What is an Offer in Compromise?
An Offer in Compromise (OIC) is a program that allows you to settle your tax debt for less than the full amount owed if you cannot pay the full amount. The IRS considers your ability to pay, income, expenses, and asset equity to determine if a reduced settlement is appropriate. This program is designed to help taxpayers who are struggling to pay their tax debt in full and need a feasible solution to their financial burden.
How Does OIC Work?
The IRS evaluates your financial situation comprehensively to determine if you qualify for an OIC. Factors such as your income, expenses, asset equity, and ability to pay are taken into account. If it is determined that you cannot pay the full amount owed, the IRS may accept a lower amount as a settlement. This process requires careful preparation and submission of detailed financial information to prove your inability to pay the full debt.
Our OIC Services
At Advance Tax Relief, we specialize in helping clients navigate the OIC process. Our services include:
Real-Life Example
James owed $80,000 in back taxes and was overwhelmed by the amount. We conducted a detailed evaluation of his financial situation and determined he was a suitable candidate for an OIC. We prepared and submitted his application, and the IRS agreed to settle his debt for $20,000, which James paid over 24 months. This significant reduction allowed James to regain financial stability and focus on his future.
Why Choose Us?
Choosing Advance Tax Relief for your OIC needs provides several advantages:
Take the first step towards financial freedom. Contact Advance Tax Relief at 713-300-3965 to see if you qualify for an Offer in Compromise. Our experts are ready to help you settle your tax debt for less than the full amount owed. Visit the IRS Offer in Compromise page for more information.
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