A Beginners Guide To

All You Should Know about the IRS Offer-in-Compromise for Settlements of Owed Taxes

Someone must have already hinted to you the idea of the offer-in-compromise plans if at all you are a tax payer who happens to be facing some financial difficulties as such making it difficult for you to pay your taxes as owed to the IRS. By and large, the OIC program allows you as a taxpayer to pay your tax debt for less than what is actually due from you to the authorities. This is an open option that you may want to consider in the event that you are not in a position to pay what you owe or where paying it all will result in monetary privation. By and large, this is a program that has been so helpful for taxpayers who are facing such financial difficulties sort out their issues with the IRS and get back to compliance.
One thing that you should know of as you think of making an application for an offer-in-compromise settlement is that the IRS will approve an application for the program if at all the amount offered by the applicant is one that they expect to collect within a reasonable period of time. It would be wise of you to first take a look at all the other available clearance procedures before you finally make an application for an OIC admission.

We must acknowledge this fact going forward that in as much as the OIC program is open to taxpayers with such a tax burden, it is not just meant for anyone. Talk to your tax consultant for you to know if at all the OIC program will be the best way out for you to settling your tax debt or better still advise you on the best way forward. If at all you are going to hire a tax professional for this, then you should be very careful with the one you choose and ensure that they are duly qualified. Hereunder is a look at some of the basics you should be aware of as you think of going for an OIC application for your need to get clean with the IRS.

The first thing that you are to do as you consider the offer-in-compromise plans for your needs is to make sure that you are qualified. Talking of qualification, you need to know of some of the things that the IRS looks at. As it often is, an applicant may end up making some little blunders as they submit their application for the OIC which may cost them their application. These are such cases like where you make an application for these programs and fail to furnish your tax returns and or fail to indicate what payments you are to make. For those who may be in an open insolvency case, then stand aware that this technically disqualifies you.

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