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What's An IRS OIC?
By Darrin Mish of Law Offices of Darrin Mish
An OIC (Offer in Compromise) is a method that allows you to settle your tax debt by paying only a small amount to the IRS, as little as 1% of the tax due. To be able to qualify for this, rigid requirements need to be met. Though taxpayers have no right to get a tax debt reduced, doing so is still at the IRS's discretion. The odds of getting an OIC accepted is slim, but the IRS are still obliged to give it a fair amount of consideration as long as it's submitted correctly. Moreover, you can have the IRS Appeals Office review your OIC further if it is rejected. The submission of an OIC involves a rigid process. You must fill out the Offer in Compromise Form 656 with an application fee of $150. You can be exempt from this fee if you submit the Application Fee Worksheet included in the Form 656 booklet and prove that you qualify under poverty guidelines. The Offer In Compromise process is stringent, so it's best to assess if your case is compelling enough to merit the time and effort invested in filing it. You'll be requested to submit documentation like bank records, vehicle registrations, and pay stubs along with your form, and if your OIC gets rejected, the IRS could use these information against you. There are several conditions that need to be present in order for you to qualify for OIC consideration. A concept that needs to exist is doubt as to collectability. This means that the the IRS's ability to collect the tax from you at present or in the future is substantially doubtful. Another qualification would be whether or not you truly owe the tax bill that the IRS is claiming. You may qualify for an OIC if you can provide sufficient evidence to question your liability for the tax debt. The last states that paying your tax debt fully is unjust and inequitable as it'll place you in an extreme economic hardship. |
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