You owe back taxes, you have a stack of IRS notices in that special drawer, and the IRS has just levied your bank account. What can you do? You heard about this thing called an offer-in-compromise. What is an offer-in-compromise? Can I really get one? What type of an offer can I make? The offer-in-compromise program is authorized by Internal Revenue Code Section 7122. The IRS is authorized to establish guidelines for when an offer-in-compromise (OIC) should be accepted
Step one: Find a qualified tax professional such as an enrolled agent who will do a proper analysis to see if you even qualify to do an offer-in-compromise.
Step two: If you do qualify to submit and offer-in-compromise, what type offer can you make? Based on your facts and circumstances you may qualify for one of the following:
- Doubt as to Liability
- Doubt as to Collectability
- Effective Tax Administration
Only after a personalized, thorough analysis will a tax professional competently make a recommendation as to what fits your best and is most likely to be successful.
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