If you’re squeamish about filing your taxes because you owe back taxes and aren’t in a position to pay in full, you might be able to qualify for an Offer-in-Compromise (OIC). Depending on how much you owe, you could potentially save thousands of dollars in taxes, penalties, and interest by qualifying for an IRS offer-in-compromise settlement.
A few years ago, a client came to me almost at the point of a nervous breakdown. He had been recently audited by the IRS and subsequently received a tax bill in the mail for over $180,000! After briefly perusing the documents he brought in, I quickly realized that something was significantly amiss with this tax bill. So I advised him not to panic, but to leave his documents with me. After comparing the audit adjustments with his documents, I decided that we had to go and pay the IRS a visit.
A couple weeks later, we were sitting down with the officer who had conducted the audit and his manager, and after reviewing the audit adjustments together, the amount originally assessed was eventually cut in half. The audit officer, who appeared to be a rookie, had apparently done a very poor job. Read More
You just heard or saw a commercial that promises, “If you owe the IRS $10,000 or more we can settle your tax debt!” Don’t fall for it. Even when you hear the announcer say “Yes, no problem! We can settle your tax debt no questions asked.” If you called and you’re on the phone with a sales person, listen to your instincts and hang up right away!
An Offer In Compromise (OIC) is what is being hinted at in these commercials. An Offer In Compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or when doing so creates financial hardship. However, there are many things that must be considered and questions that any respectable professional will ask prior to saying they can settle your IRS Tax debt for less than the full amount of the debt. Read More
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