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What is an Offer in Compromise? | IRS Settlement | Florida

Updated: Nov 11

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An Offer in Compromise (OIC) is an agreement to settle a tax debt between you and the IRS that allows you to dramatically reduce your tax liability. It’s about as close as you can come to tax debt forgiveness. Although it may sound too good to be true, it is a legitimate tax relief option for those who are eligible and qualified.

To make an Offer in Compromise request, you must submit a $205 application fee (non-refundable), Form 433-A (OIC) or Form 433-B (OIC), Form 656, and the initial payment (non-refundable). The initial payment will depend on the amount of your settlement offer and the payment option you choose.

An Offer in Compromise is a tool that many taxpayers can use to settle their federal tax debts. If a person owes money to the Internal Revenue Service (IRS) but cannot afford to pay the full debt, he or she may be able to offer the IRS a smaller, more affordable amount as settlement. This is known as an Offer in Compromise (OIC). The offer can include a lump sum payment or a series of payments over a period of months. Unlike a traditional IRS payment plan, if the IRS accepts the OIC and the taxpayer pays as agreed, the IRS will forgive the rest of the taxpayer’s debt. The IRS doesn't settle everyone's tax debt, but the agency will settle a substantial amount of the Offer in Compromise submissions. Over the past several years, the IRS has received approximately 80,000 settlement offers per year and has been averaging about 42% approvals. A taxpayer doesn't have to be destitute to be approved.


Know this: the IRS wants to accomplish two (2) goals. One goal is to collect money. The amount collected can be as little as $100. Even a $100 settlement is counted as a collection. The second (2nd) goal is to close a file. An Offer in Compromise accomplishes both goals. It is our job to show the IRS it is in their best interest to settle.

As stated, not everyone can use the OIC program to pay off their debt.

1. Eligible taxpayers must have filed all their tax returns and cannot have an open bankruptcy case.

2. They must also make an initial payment and pay an application fee. (Applicants who qualify as low-income do not have to pay a fee or make an initial payment.) 3. Taxpayers can use a Pre-Qualifier tool on the IRS website to check if they are eligible for the OIC program. The IRS provides all the forms and instructions needed for making an OIC on its website; find “Form 656-B, Booklet” at  www.irs.gov/payments/offer-in-compromise. An accepted OIC (#OfferinCompromise) will make a huge difference in a person’s life. This IRS settlement program has the potential to engage many taxpayers. A successful Offer in Compromise allows for a fresh start, both financially and emotionally. Without IRS debt weighing them down, people are free to more easily pursue other life goals. IRS tax debt relief can also help improve a person’s health and contribute to their general stability.



The IRS Tax Attorneys at Flat Fee Tax Relief have a 96% Offer in Compromise rate of success. Our tax pros offer our clients valuable tax debt help at a very affordable fee.


Our teams are strategically located in Clearwater, Florida, and San Diego, California which allows our tax pros to be available to both our clients and the IRS from 8 A.M. Eastern to 6 P.M. Pacific time. This is a huge advantage when having an IRS levy released in one day.


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