The IRS states that an offer in compromise (OIC) is “an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer’s liabilities for less than the full amount owed.” Taxpayers who are financially capable of paying off their tax debts through a payment plan or in full usually do not qualify for an OIC. The IRS accepts an OIC on three grounds:
- Doubt as to Liability – If there is a sincere dispute over the amount of tax debt owed under the law, this may be used
- Doubt as to Collectibility – This happens when there is a sincere doubt that the amount owed is able to be collected. This occurs anytime a taxpayer’s assets and income are less than the amount of tax debt they owe.
- Effective Tax Administration – An offer in compromise may be accepted based on effective tax administration when there’s no doubt that the tax is legally owed, and that the full amount can be collected, but requiring payment in full would create economic hardship or be unfair because of exceptional circumstances.
This offer in compromise initiative, put back in place in 2012 by the IRS, has helped thousands of people settle their tax debts. These offers provide taxpayers with flexibility, lower interest rates, and higher approval rates. This gives those in tax debt a chance to get out from under their tax debt once and for all!
Tax Crisis Institute in Las Vegas, Nevada can help you apply for the offer in compromise! Our professionals will walk you through every step of the process, start to finish. At Tax Crisis Institute, we want to help our clients get out from underneath the burden of their tax debt. Contact our Las Vegas location today at (702) 217-0660!
Are You Eligible for the Offer in Compromise Program?
If you are feeling overwhelmed by back taxes, wage levies, wage garnishment, tax liens, or any other tax woes, let Tax Crisis Institute in Las Vegas help you! We provide our customers with personalized tax help and have done so for more than three decades. You can rest assured that with Tax Crisis Institute, you are getting the best tax help available.
In order to be considered for an Offer in Compromise, there are four steps you must take. Tax Crisis Institute can help you with this process! The first step is to file all of your tax returns. The second step is that you must have received a bill for at least one tax debt that can be included in your offer. Thirdly, you must make all of the estimated required tax payments for the current fiscal year. Finally, you must make all required federal tax deposits for the current quarter if you own your own business and have employees.
There is a large number of people who owe tax debts that can now settle their debts with an offer in compromise, even if they’ve been previously denied! Why? Because the IRS has lowered its standards for those who qualify! You need to act on this offer quickly, however! There’s no guarantee of how long they will continue to offer this scenario. Contact Tax Crisis Institute in Las Vegas today and let us get started on filing your offer in compromise for you! (702) 217-0660
Our team of experts will help you fully assess and understand your tax situation, and the next best steps to take. We will then work together to submit your personalized offer in compromise to the IRS. Let our team of professionals represent you and your tax debts to the IRS. Our years of experience have earned amazing results! Time is of the essence with this offer — act today!
Benefits of Offer in Compromise
There are many benefits to the offer in compromise program! The benefits of this program include, but are not limited to:
- Expanded living expense categories and amounts
- Release of wage or bank account levies once tax debt is paid
- Exclusion of incoming-producing assets for businesses in an OIP calculation
- Exclusion of up to $3,450 in equity per car in a household; additional $200 for older cars
- Reduction in Cash-in-Bank considered for an OIP calculation by $1,000 + one month’s allowable living expenses
These changes all add up to thousands of dollars in savings for OIC recipients! They also help shorten the length of time to pay off tax debts. Contact Tax Crisis Institute in Las Vegas, Nevada today for help with your Offer in Compromise! (702) 217-0660
There are many other benefits to the Offer in Compromise as well. Benefits include, but are not limited to:
- Tax Debt Reduction – This is available to taxpayers that cannot pay their full tax debt amount. The Offer in Compromise allows a reduction in tax debt in order to let taxpayers pay the remaining amount. This resolves their tax case.
- Easy Payment Through Installments – Offer in compromise helps taxpayers by giving them the chance to pay a reduced amount of their tax debt in installments. It also helps them pay a reduced amount in a lump sum should they choose to do so.
- Protection from IRS Lien and Levy – The IRS can utilize a tax lien to make sure they get the money they are owed. If the debt still remains unpaid, the IRS can move forward with seizing property and assets in order to fulfill the tax debt they are owed. Offer in Compromise helps citizens by giving them a way to solve their tax debts without paying the full amount they owe.
Tax Crisis Institute in Las Vegas, Nevada can help you both understand and actually file your Offer in Compromise to the IRS. If you live in or near Las Vegas, and are interested in pursuing an Offer in Compromise, contact Tax Crisis Institute today! (702) 217-0660. Our team of experts will examine your tax situation and come up with the perfect personalized approach to solving your case!
How Tax Crisis Institute Can Help
Tax Crisis Institute in Las Vegas, Nevada is here to help with all of your tax needs! Our family owned and operated business sits down and meets with each client face to face. We do this in order to provide personalized, top of the line care to each of our customers. Contact Tax Crisis Institute in Las Vegas, Nevada today for all of your tax help needs! (702) 217-0660