Offers in Compromise (OICs): A Potential Solution for Settling Tax Debts

Offers in Compromise (OICs) allow taxpayers to negotiate with the IRS to settle income tax debts for less than the full amount owed. The process, based on the legal right in the Internal Revenue Code Section 7122. Recent data shows that four in ten debtors successfully negotiated OICs with the IRS, marking the highest acceptance rate in years. This option can provide relief for some taxpayers struggling with their income tax bills.

Understanding Grounds for Making an Offer in Compromise (OIC)

To qualify for an Offer in Compromise (OIC), taxpayers must meet one of three specific grounds: 1) doubt as to collectibility, 2) effective tax administration, or 3) doubt as to liability. Most OICs are granted on the basis of doubt as to collectibility. Before proceeding, taxpayers should take the pre-qualifier test on the IRS website to determine eligibility. Submitting an OIC requires disclosing personal information and providing financial documentation through IRS Form 656 Booklet, Offer in Compromise. 

Settle Your Tax Debts with Confidence: Choose Our Experienced Law Firm for Your Offer in Compromise

Are you struggling with overwhelming tax debts and seeking a fresh start? Look no further! Our law firm specializes in Offers in Compromise (OICs), with a proven track record of helping clients significantly reduce their income tax bills. Why choose us? 

• Tremendous experience: Our team of skilled tax attorneys has extensive knowledge and expertise in navigating the complex OIC process. We know what it takes to achieve a successful outcome.
• High success rate: We pride ourselves on our impressive success rate in negotiating OICs, allowing our clients to settle their tax debts for a fraction of the amount owed.
• Personalized approach: We understand that every case is unique. Our dedicated attorneys work closely with you to develop a tailored strategy to maximize your chances of a favorable outcome.

Don't let tax debts hold you back any longer. Take advantage of our free initial consultation and let our experienced team help you find the financial relief you deserve. Contact us today and embark on the path to a brighter financial future!

Published by Salar Tavangar, Esq.