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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:
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
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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
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There are two types of OICs in IRS and New York:
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To qualify for an OIC, the taxpayer must meet certain requirements, including:
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.
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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:
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!
If you believe that you cannot repay your taxes in full within the statute of limitations, you should contact us to discuss your options for an OIC. We can help you settle your tax debt.
The IRS can impose a number of penalties on your tax account, including late filing and late payment fees. These penalties can be significant, and in some cases, they can be even more than the amount of taxes you owe. Let us help you remove your tax penalties.
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Are you struggling to pay your taxes? IRS or New York may be willing to work with you to create an installment agreement. This allows you to pay your taxes over time, with affordable monthly payments.
Don't let a tax lien prevent you from selling your home. Contact us today to discuss your options for a tax lien discharge.
We can help you remove erroneous IRS/NY tax liens. .
Don't let an IRS wage garnishment ruin your financial future. Contact us today to discuss your options for getting the garnishment released.
Are you struggling to make ends meet because of an IRS bank levy? We can help you get the levy released, so you can keep more of your money. Contact us today to learn more
Are you responsible for your spouse’s unpaid taxes, even though you didn’t know about them? We can help you get innocent spouse relief, so you don’t have to pay for your spouse’s mistakes.
Do you owe the IRS money but can’t afford to pay? We can help you get your tax debt placed in Currently Not Collectible (CNC) status, which means the IRS will stop trying to collect from you.
Have you had the tax debt for greater than 10 years? We can help get past this.
Don’t let the IRS bully you into paying a debt you don’t owe. Contact us today to get started on appealing the IRS’s decision
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At Gary Mehta, CPA, EA, we've been providing exceptional accounting & tax services for over a decade.
We've solved countless tax problems and helped small businesses succeed along the way.
We are proud to serve New York City and have roots have deeply embedded within the Tri-state area.
We look forward to hearing from you and are excited to make you our next success story.