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What You Need to Learn About Offers in Compromise
By Darrin Mish of Law Offices of Darrin T. Mish, P.A.
What You Need to Learn About Offers in Compromise Ultimately, what you are trying to get when you apply for an Offer in Compromise (OIC) is a settlement or possibly the elimination of your tax debt to the IRS. As with any other agreement, the objective of the OIC is to arrive at a settlement that is in the best interest of both parties. The parties involved are you, as the taxpayer and the government who is represented by the IRS. Applications for OIC are entertained so that taxpayers are given the chance to settle their debts at a lesser amount. On the other hand, this offer will only be considered if there is solid evidence that the full amount cannot be collected from you anymore. In this process, you are to notify the IRS of the amount that you feel you can afford to pay and this should be a realistic approximation. This should be directly proportional to the possibility that the full amount owed can be collected in the future. If you want to file for an Offer in Compromise, make sure that you have filed your tax returns in the years applicable to the said request. Although the IRS has a record of your taxable earnings, it will not consider your request until official tax returns and estimate of your earnings are provided. Filing for tax returns should be diligently done to avoid IRS problems, including imprisonment. The belief that the OIC is mainly about how much taxes you owe is a misconception. The reality is, the focus of the OIC is how much the IRS believes they will be able to collect from the taxpayers. Applicants of this said payment scheme should prove that they will no longer be able to pay more than the figures reflected in the OIC. The possibility of getting an approval for this request increases when the requisites are conscientiously followed. Even if you are still awaiting for the resolution of your OIC, the IRS will continue to implement measures in collecting money from you. Wage garnishments and tax levies are few of the more serious methods that they can impose on you. The good news is you may appeal to any of these IRS endeavors by undergoing the process called, Collection Due Process Appeal. During the actual appeal hearing, you may use alternative procedures, such as payment plans and your OIC, to the collection attempts of the IRS. In conclusion, believe that tax debts, no matter how large, will be eventually settled. Believe that you can end these tax problems even if the IRS sees that you are capable of paying everything; prove to them that the opposite is true. Let the IRS realize that a tax settlement will keep overhead costs lesser, and they will surely take this option as this is necessary for effective tax administration. Darrin T. Mish is a Nationally recognized Attorney whose practice focuses on representing clients across the United States with IRS Problems. He is AV rated by Martindale-Hubbel and is a member of the American Society of IRS Problem Solvers and the Tax Freedom Institute. He has been honored by a listing in Martindale-Hubbel's Bar Register of Preeminent Lawyers. His passion is providing IRS help to taxpayers with both individual and payroll tax problems. He also spends a great deal of time traveling the nation providing training to attorneys, CPAs and Enrolled Agents on how to handle their toughest cases with the IRS. If you would like more information about his services please visit http://getirshelp.com. |
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