Offer In Compromise
The OIC is designed for taxpayers who cannot fully pay their tax liabilities within the 10 years. This option allows the taxpayer to settle for a reduced amount via a Cash Settlement or making payments over two years. This is more appealing to the IRS than an extended installment agreement that is not going to generate a payment in full.
In completing the OIC financial statement, this will enable us and IRS if the OIC is a viable option and which type of OIC should be submitted, a cash or a payment plan.
The IRS will be looking at equity in assets and the monthly disposable income to help determine if a taxpayer qualifies for an OIC.
The OIC process requires expeditious and comprehensive responses to any and all IRS requests. IF not, the OIC will rejected and you any lose your 20% payment submitted with the initial application.
The OIC process is not simple or easy. But, with the experienced professionals at DM&A you have a much better chance of resolving your tax liability once and for all. In addition, the State of California and other states also have similar OIC programs.
TO FIND OUT IF YOU QUALIFY FOR AN OIC, CALL 888-987-1040 TODAY!