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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.


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