December 4, 2020

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Understanding the IRS Offer-in-Compromise Plans

If at all you are a taxpayer and you are faced with such financial hardships that make it harder for you to pay up your taxes as is due to the IRS, then chances are so high that you have already heard of the Offer-in-compromise plans or programs. Primarily, the offer-in-compromise program is one put in place by the IRS that affords such taxpayers to settle their owed taxes for less than the amount that they owe in actual sense, settling owed taxes for less. This is actually a legitimate route you may take to be clear with the IRS if you happen to be unable to pay your taxes in full or if so doing is going to create you financial suffering. By and large, this is a program that has been so helpful for taxpayers who are facing such financial difficulties sort out their issues with the IRS and get back to compliance.
Now, even as you think of making an application for n offer in compromise settlement to help clear your tax burden, you should note the fact that the IRS will only approve applications for these in the event that the amount you offer is one that they can reasonably expect to collect with a given time span. We would advise that before you consider submitting an application to be entered under the OIC plan, first take a look at the other available payment options and plans there are to help you clear your owed taxes with the IRS.

Fact is that in as much as it is an open program, it is not meant for all. Consult with your tax consultant professional so as to have them advise you on which way would be the best way forward, whether or not the OIC program would make for the best way out or if you can go for another alternative plan to help settle your owed taxes to the IRS. In case you are thinking of getting the opinion of the tax experts to help you with these matters, you should be very careful with the choice you make and see to it that they are indeed qualified tax professionals. The following are some of the basics that you should identify of as you contemplate an offer-in-compromise application.

First, you should see to it that you are entitled. And for qualification, there are some things that the IRS considers. As it often is, an applicant may end up making some little blunders as they submit their application for the OIC which may cost them their application. For instance, the IRS will reject any application made without making a submission of your tax returns and failing to state the estimated required payments. For those who may be in an open insolvency case, then stand aware that this technically disqualifies you.

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