Tax Resolution and How the Offer-In-Compromise Can Help You
The Offer-In-Compromise (OIC) is a program used by the IRS and many states to assist a struggling taxpayer with tax debt settlement. The program allows qualified individuals with unpaid tax debt the ability to resolve their tax debt for a fraction of the amount owed. This program takes into account what you are able to payback now, not what you owe. While what you owe does play a role in the process, how much you are currently able to pay plays a much greater role.
How to qualify for the Offer-In-Compromise to Settle Back Tax Debt
The IRS and many states use this program to allow a taxpayer a fresh-start. The IRS and states have forms and formulas that you must use to determine your eligibility for this program. These forms and formulas will help you determine the lowest offer amount the IRS or state will accept. There are always exceptions to the rules and a taxpayer may be able to have a lower amount accepted, but the majority of the individuals attempting tax resolution will need to pay the minimum amount or more if approved for this program.
It’s not the end of the world if you don’t qualify for an Offer-In-Compromise
There are other programs that can offer you the much needed relief that you are looking for because the reality is that only a small percentage of taxpayers qualify for the Offer-In-Compromise. What do the rest of us do? Many times taxpayers can find the relief they are looking from an Installment Agreement (IA). This is a program that allows you to pay back all or a portion of your tax debt through a monthly payment plan. The Installment Agreement will also allow you to resolve your tax debt for less than the full amount. Just like the Offer-In-Compromise, you will need to qualify for a reduced repayment.Read more about how an Installment Agreement can help you resolve your tax debt for the least amount.
You don’t need to pay thousands to have an industry expert help you - you can do this all on your own with a little help from us. Want to apply for an Offer-In-Compromise but not sure if you qualify? Let us guide your through your resolution. No matter which program you are eligible for, we will help you resolve your taxes for the least amount possible.
To discover how to prepare to settle your delinquent tax debt for the least amount, visit us at www.TheTaxSettlementGroup.com or call 877-801-9166. We can show you the way to protect your assets and how to arrange to resolve your tax debt for the least amount possible.
