The Offer in Compromise (OIC) is an IRS program which allows a taxpayer to settle his or her delinquent taxes for less than the full amount the IRS claims the taxpayer owes. This program may seem too good to be true, but it is legitimate. However, not everyone qualifies for an Offer in Compromise.
The IRS is the world’s most powerful collection agency, so it is good at getting money from delinquent taxpayers. Part of their effort in collecting such taxes involves analyzing whether a taxpayer can actually fully repay their tax debts or not. If the IRS finds that you are unable to “full pay” your tax debt, they may be willing to settle your tax debt for less than what you allegedly owe. On the other hand, if the IRS finds that you can pay tax debt in full, they will have no interest in settling your tax debt due to of what the IRS calls “Doubt as to Collectibility.”
An experienced tax attorney can assist you in determining whether you would be a good candidate for an Offer in Compromise.
Contact me today at (770) 984-5327 to see if the Offer in Compromise Program is right for you.