How Much Will the IRS Settle For? A Guide to Offer in Compromise


by Andrea Miller on March 06, 2019  0 Comment

How Much Will the IRS Settle For? A Guide to Offer in Compromise
Key Points: The IRS may settle your tax debt for less than you owe. This is called an offer in compromise. Your offer must consist of the highest amount the IRS can reasonably expect to collect from you over the next ten years. Applying for an offer in compromise requires documentation of your assets, income, and expenses. Tax settlement is a possibility if you owe more than you can afford to pay in back taxes. The IRS will consider whether paying your taxes would create a financial hardship by reviewing documentation about the value of your assets, your income and projected future income, expenses, and ability to pay. Your offer will be accepted if it represents your reasonable collection potential (RCP). ...

A Guide to Getting An Offer In Compromise Accepted


by Megan Ferrantino on February 22, 2019  0 Comment

A Guide to Getting An Offer In Compromise Accepted
Key Points: If you feel overwhelmed by tax debt, you can take steps to reduce your stress regarding your outstanding tax balance. An offer in compromise (OIC) is a beneficial strategy for tax relief. It requires a lengthy inquiry, extensive documentation, and IRS approval. Our Solvable team can help you contact tax professionals who can guide you through the offer in compromise application process. An offer in compromise can provide taxpayers with peace of mind and some relief from their tax concerns. Ultimately, the IRS has the final say as to whether your compromise will be accepted or rejected, but you can take several steps to ensure your application is complete and increase the chances of your OIC being accepted. ...

What to Expect: An Offer in Compromise


by Alexandra Tapp on January 29, 2019  0 Comment

What to Expect: An Offer in Compromise
Key Points: You might be able to have your tax debt reduced by applying for an offer in compromise. If you qualify for an offer in compromise, you must fill out and submit the appropriate forms and documents, plus the applicable fees. The IRS will notify you via letter whether your offer has been accepted or rejected and outline the necessary next steps.   If you're struggling to pay the full amount of taxes you owe to the Internal Revenue Service (IRS), you might be able to "offer" to pay a lower sum. Eligible individuals can do so through an offer in compromise. Making this offer involves submitting the necessary forms and paperwork, then waiting for the IRS to either ...

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