offer and compromise cheat sheet.pdf - WE SOLVE TAX PROBLEMS Offer in Compromise The Offer in Compromise is a government tax debt resolution program

offer and compromise cheat sheet.pdf - WE SOLVE TAX...

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Stuck or Overwhelmed? Contact M&M Financial at (866) 487-5624 OFFER IN COMPROMISE The Offer in Compromise is a government tax debt resolution program that allows a delinquent taxpayer to settle a tax liability for less than the full amount owed. If you don’t have the ability to pay your total tax debt through monthly payments, if paying the tax debt will cause you to suffer a financial hardship, or if you don’t believe you owe the tax debt, you may qualify for the OIC. If you do not have equity in assets and do not show the ability to make monthly payments (considering the IRS Collection Financial Standards), you may be a good candidate for the OIC. It is a long and challenging process that typically takes between six months and two years to complete. Keep in mind that you may also be a good candidate for Currently Not Collectible status or a monthly Installment Agreement. The OIC may also be the most misunderstood IRS tax debt resolution program. Thanks largely to advertisements on TV and radio, the Offer is made to sound like a simple handshake agreement. In reality, the Offer can be complicated, time consuming and difficult to achieve. An OIC can be based on Doubt as to Collectibility and/or Doubt as to Liability. The Doubt as to Collectibility OIC is based on an inability to pay the entire tax liability from assets and income over the next 24 months. A Doubt as to Liability Offer is possible where there is a legitimate question as to the validity of the assessed tax liability. A great place to start the process of determining whether or not you qualify to submit an IRS Offer in Compromise is online here pre_qualifier/. M&M Financial Consulting has perfected a unique tax resolution system that allows us to work within the strict guidelines set by the
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  • Fall '18
  • Dr Martin

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