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Owe Money to the IRS? Consider an Offer in Compromise help from tax relief attorney

Friday, May 22, 2015


Are you in need of a Los Angeles OIC tax lawyer, tax relief attorney, or an IRS tax attorney because you owe money to the IRS?  Do you need more information about an Offer in Compromise (OIC)?  

An OIC is an agreement between the IRS and a taxpayer to settle delinquent debt for an amount that is less than what is originally owed.  Taxpayers who are eligible for OIC are given an opportunity pay off what they owe to the IRS by having a “fresh start.”

In order to be considered for an OIC, the IRS needs to qualify you based on what your true ability to pay actually is.  You will need to submit an online application, but that does not mean your offer will be accepted.  The IRS will assess and verify your OIC application and will consider any unique circumstances which hinders your ability to pay.  The online application will help assess what an appropriate offer will be, which is based on your income, assets, income, and expenses. There are questions about your financial situation, so you will need to provide the IRS with the necessary information.

There is an online OIC Pre-Qualifier tool that collects your information and provides immediate feedback to determine if you are eligible or not. This will also help determine what amount is acceptable to the IRS.  You will be asked to enter your financial and tax filing status.  The tool will calculate a preliminary offer amount and once you submit a completed application to the IRS, they will make a final decision.  

Some of the questions include:
•    Have you filed bankruptcy?
•    Are all required federal tax returns filed?
•    Are all required estimated tax payments been sent to the IRS?

Then you will be asked to enter information about your location (zip code, state and county), total members of your household and total IRS tax debt.  You will need to enter the most recent tax year in which you would like an OIC. In addition, you will need to provide information on all your bank balances, including savings, money market and CDS; investments, stocks and bonds; your home market value; any loan balances; vehicle equity; retirement account equity; real estate assets; and any other assets or collections.

You will receive an immediate response if you qualify for an offer in compromise based on the information you provided.  The IRS can keep your tax refund from that year to apply it to your tax debt if the IRS accepts the offer.  You may also qualify for a payment installment agreement to help make payments each month to pay off your tax liability.

The Strategic Tax Lawyers, LLP is a firm with a Los Angeles OIC tax lawyer, a tax relief attorney, and an IRS tax attorney who are experts with years of experience with the IRS tax code.  Call the Strategic Tax Lawyers at (800) 669-4775 for a free consultation to assist you with your tax-related matters.