When dealing with the IRS, you shouldn’t have to go it alone, but finding a company that can help you with your tax issues can be a daunting task. Here at Solvable, we have already vetted many companies capable of handling the financial problems you may be facing.
We have full confidence that our services will help you choose a company dedicated to finding solutions that fit with your circumstances. Negotiating with the IRS is difficult, but success can be achieved by gaining knowledge about your situation and by obtaining the right guidance.
Tax troubles can be intimidating, especially if you are facing those troubles alone. When you find yourself in a situation that requires you to apply for an OIC, you should take the following steps:
The IRS has guidelines it will follow when examining your OIC. Understanding these guidelines will further improve your chances that the IRS will accept and process your OIC. These IRS guidelines are as follows:
IRS allowances for expenses are as follows. Keep in mind that the amounts shown are estimates and may vary by location:
Other allowable expenses include the following:
The following expenses are not allowed in an OIC:
IRS guidelines are strictly maintained but can sometimes be negotiated for special circumstances. The amount of income you receive is not as substantial as how that income is allocated, and this can work against you when trying to pay a debt back to the IRS.
Even after you have a reasonable understanding of the OIC guidelines that the IRS follows, it might be best not to file for an OIC, depending on your circumstances. For instance, filing for an OIC may not be a good option in the following situations:
When endeavoring to accomplish anything in life, it helps to see success stories from others who have gone through the same thing. This applies to experiences with the IRS as well; seeing that others have faced this challenging circumstance and made it through can inspire us to persevere. Several companies post Offer in Comprise success stories on their respective websites.
Here are a few examples of OIC success stories where the IRS accepted the taxpayer’s OIC:
The people these numbers represent were just a few of those who have had success with an OIC. Each of these cases is different in its details, but all ended with the IRS accepting an OIC. Also, keep in mind that these individuals enlisted the help of professionals.
Other examples of the IRS accepting OICs include the following:
The best way to deal with the IRS is to avoid having an issue to begin with, but life happens, and we all have the potential to make costly mistakes with our finances. You may find that, in some cases, you can handle this type of trouble on your own, but we strongly recommend that you seek professional assistance when resolving problems with the IRS. Most companies specializing in this field offer a free consultation, so you have nothing to lose other than a little time to discuss your IRS troubles and possible solutions.
Getting an OIC accepted comes with lots of hard work and determination both on your part and from any professional help you may have enlisted. Don’t lose heart; Solvable has enabled many success stories through our database of experienced tax professionals. Know that success is possible.