What Is an Offer in Compromise?

offer in compromise

When you find yourself behind and indebted to the IRS, it’s always in your best interest to resolve that debt however you can. By entering into some sort of agreement, like a payment plan or other arrangement, you can avoid the potentially crippling impact of bank levies, wage garnishments, or other last resorts that the IRS might invoke.

Our San Francisco area tax relief company is here to help you explore your options, no matter where you’re located. We’re familiar with your choices and can help you pursue whichever option is best suited to your situation. For some taxpayers, an offer in compromise (OIC) provides the relief necessary to get back on top.

An OIC is, as the name suggests, an opportunity to compromise on the amount you owe. Essentially, this allows you to potentially relieve your debt and get back into compliance with the IRS for less than the full amount you owe. This can relieve tax debt for many taxpayers around San Francisco.

Your eligibility for an OIC will depend on a number of factors. Your ability to pay your existing tax debt and your ability to pay your proposed offer will both be considered while the IRS determines whether to approve your OIC. They’ll consider your income, expenses, and asset equity as part of this process.

Submitting an OIC to the IRS Near San Francisco

If you think that you might be eligible for an OIC, then the team at Paramount Tax Relief can help you form your offer and submit it to the IRS. The process will involve the Offer in Compromise Booklet, as well as several supplementary forms relating to your financial situation, an application fee, and an initial payment. Our team is happy to help you assemble these materials along with a realistic yet manageable offer in order to help you get approved for the relief you deserve.

To learn more about how you might benefit from an OIC, or to schedule a consultation with our team of tax professionals, be sure to contact us by calling (916) 533-9940 today.

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2018-09-24T15:59:16+00:00 September 24th, 2018|
Paramount Tax Relief

Paramount Tax Relief