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An Offer in Compromise is an arangement between the taxpayer and the IRS   that wipes clean the taxpayer’s debt for less than what is actually owed . Yes, the Internal Revenue Service does have the authority to “compromise” or settle tax debts ( within specific financial caeses). The most common case is when it is not likely the taxpayer will be able to money proposed indicates the amount that the taxpayer is able to realistically repay.

This is how you get your Offer in Compromise approved :

The chief requirements for an IRS Offer in Compromise are mathematical in nature. To be in line for an Tax Offer In Compromise, your tax debts must surpass the book value ( amount owed) of your assets and accessable excess income for a certain period of time . The available surplus income is based on set standard amounts instead of actual circumstances .

The greater part of all OIC applications are turned down , despite what is promised by the pennies-on-the-dollar mills advertisements . A CPA would be able to tell if you qualify for the minimum specifications for an OIC expeditiously, and at fair price .

If you don’t qualify for an Offer In Compromise (OIC) , you will probably be able to set up an installment plan with the Internal Revenue Service.

In our estimation , the Offer in Compromise program is one of the leading tax resolution tools available to taxpayers.  The latest tax legislation las provided fresh optimism for taxpayers who were rejected by the old OIC laws .