In our opinion, the Offer in Compromise program OIC is one of the best tax resolution tools available to taxpayers. The Offer in Compromise program allows taxpayers to settle their taxes for less, or often much less than you owe (or what the government claims you owe). Recent tax legislation has given new hope to taxpayers who were disqualified by the old Offer in Compromise procedures.
Internal Revenue Code authorizes the IRS, to accept less than full amount of tax liability owed in any civil or criminal case arising under the tax laws prior to the case’s referral to the Department of Justice. For an Offer in Compromise to be accepted, the taxpayer must establish to the satisfaction of the IRS that the taxpayer either: has no means of paying the tax, or does not actually owe the tax.
Prior to 1992 the IRS has been reluctant to settle tax liabilities. In February of 1992, the IRS announced new procedures for settling back taxes. The new procedures greatly liberalized the Offer in Compromise process and increased the likelihood that financially distressed taxpayers would be able to settle their liabilities for less than the full amount.
Our tax managers have extensive expertise with planning, preparing, negotiating and assisting clients appeals rejections of Offers in Compromise. Since 1995 we saved millions of dollars for our clients through the Offer in Compromise program.
We get our edge by knowing and carefully navigating virtually every key regulation of the Offer in Compromise program. Our tax managers have years of experience preparing Offer in Compromises on the Federal and State level.
The IRS will accept an Offer in Compromise when it is unlikely that the tax liability can be collected in full and the amount of the Offer in Compromise reasonably reflects collection potential. An Offer in Compromise is a legitimate alternative to declaring a case as currently not collectible, or to a protracted installment agreement. The goal is to achieve collection of what is potentially collectible at the earliest possible time and at the least cost to the government.
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