An Offer in Compromise (OIC) 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 doing so creates a financial hardship
While deciding on your eligibility for the Offer in Compromise, IRS considers your unique set of facts and circumstances:
1) Ability to pay, 2) Income, 3) Expenses and 4) Assets/ Equity.
You are eligible to apply for an Offer in Compromise if you:
• Aren’t financially capable of paying your tax obligations in full and don’t have immediate prospects for increased income (“Doubt as to Collectability”)
• Filed all required tax returns and made all required estimated payments
• Aren’t in an open bankruptcy proceeding
• Have a valid extension for a current year return (if applying for the current year)
• Are an employer and made tax deposits for the current and past 2 quarters before you apply
IRS Offer in Compromise acceptance rate is just around 30%. Which means that 70% of applications are finally rejected
If you want to effectively utilize an opportunity to decrease or eliminate your tax, professional tax help is the must!
Our professional expertise allows us to find the best outcomes for our clients.
We will evaluate your unique situation, advise you on possible options and work with you to prepare and submit to IRS all the required documents for the Offer in Compromise.
We are here to continuously support our clients in accomplishing their business and personal goals
SunTax Consulting is always dedicating on keeping your finances on the rise!
Contact us now and let us care of your tax freedom!
Special offer for our new clients
We provide free prior year tax returns review for the individual taxpayers.
Don’t miss this rear opportunity!
Do you want to know if your last year return preparer did a good job or did you miss some tax benefits? Let’s find out!
We might be able to find some missed credits and/or deductions – such a positive reason to file an amended return!
