If you have an outstanding debt with the IRS, you may be eligible for an Offer in Compromise (OIC). This program allows taxpayers to settle your tax debt for less than the total that was owed, i.e. compromising on the amount that you currently owe. At Paramount Tax Relief, we can assist you in calculating a fair offer that you will be able to afford in order to get you back in compliance with the IRS.
How Much Should I Offer in Compromise?
When determining whether or not you qualify for an Offer in Compromise, the IRS will look at your ability to pay your existing tax debt, as well as your ability to pay your proposed amount. Your income, expenses, and asset equity will also be considered during the process. Make sure you keep in mind that the IRS agrees with taxpayers’ valuations and offers roughly 40% of the time.
It is important to offer an amount that will be palatable to the IRS, as well as realistic for your independent financial situation. Our Sacramento area tax professionals are confident that we can help you settle on a number that will satisfy the IRS and remain affordable for you. At Paramount Tax Relief, we are dedicated to helping you overcome your tax issues as quickly as possible.
Get Offer in Compromise Help Today
Facing the IRS can be overwhelming and intimidating. Let our tax professionals take the reins and help you formulate an OIC that can get you back on your feet. We will help you with every step in the process, which can take up to a year or more to come through, depending on your circumstances.
If you think you might qualify for an Offer in Compromise, don’t hesitate to contact Paramount Tax Relief for a free consultation today! We are ready and waiting to help you kickstart the OIC process, getting you the relief you need and deserve.