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If you watch cable television or listen to your car radio, you have all heard the commercials whereby some company promises to settle your delinquent federal taxes for "pennies on the dollar." But here is what those commercials do not tell you about the Offer in Compromise (OIC) program.
An OIC is an IRS settlement program available should you meet certain qualifications. It is possible for a taxpayer to settle their tax debt for "pennies on the dollar." Not everyone can qualify for this IRS settlement program and it takes fortitude and diligence to be successful. So here are the basics.
First of all, you must be what the IRS calls "compliant." The previous 6 years of tax returns must be filed.
It will be necessary for you to make complete financial disclosure to the IRS on all of your assets, income, and expenses. As an example, if you own a house you must disclose the fair market value of the house along with the mortgage balance. You will also have to disclose any checking or savings accounts that you may have and must give the IRS not one, not two but three months' worth of bank statements.
The IRS will also want to know if you have any assets that can be turned into cash such as brokerage accounts, mutual funds, or stocks. You will also have to disclose any vehicles that you own and whether or not you have any auto loans. When it comes to vehicles the IRS Examiner will check the records of the Department of Motor Vehicles. Don't be afraid to disclose all your vehicles, even the very old ones. The IRS gives taxpayers an auto allowance for both car payments and upkeep of the auto.
After you have disclosed all of your assets, you must report all of your income. This includes income from a W-2 job, self-employment income, unemployment income, disability income, or any interest or dividend income from investments.
After disclosing all of your assets and income, you then detail all of your expenses. So you will disclose your mortgage or rent payments, utilities, auto expenses for gas or insurance, and medical expenses either out of pocket or for health insurance. You will also list any other taxes you are currently paying to a state or local city. Finally, if you are making any child support payments or you have credit cards and are making the minimum monthly payments, then these expenses would also be listed.
The above information is a "Cliff Notes" version of an OIC. There is much more to it. Our recommendation is that an experienced tax practitioner prepares your Offer in Compromise. The number 1 reason for an OIC rejection is "the DIY" Offer in Compromise. "DIY" is an acronym for "DO IT YOURSELF."
The IRS Attorneys at Flat Fee Tax Relief have a
96% Offer in Compromise approval rate.
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