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Offer in Compromise – Casa Grande AZ

What Is An Offer In Compromise (OIC)?

An offer in compromise (offer) in Casa Grande AZ is a contract in between you (the taxpayer) and the IRS that settles a tax debt for less than the full amount owed. This uses to all taxes, consisting of any interest, penalties, or extra quantities emerging under the Internal Revenue Code.

An offer in compromise enables you to settle your tax debt for less than the full amount you owe. It offers eligible taxpayers with a path toward paying off their tax debt and getting a “fresh start.” The ultimate goal is a compromise that fits the best interest of both the taxpayer and the IRS. To be considered, generally you should make an appropriate deal based upon what the IRS considers your true ability to pay. It may be a legitimate alternative if you can’t pay your full tax liability, or doing so creates a monetary hardship.

A typical myth or understanding thanks to ads is the impression that taxpayers can easily settle their tax liability “for cents on the dollar” through the offer in compromise program. While you can definitely acquire a lower settlement of your tax debt, these ads offer an inaccurate perception that many deals are appropriate and that a lot of deals will be accepted (even improper offers).

The IRS considers your special set of truths and situations. So it is very important that you have representation from a skilled tax professional, such as The Tax Attorney Network, so that your interests are secured which an appropriate offer is made based upon your:

Ability to pay;
Earnings;
Costs; and
Property equity.

The OIC application requires you to explain your financial scenario in information, so before you proceed you should be willing to make a full and complete disclosure in the above areas.

Are You Eligible For An Offer In Compromise in Casa Grande Arizona

Before the IRS will consider your deal, you must: (1) file all income tax return you are lawfully required to file, (2) make all required estimated tax payments for the current year, and (3) make all required federal tax deposits for the present quarter if you are an entrepreneur with staff members. In addition, you are not eligible if you remain in an open insolvency case.

The OIC program is an alternative for taxpayers who are unable to pay their tax quantities in a lump amount or through an installment contract and have actually exhausted their search for other payment plans. To qualify for the OIC program, taxpayers must have the ability to demonstrate and prove that their tax amount can not be settled under either a swelling sum or installment arrangement for beginners.

All other payment choices must be thought about prior to sending an offer in compromise. The Offer in Compromise program is not for everybody.

The IRS might legally compromise a tax liability for one of the following factors:

Doubt As To Liability: There is doubt regarding whether the examined tax is proper.
Doubt As To Collectability: There is doubt that you could ever pay the full amount of the tax owed. In these cases, the overall quantity you owe must be higher than the amount of your assets and future earnings.
Promote Effective Tax Administration: There is no doubt that the evaluated tax is appropriate and no doubt that the amount owed might be collected, however you have an economic challenge or other special situations which might enable the IRS to accept less than the balance due.
Lump Sum Cash: Must be paid within 5 or less installments within 5 or less months from notice of acceptance.
Short-term Periodic Payment: Must be paid within 24 months (2 years) from the date the IRS gets the OIC.

Typically, the IRS will decline an offer if you can pay your tax debt completely through an installment contract or a swelling sum.

It is very important to keep in mind that penalties and interest will continue to accumulate throughout the offer examination procedure.

Contact the Tax Attorney Network in Casa Grande AZ Today at (855) 980-7563

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