WHAT IS AN IRS OFFER IN COMPROMISE?
The Offer-in-Compromise can be a life-saving form of tax relief for those who truly need it. On average people who settle their debt using an Offer-in-Compromise end up paying less than 20% of the actual amount they owed to the IRS.
Approved by Congress to aid financially struggling taxpayers, an IRS settlement through the Offer in Compromise (OIC) program can be the ideal tax debt solution for resolving your tax problem as it can result in significant savings.
In some cases, your financial situation may make it nearly impossible for you to pay off all your IRS tax debt, even when utilizing tax relief over the long term via an installment plan. In such situations, the IRS may be willing to accept an Offer in Compromise and significantly lower your IRS tax debt.
Here is how an IRS Offer in Compromise works:
- Through the work of our IRS Tax Attorneys, the IRS acknowledges that there is no feasible way to pay off all your tax debt. This means that you do not have enough income to pay off your tax debt and do not have enough valuable assets that the IRS could seize.
- Using the IRS guidelines for an Offer in Compromise, you offer to pay the IRS the maximum amount that you can afford even though that amount may fall far short of the actual tax debt
- If the IRS accepts that the amount of your Offer in Compromise, the IRS will agree to compromise, settle and essentially lower your tax debt to match the amount you can pay
- Once you have finished paying the agreed upon amount, your tax debt is considered “paid in full.” This is true even if the agreed-upon Offer in Compromise is only a small percentage of what you originally owed
95% OF FLAT FEE TAX SERVICE, INC.’S CLIENTS HAVE RECEIVED AN IRS SETTLEMENT.
PER 2016 IRS STATISTICS: 42% OF THE OFFER IN COMPROMISE SUBMISSIONS
WERE APPROVED BY THE IRS.
WE LOVE OUR IRS SETTLEMENT RESULTS.
Getting Help with Offer In Compromise
Yes, a taxpayer can submit their own Offer in Compromise. Our team doesn’t recommend it if you are serious. To have a better chance of approval of your Offer in Compromise, one should utilize the assistance of an experienced IRS Tax Attorney for this complex process. The highly qualified, trained and experienced team at Flat Fee Tax Service, Inc. will work very hard to see if this is the best solution for your IRS tax debt.
To be eligible for an Offer in Compromise our IRS Tax Attorneys must demonstrate to the IRS that collection of the tax would create an economic hardship or would be unfair and inequitable.
For the best chances in successfully negotiating an Offer in Compromise, you’ll want an experienced professional with a successful track record on your side. Flat Fee Tax Service, Inc.’s expert IRS Tax Attorneys are highly experienced in preparing, submitting and settling these tax debt cases. By calling one of our Tax Relief Consultants, we will answer any questions you may have and provide you with a better assessment of your options.
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