The IRS rejects a lot of Offers in Compromise (OICs). When an offer is rejected, you have 30 days to request an appeal. You can also consider using other tax resolution strategies.
If you’re having tax problems
Tag: offer in compromise
Taxpayers who owe the IRS over $50,000 may have to deal with tax liens, tax levies, and IRS passport actions. There are many tax resolution options that can be used to protect your property and get the IRS off your back.
You may need to amend your tax returns and pay additional taxes, penalties, and interest if you have previously unreported Bitcoin income. If you fail to take action, the IRS may audit your returns as part of its Virtual Currency Compliance campaign.
There are several ways to avoid an IRS levy without paying your full tax liability. You’ll need to request a Collection Due Process (CDP) hearing before the appropriate deadline if you want to stop the bank levy, wage garnishment, or another type of IRS tax levy. The most common ways to stop a levy are:… Read more »
When people first hear about the IRS Offer in Compromise (OIC) Program, (depending on where they hear about it from), many common misconceptions may come with it. So, I am here to clear up some of the most common myths about the OIC Program
It is the right of the IRS to seek payment for debt you owe to the government, but it can be difficult going up against the IRS alone. Therefore, it’s in your best interest to take advantage of knowledgeable, experienced, and professional tax attorneys. Not only will you receive expert guidance, but it could… Read more »
If you have an outstanding tax debt with the Internal Revenue Service (IRS) but you’re concerned that you are unable to pay it, you may have the option to settle the debt for an amount lower than what you owe. The IRS provides a solution called an Offer in Compromise (OIC) that allows qualifying taxpayers… Read more »
As Ben Franklin once said, “In this world, nothing can be said to be certain, except death and taxes.” If you owe a tax debt to IRS, it can be a frightening experience. The IRS has the power to seize and sell your property, place a lien on your property, garnish wages, or even take… Read more »
Once you receive a Notice of Intent to Levy from the IRS, a bank levy or other enforced collection action is imminent. You need to take action immediately if you want to avoid having the money in your bank account seized and applied to your tax debt.
The IRS does offer tax debt forgiveness options that settle your tax debt for less than what you owe. However, eligibility for these programs is based on your financial situation, so not all taxpayers will qualify. Offers in Compromise The Offer in Compromise (OIC) program provides tax debt forgiveness if your offer is accepted and… Read more »