Unlock Tax Savings Offer in Compromise Secrets Now
Unlocking the secrets of the IRS’s Offer in Compromise (OIC) program could be your ticket to significant tax savings, so why not browse options and explore the possibilities that await you?
Understanding the Offer in Compromise Program
The Offer in Compromise program is a valuable opportunity for taxpayers who are unable to pay their full tax liabilities. It allows you to settle your tax debt for less than the full amount owed, which can be a game-changer if you're struggling financially. The IRS considers several factors when evaluating an OIC application, including your income, expenses, asset equity, and ability to pay1.
Eligibility Criteria and Application Process
To qualify for an OIC, you must meet specific eligibility criteria. The IRS requires that all necessary tax returns be filed, and you must be current with estimated tax payments for the current year. Additionally, if you're a business owner with employees, you need to have made all required federal tax deposits2. The application process involves submitting Form 656, Offer in Compromise, along with a $205 application fee and an initial payment, which could be waived for low-income applicants.