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Offer in Compromise – Moore OK

What Is An Offer In Compromise (OIC)?

An offer in compromise (offer) in Moore OK is an agreement between you (the taxpayer) and the IRS that settles a tax debt for less than the total owed. This applies to all taxes, consisting of any interest, penalties, or extra amounts arising under the Internal Revenue Code.

An offer in compromise enables you to settle your tax debt for less than the total you owe. It offers eligible taxpayers with a course towards paying off their tax debt and getting a “fresh start.” The ultimate goal is a compromise that suits the very best interest of both the taxpayer and the IRS. To be thought about, typically you must make a suitable deal based upon what the IRS considers your true ability to pay. It might be a legitimate alternative if you can’t pay your complete tax liability, or doing so creates a financial difficulty.

A common misconception or understanding thanks to advertisements 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 certainly obtain a lower settlement of your tax debt, these ads provide an inaccurate perception that the majority of offers are proper which many deals will be accepted (even unsuitable deals).

The IRS considers your special set of facts and scenarios. So it is very important that you have representation from an experienced tax expert, such as The Tax Attorney Network, so that your interests are protected and that a proper deal is made based on your:

Capability to pay;
Income;
Costs; and
Possession equity.

The OIC application requires you to explain your monetary circumstance in information, so prior to you continue you need to want to make a full and complete disclosure in the above areas.

Eligibility For An Offer In Compromise in Moore Oklahoma

Before the IRS will consider your deal, you need to: (1) submit all tax returns you are legally required to submit, (2) make all needed approximated tax payments for the existing year, and (3) make all needed federal tax deposits for the present quarter if you are an entrepreneur with employees. In addition, you are not eligible if you are in an open personal bankruptcy proceeding.

The OIC program is an option for taxpayers who are not able to pay their tax quantities in a swelling amount or through an installment arrangement and have tired their search for other payment arrangements. To get approved for the OIC program, taxpayers must be able to demonstrate and prove that their tax quantity can not be settled under either a lump sum or installment arrangement for starters.

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

The IRS may lawfully compromise a tax liability for one of the following reasons:

Doubt As To Liability: There is doubt regarding whether or not the evaluated tax is proper.
Doubt As To Collectability: There is doubt that you might ever pay the full amount of the tax owed. In these cases, the overall amount you owe need to be higher than the sum of your properties and future earnings.
Promote Effective Tax Administration: There is no doubt that the examined tax is proper and no doubt that the quantity owed might be gathered, but you have a financial difficulty or other special scenarios which might enable the IRS to accept less than the balance due.
Lump Sum Cash: Must be paid within 5 or less installations within 5 or less months from notice of approval.
Short-term Periodic Payment: Must be paid within 24 months (2 years) from the date the IRS gets the OIC.

Typically, the IRS will not accept a deal if you can pay your tax debt completely through an installment arrangement or a swelling amount.

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

Contact the Tax Attorney Network in Moore OK Today at (855) 980-7563

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Map of Moore OK

Some Other Cities in Oklahoma That You Might Be Interested In:

  • Tax Lawyer Oklahoma City OK
  • Tax Lawyer Tulsa OK
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