Home | Tax Blog | Tax Evaluation | Resources | Common Tax Questions | Back Taxes | Contact Us

Eliminate Back Taxes With Offer-in-Compromise

June 27th

Owing back taxes to the IRS can be a financial drain and an added stress.  However, when you take advantage of the Offer-in-Compromise (OIC) program – one of several tax debt payment plans the IRS offers – you can move on past your tax debt sooner than you may have thought possible!  Let’s take a look at some of the basic information surrounding the Offer-in-Compromise tax debt payment plan!

Is It For You?

You’re probably wondering if Offer-in-Compromise is right for you.  Of course, there are many tax debt payment plans, and you should seek counsel to determine which is the right path for you.  The Offer-in-Compromise program is most suitable for people who owe more back taxes than they could ever pay.

When you apply for OIC, you should expect to reveal all the details of your personal financial situation.  As with any of the IRS’s tax debt payment plans, this one requires a lot of transparency on your part.

When you apply for settling your back taxes this way, the IRS will consider your application based on four factors: your ability to pay, income, assets, and expenses.  If you are determined to be eligible, then you will be allowed to pay less than the full amount of back taxes you actually owe.

For everything you need to know about the Offer-in-Compromise program, see the Form 656 Booklet.

 
 
RSS

Subscribe Now
Social

Follow on FaceBook
News & Events
Monday, August 01, 2011

We are excited to launch our new site LeeTaxHelp.com.
Monday, September 05, 2011

If you think you might be need the advice of a Dallas Bankruptcy Attorney you can view on sister site at http://leebankruptcy.com
Categories
Back Taxes (5) General Tax Information (65) News (39) Payroll Taxes (5) Tax audit (10) Tax Debts (3) Tax deductions (16) Tax Fraud (4) Tax Laws (14) Tax Liens (10) Tax payment plans (14) Tax programs (21) Tax Scams (6) Uncategorized (2)
Recent Posts
Advantages of Using a Tax Debt Lawyer
Tax Debt Relief In 2014
Tax Debt Installment Agreements
Understanding the Five Tax Debt Strategies
Back Taxes: What You Can Do
Archives
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011