An Offer in Compromise (OIC) is an out of court agreement between a taxpayer and the IRS to resolve a tax debt. It is a nice option for those who qualify because it allows the taxpayer to settle their tax debt for less than what is owed. Not everyone qualifies for an Offer in Compromise so it is really important that you work with a qualified tax professional that can help you determine if your situation qualifies for this program.
When you cannot afford to pay your tax debt immediately, we can help you negotiate an Installment Agreement with the IRS. This type of payment plan option is good for those who cannot afford a lump sum payment to cover their tax debt.
If your account is placed into a Currently Not Collectible status, IRS collection activities are suspended and your account is removed from an active collection effort. Strict guidelines govern Currently Not Collectible status. We can help you determine if you qualify for this status so that the IRS will not pursue collection on your account as long as your financial situation does not change.
When you fail to pay your taxes on time, you can incur very heavy penalties and interest. For many people, the penalties and interest can add so much to the tax debt that it makes it very difficult to resolve tax debt. If you are in this situation, contact us immediately. We have experience representing clients before the IRS to show reasonable cause for not paying on time. With reasonable cause it is possible to have penalties removed.