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IS AN OFFER IN COMPROMISE FOR YOU? | TAX ATTORNEY

Updated: Nov 11

FLAT FEE TAX RELIEF

WHAT IS THE OFFER IN COMPROMISE PROGRAM ALL ABOUT?

Due to Covid-19 state lockdowns depression level unemployment and record small business closures have made paying the bills difficult for millions of Americans. For many of those, that means the inability to pay income taxes. If you owe money to the IRS and can ill afford to pay in full, an Offer in Compromise (OIC) may be your best tax relief option. An OIC is a Tax Relief Program that can settle a tax liability from any year where a tax return was filed but payment remains in arrears. Late tax returns can also be included, but at least the last six (6) tax returns must be filed before an OIC request is made. HIRING AN EXPERIENCED TAX ATTORNEY TO FILE AN OFFER IN COMPROMISE REQUEST INCREASES YOUR CHANCES OF SUCCESS AND OFTEN RESULTS IN LOWER AMOUNTS DUE.

What is an OIC?

An Offer in Compromise is an agreement with the IRS to settle all your overdue tax debt for less than the full amount.


Many of our clients have settled their tax liability for between $100 and $500, so a drastic reduction in your tax obligation is quite possible. Not everyone is qualified to settle with the IRS but you would be surprised by how many of you are indeed qualified. It applies to all tax years where the filing date has passed. An OIC covers back taxes, penalties and interest.

When you hear of taxpayers settling their debt for pennies on the dollar, they often achieved this through an OIC.


Who Qualifies for an OIC?

A taxpayer does not have to be destitute to qualify for an Offer in Compromise. The IRS will approve an OIC (#OfferinCompromise) when the evidence shows the agency would be unable to collect the full amount, at least not for a very long time. When considering ability to pay, the IRS analyzes a taxpayer’s:

a. Income

b. Allowable Expenses

c. Asset equity (Property equity, 401K, IRA, etc.) Should the taxpayer’s situation show that he or she must choose between paying everyday necessities (allowable expenses) or taxes, an OIC has a great chance of success.


***The IRS approves, approximately, 42% of all Offer in Compromise submissions which is usually around 80,000 OIC's every year. The tax professionals at Flat Fee Tax Relief have a 96% Offer in Compromise success rate for over a decade.***

How a Tax Attorney Helps Make an OIC succeed. The number one (1) reason the IRS rejects an Offer in Compromise is due to "paperwork issues." Many taxpayers believe, naively, that they can Do It Themselves (DIT). The first part of the OIC process has the IRS nitpicking submissions so they can reject it.

When filing an OIC, the key question is how much will the IRS forgive? Answering this requires a thorough analysis of the taxpayer’s financial situation and understanding of IRS policy. When filing an OIC without support, taxpayers often propose an amount higher than they are eligible for.


This article is provided by the the tax professionals at Flat Fee Tax Relief who have been providing valuable IRS tax debt help at a very affordable fee (extended fee payments available) for more than a decade.


Our teams are strategically located in Clearwater, Florida, and San Diego, California. We are ready to fight for you from 8 A.M. Eastern to 6 P.M. Pacific time. This is invaluable when having an IRS levy released in one day is of paramount importance.

Offer in Compromise Consultation

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