Tuesday 21 Nov 2017
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Streamline Tax Resolution, LLC

Navigating Your IRS Issue Just Got Easier

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Offer In Compromise

 

The IRS Offer in Compromise (OIC) program was established by the U.S. Congress to help taxpayers who have experienced significant financial problems to get a fresh start, if they qualify. Back tax liabilities, penalties and interest can be settled. All federal tax liens can be released once the IRS accepts the OIC and the negotiated settlement amount is paid.

An Offer in Compromise allows a taxpayer to settle a tax debt for less than the total amount owed.  It can be filed with the IRS or a State Tax Agency and can include multiple tax years, back tax liabilities, penalties and interest.  An Offer in Compromise is an excellent settlement option for a qualifying taxpayer because it gives the taxpayer a fresh start by allowing for the resolution of all outstanding tax balances at once. Another benefit of filing an Offer in Compromise petition is that additional collection activities of the IRS or State Tax Agency are generally halted while the offer is under consideration. That being said, the process of filing an Offer in Compromise can be long and complicated, and the qualification criteria is very specific.  By carefully analyzing the tax debt and financial situations of each of our clients,  we can determine whether you meet the candidacy requirements for an Offer in Compromise. We will work with you to prepare the offer, and to submit all of the required documentation. Our job at Streamline Tax Resolution is to help you qualify for the Offer in Compromise program, and potentially save thousands of dollars in back taxes, penalties and interest. Following that, we will represent you before the IRS or State Tax Agency until the process is complete. We are experts in the guidelines and boundaries the IRS sets for accepting an Offer in Compromise. Not everyone qualifies for an IRS Offer in Compromise because each individual’s financial situation is different. Therefore, before attempting an Offer in Compromise, we will make sure that you pre-qualify with the IRS.


If you qualify for an Offer in Compromise and meet the IRS criteria, our veteran Tax Experts at Streamline Tax Resolution will contact the IRS for you and negotiate your Offer in Compromise settlement. 
 

 

Having expert representation can greatly improve your chances of successfully negotiating tax settlements on all types of taxes, including most payroll tax problems, penalties, and interest. We can help you achieve the closest thing to "amnesty" that the federal government offers in connection with back tax debt.

Taxpayer's should bear in mind however, that the Offer in Compromise program is a privilege, not a right such as bankruptcy. That being said, it is a very subjective process where the IRS has the final word. The OIC process is a very complicated drawn out process that can take upwards of nine months to a year and even longer. There are guidelines, rules and protocols established by operation of law, under IRC Section 7122. However, most Offer Examiners (former Revenue Officers) use the Internal Revenue Manual (IRM) as their guide.

 


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