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Offer in Compromise First Step

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The Offer in Compromise is considered the Holy Grail of Tax Relief.  The IRS settles a back-tax debt for less than the total amount owed.  How much less?  Well, that depends on your specific set of circumstances.  Each Offer in Compromise is different, depending on the taxpayer.

One thing that’s consistent about all OICs is the list of prerequisites.
   

Tax Compliance Top Priority


Make compliance your first step.  You’ve got to be in current tax compliance before submitting your OIC settlement request to the IRS.
 
What is current tax compliance?
  • Estimated tax payments must be up to date.  Your 1040ES payments need to be a priority, if required.
  • File all necessary tax returns.  If you’re missing tax returns, you’ll need to address them before the IRS considers your OIC.

The Final Step of your OIC


Tax compliance should also be your last step.  It’s a stipulation of the IRS’ acceptance of your Offer.  You’ll need to keep up with your tax responsibilities for 5 years after acceptance, or the IRS may reverse your settlement and go back to collecting the tax, penalties and interest.

Besides, it’s the right thing to do.

Contact us to find out how we help people fix tax problems.

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Our Specialties

  • Tax Debt Resolution / Tax Relief
  • Offer in Compromise / IRS Settlement
  • IRS Penalty Abatement and Relief
  • Installment Agreement / Monthly Payment Plan
  • Tax Lien, Levy and Garnishment Removal
  • IRS Lien Subordination, Withdrawal, Discharge
  • Enrolled Agents / Tax Debt Specialists

Fresh Start Tax Relief LLC, Taxes - Consultants & Representatives, Chicago, IL

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