate doubt that the liability is correct.
Not everyone qualifies for an Offer in Compromise program. For example, you don’t qualify for this program if you are in a bankruptcy proceeding. Furthermore, before you are considered for the program, you must be current with your federal tax filings, which means filing your delinquent or amended tax returns and be current with your estimated tax payments, if applicable.
An Offer in Compromise can only settle taxes that have been assessed, for example the federal income tax is assessed on April 15 or, if filing after the due date, on the day the return is received. If the taxes have not been assessed, they cannot be included into the Offer in Compromise. Certain taxes are due throughout the year, and they can be included into the Offer in Compromise. If you have further questions on which taxes can be included or need help with your back taxes, please contact one of the US Tax Shield tax resolution experts by calling 877-829-3535.
Keep in mind that an Offer in Compromise will not have any effect upon a tax lien. The lien will remain in effect until the IRS accepts the offer and the full amount of the offer is paid. However, an OIC will temporarily freeze tax levies while a valid offer is pending or, in case of rejection, for 30 days following rejection. However, if a tax levy is in place by the time the OIC had been submitted, the levy will not be automatically released.
In today’s complex tax environment, making a successful Offer in Compromise to the IRS requires research, diligence and follow-through, so it is highly advisable to seek help from a reputable tax resolution company. US Tax Shield has worked in this changing tax environment for many years, and we have established a record of more than 90% Offer in Compromise acceptance upon first submission.
Using our extensive experience and knowledge of IRS collection tactics, review processes and procedures, as well as the results of thousands of previous rulings and decisions on cases we have brought forward, our tax resolution professionals have been uncommonly successful in representing clients to negotiate for Offers in Compromise programs. US Tax Shield has even been successful with unpaid trust-fund payroll taxes.
If you qualify for this program, we may be able to help you save thousands of dollars in taxes, penalties and interest.
You Have a Right to Tax Representation
An Offer in Compromise is just one of the many tax relief solutions offered by US Tax Shield. If you have been contacted by the IRS or your State Department of Taxation, or have received tax liens, levies, wage garnishments, or notices of IRS intention to do so, let the experienced tax attorneys at US Tax Shield help you turn your situation around. Call 877-829-3535 today for your FREE 15 minute tax analysis and consultation.