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Tax Debt Relief
BTS.TAX services provides professional expertise in managing past due tax debt which can lead to accumulating interest payments, late fees/penalties, and leans against personal properties. Here at BTS.TAX we keep things convenient by supporting online consultations and submissions so you can keep your busy day moving forward.
An Offer in Compromise (OIC) is a tax settlement option offered by the Internal Revenue Service (IRS) for taxpayers who are unable to pay their tax debt in full. It allows taxpayers to settle their tax debt for less than the full amount owed, providing they meet certain criteria and have no other options available to pay their debt.
The IRS considers an Offer in Compromise as a last resort option, and they will only accept an offer if it is in the best interests of both the taxpayer and the government. To determine whether a taxpayer qualifies for an OIC, the IRS will consider several factors, including the taxpayer's income, expenses, and assets.
To apply for an Offer in Compromise, taxpayers must complete and submit Form 656, along with a non-refundable application fee of $205 (as of 2021). The application must also include a detailed explanation of the taxpayer's financial situation, along with supporting documentation.
There are three types of Offer in Compromise:
The IRS may also consider a taxpayer's offer based on "special circumstances," such as a natural disaster, serious illness, or other circumstances beyond the taxpayer's control.
It's important to note that submitting an Offer in Compromise does not automatically put a stop to collection actions by the IRS. Taxpayers must continue to make timely payments on their tax debt until the offer is accepted and the tax debt is paid in full.
If you are considering submitting an Offer in Compromise to the IRS, it's recommended that you consult with a qualified tax professional to help guide you through the process and determine whether it's the right option for you.
The IRS Offer in Compromise (OIC) is a program that allows eligible taxpayers to settle their tax debt for less than the full amount owed. It is a valuable option for individuals who are genuinely unable to pay their tax debt in full and can provide financial relief from overwhelming tax obligations. The process of the IRS Offer in Compromise involves several steps:
Navigating the IRS Offer in Compromise process can be complex, and it's essential to seek guidance from tax professionals experienced in negotiating with the IRS. A tax professional can help ensure that your offer package is accurately prepared, increasing the likelihood of success and providing you with the best possible outcome for resolving your tax debt.
What You Will Need
Documents and information needed to process and Offer In Compromise. Additional information may be needed on a case by case bases. Talk to one of our specialist for more details.
Ensuring that all relevant documentation is provided will help streamline the tax preparation process. If you have any questions or need clarification, please don't hesitate to reach out.
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