The Internal Revenue Service (IRS) has a program called the Offer in Compromise (OIC) program to help taxpayers with back-tax debt reduction. The Offer in Compromise essentially allows taxpayers the option to settle a tax debt for less than the amount owed to make them compliant with the IRS. If approved, the Offer in Compromise program terms require that taxpayers continue to pay their taxes after they settle the owed-back taxes.
The Offer in Compromise program may appear as a boon to those who have back taxes or tax debt but of not everyone can qualify for Offer in Compromise. Also, Offer in Compromise participation approval from the IRS may take months to achieve.
As with anything dealing with the government, you have to know that the Offer in Compromise program process is time-consuming. The entire process may even take up to a year to receive IRS approval. The Offer in Compromise program requires substantial documentation review and will require the tax payer to provide financial information going back for months.
The Offer in Compromise does work and is meant to assist those who face financial tough times and can prove it to the IRS. By going through the Offer in Compromise program, a business may get a fresh start to start a new business or save their existing business.
Levy & Associates is experienced at negotiating an Offer in Compromise. Contact us today to learn more about how you can eliminate your back taxes if you qualify for the Offer in Compromise program.
Levy & Associates is available for free initial consultations. We’re happy to answer any questions you have about the audit process or address any concerns about your specific situation.
There’s never a good time to be audited, and the time-consuming process will take away from your business or family if you try to face it alone. Let us handle and coordinate communication, so you can return to your daily life.