The offer in compromise (OIC) option that the IRS provides for settling a tax debt should not be entered into without first giving it a great deal of thought and consideration. You should receive sound advice from a tax attorney that you can trust before you make agreement for an OIC to the IRS. Your special circumstances should be considered, and all of the other options should be weighed against the OIC. If you are thinking of entering into an offer in compromise agreement with the IRS, and wondering if it is a good idea for you, you should reach out to McCauley Tax Office, P.C. and let our tax specialists asses you situation first.
Settle your Tax Debt to the IRS
An offer in compromise is an agreement that you can apply for to settle your tax debts to the IRS. If you have tax liens filed against you, or you owe back taxes, then the IRS will settle your debt for less than the amount owed if you qualify for an OIC. The application and approval process can be daunting, and that is where we can help. You can trust our team to work hard for you to acquire an OIC if that is the choice that you have determined is best for you. We make sure that you know all of the facts and have considered all of the options before doing so.
Peace of Mind with an OIC
An OIC can give you peace of mind and help you in the long run with regards to your credit score once the OIC is complete and collections. You can rest easy knowing that there will not be any tax liens or seizures held against you and the IRS will stop making threats and notifying you of your tax debt. You will not experience wage garnishment or tax levies against you. While the OIC is in process of being approved the IRS will halt all collections against you while they investigate. If they accept your OIC then you can put the debt behind, you once you have paid the amount that you agree upon.
How the IRS Determines the amount of Taxes you will need to pay in the OIC
Learn more about how the IRS determines the amount of taxes that you will have to pay towards your tax debt for an offer in compromise. They look at your reasonable collection potential and pay close attention to your assets, and future expected income minus your living expenses.
If you already attempted to go through the OIC approval process and been rejected by the IRS, you can still appeal the decision 30 days of the date on your rejection notice. We can handle the deals for you and work with the IRS to come up with a best case solution for everyone.
At McCauley Law Offices, P.C., our lawyers will find a solution to your tax problems, no matter how complex your IRS issue is. View our services and contact us (or call 610-388-4474) to schedule a free consultation with one of our tax attorneys. View and purchase Gregory McCauley’s published work “TAXJAMS: Simple Solutions” on Amazon. From our office in Chester County, Pennsylvania, we find tax solutions for clients throughout the country.