Settle Back Taxes
The IRS Offer in Compromise (OIC) program is one of the best tax resolution tools available to taxpayers. The program allows taxpayers to settle their taxes for less, or often much less than they owe (or what the government claims they owe). Recent tax legislation has given new hope to taxpayers disqualified by the old OIC procedures.
Our attorneys have extensive expertise in planning, preparing, negotiating, and even appealing rejections of the compromise.
Tax helpers know and carefully navigate every critical regulation of the OIC. We also have a good relationship with many specialists working for the IRS and California agencies.
For an Offer in Compromise to be accepted, the taxpayer must establish to the satisfaction of the IRS that the taxpayer either: has no means of paying the tax or does not owe the tax.
The IRS will accept an Offer when it is unlikely that the tax liability can be collected in full and the amount of the Offer in the Compromise reasonably reflects collection potential. This program is a legitimate alternative to declaring a case as currently not collectible or to a protracted installment agreement. The goal is to collect what is potentially collectible at the earliest possible time and the least cost to the government.
It Is Not an Amnesty!
The IRS can settle or compromise federal tax liabilities by accepting less than the full amount under certain circumstances. One of the following factors must be established for the IRS to accept an Offer and settle the liability:
- The taxpayer cannot pay off the liability;
- There is doubt that the taxpayer owes the liability;
- The settlement would promote effective tax administration.
The IRS is not the only agency with an OIC program. Tax Helpers also help taxpayers settle delinquent taxes owed to California taxing agencies such as The Franchise Tax Board, EDD, and the State Board of Equalization.
Call today to see how we can help you settle your back taxes with the Offer In Compromise (OIC) Program!