An Offer in Compromise (OIC) is an IRS program to help taxpayers who owe more money than they can possibly afford to pay. If approved, the IRS will accept less, sometimes much less, than the amount owed to settle your account. As long as you remain in compliance for a certain period of time, it is a final settlement. However, the program has strict criteria for eligibility, and it can be difficult to gain approval for an Offer In Compromise.
The IRS considers your entire financial picture including income, assets, expenses, ability to pay, and whether paying your liability in full would cause undue financial hardship. The IRS wants its money, and will only accept an Offer in Compromise if they think it’s the most they can get from you.
Your odds for acceptance increase significantly when you have an experienced tax resolution specialist negotiating with the IRS on your behalf. If you qualify, we leap into action to implement a customized resolution plan that fits your unique circumstances. Even if you don’t qualify for an OIC, there are a number of other programs that you may qualify for such as Penalty Abatement or a Partial Pay Installment Agreement.
We at Sancus Tax Resolution are experts in resolving IRS tax problems, and it’s what we do every day. There is a solution to every problem. Generally, you’ll never have to meet with or speak to the IRS, once you engage us to represent you.
We look forward to helping you settle your taxes.