NYC based accounting firm serving individuals and small businesses in New York
Offer in Compromise services in New York
Are you struggling to pay your tax debt? If so, you may be eligible for an offer in compromise (OIC)
An offer in compromise is an agreement between you and the IRS or New York authorities that allows you to pay less than the full amount you owe. The IRS or NY may accept a tax settlement if it believes that collecting the full amount would be unlikely or would create an economic hardship for you.
There are many factors that the IRS will consider when evaluating your tax settlement offer, including:
- Your income and expenses
- Your assets and liabilities
- Your ability to pay
- The probability of collecting the full amount of your tax debt
- Extenuating circumstances that may have prevented you from paying your taxes in full.
If the IRS accepts your tax settlement offer, you will be required to pay the agreed-upon amount in full. If you fail to make the payments, the IRS may revoke your tax settlement offer and demand payment of the full amount of your tax debt.
If you are struggling to pay your taxes, you should consider filing a tax settlement offer. A tax settlement can save you money and help you avoid a tax lien or levy.
To learn more about tax settlements, please contact a Gary Mehta, CPA, EA
Settle your NY or IRS tax debt today! Our NY accountant will help you with tax debt relief services.
odds of acceptance of offer in compromise
How often does IRS accept Offer in Compromise?
Advertisements that claim you can settle your tax debt for pennies on the dollar are typically referring to the IRS offer in compromise (OIC) program. The OIC program allows taxpayers to pay less than the full amount they owe if they can demonstrate that they cannot afford to pay the full amount.
However, the odds of having an OIC accepted by the IRS are low. In 2022, the IRS accepted only 15,154 offers out of 49,285.
The Offer-in-Compromise (OIC) is a legal agreement between you and the IRS that allows you to settle your tax debt for less than you owe. On average, people who use an OIC pay only 20% of their debt. The OIC can be a lifesaver for taxpayers who are struggling to pay their taxes
INCREASE YOUR ODDS OF ACCEPTANCE BY HIRING GARY MEHTA CPA, EA TO REPRESENT YOU FOR OFFER IN COMPROMISE!
Win your IRS Offer in Compromise by hiring Gary Mehta, CPA, EA. Get a tax settlement today!
WHAT ARE DIFFERENT TYPES OF offer in compromise?
How to determine which type of offer in compromise to qualify for?
There are two types of OICs in IRS and New York:
- Doubt as to liability: This type of OIC is used when the taxpayer believes that they do not owe all or part of the tax debt.
- Doubt as to collectability: This type of OIC is used when the taxpayer can show that they are unable to pay their full tax liability, even after considering all of their assets and income.
Tax Debt Negotiation at it's best with Gary Mehta, CPA, EA. Solve your NYC taxes today!
ELIGIBILITY OF OFFER IN COMPROMISE PROGRAM
What are the prerequisites to offer in compromise program?
To qualify for an OIC, the taxpayer must meet certain requirements, including:
- Filing all required tax returns and making all required estimated payments.
- Not being in an open bankruptcy proceeding.
- Having a valid extension for a current year return (if applying for the current year)
- Being an employer and made tax deposits for the current and past 2 quarters before you apply.
The taxpayer must also submit a detailed financial statement and other supporting documentation to the IRS. The IRS will then review the taxpayer's financial situation and make a decision on whether to accept the offer.
NY Tax relief services help you resolve your tax debts to IRS and New York. See if you're eligible!
HOW LONG DOES THE OFFER IN COMPROMISE PROCESS TAKE?
How long does the representation process last?
The process lasts at minimum 6 months. State of New York takes up to 18 Months.
The IRS Offer in Compromise (OIC) is a complex process with a low acceptance rate due to errors or omissions in submissions. To increase your chances of approval, it is important to seek professional assistance from a qualified tax advisor. Our team of experienced professionals will work with you to determine if an OIC is the right solution for your tax debt and help you prepare a strong submission.
There are three reasons why the IRS may accept an OIC:
- Doubt as to liability: The IRS may accept an OIC if there is doubt that the taxpayer actually owes the tax. This could be due to errors in the tax return, or because the taxpayer has a valid legal defense to the tax liability.
- Doubt as to collectibility: The IRS may accept an OIC if it is clear that the taxpayer cannot afford to pay the full amount of tax that is owed. This could be due to financial hardship, or because the taxpayer's assets are not sufficient to cover the debt.
- Effective Tax Administration: The IRS may accept an OIC in exceptional circumstances, even if there is no doubt about the taxpayer's liability or collectibility. This could be the case, for example, if the taxpayer has made a good faith effort to pay the tax, but is unable to do so due to circumstances beyond their control.
Regardless of the reason for the OIC, the taxpayer must demonstrate that collection of the tax would create an economic hardship or would be unfair and inequitable. This can be a difficult burden to meet, but our team of professionals will work with you to gather the necessary evidence and documentation to support your case."
Let our experienced professionals help you reduce your tax burden with our tax relief services!
OFFER IN COMPROMISE SERVICES ACROSS NEW YORK
Our CPA firm provides OIC services across New York City
Manhattan
Alphabet City, Battery Park, Chelsea, Chinatown, East Harlem, East Village, Financial District, Flatiron, Greenwich Village, Hamilton Heights, Inwood, Kips Bay, Little Italy, Lower East Side, Midtown Manhattan, Lower Manhattan, Tribeca, Hudson Yards and more!
Brooklyn
Greenpoint, Williamsburg, Clinton-Hill, Bed-Stuy, Downtown Brooklyn, Fort Greene, Brooklyn Heights, Dumbo, Cobble Hill, Boerum Hill, Gowanus, Park Slope, Red Hook, Greenwood Heights, Sunset Park, Bay Ridge, Dyker Heights and more!
Queens
Ditmars-Steinway, Astoria, Hunter's Point, LIC, Sunnyside, College Pointe, Flushing, Fresh Meadows, Auburndale, Floral Park, Hollis, Richmond Hill and more!
Staten Island
New Dorp North, Tottenville, Clifton, Prince's Bay and more!
Bronx
Pelham Gardens, Morris Park and more!
NYC Metro
Yonkers, Upstate and Connecticut
Offer In Compromise Services Across New York City. Settle your tax debt today!