When An Offer in Compromise Is On the Table, Should You Take It?
When you owe money to the IRS, it’s important to keep in mind that they operate just like any other creditor—they are interested in one thing and one thing only: collecting what is owed to them. Because of this, they are always interested in working with you, even if it means compromising a bit. If you owe the IRS more money than you can earn in the next couple of years, an Offer in Compromise (OIC) isn’t out of the question…
While it’s always in your best interest to pay the IRS upfront what you can, we understand that this just isn’t possible for everyone. In today’s challenging economic environment, it’s hard to pay the bills, much less save money or pay outstanding debt. That is why a number of taxpayers look for a tax debt relief firm to help them deal with the government and navigate the numerous IRS channels. If you’re in hot water with the IRS, seeking representation is the best thing you can do for your peace of mind and your back account.
What if an Offer in Compromise is What We Suggest?
If we believe that an OIC is the best option for you, you will make an agreement with the IRS to pay less than the full amount you actually owe. With this type of agreement, you – the taxpayer – will choose to make a lump sum tax payment or set up an installment agreement. Whatever you choose to do, you must live up to your end of the compromise or the deal is off.
In order to be considered for an OIC, the IRS will take a number of factors into consideration, such as your income, ability to pay, current expenses and existing assets. The IRS must determine that, under your current circumstances, paying back the full amount just isn’t possible.
An OIC isn’t for everyone, and we don’t recommend it to everyone that is having trouble paying their taxes. In order to make the best decision for you, your family and your lifestyle contact us today at 877-254-4254 or visit http://www.irsallstar.com/our-services#9. See how we’ve helped people just like you achieve the best possible outcome.