When I represent taxpayers in Mount Laurel and the rest of New Jersey, one of the IRS program taxpayers always ask me about is Offer in Compromise, OIC.
What is the IRS program called offer in Compromise, OIC?
The Offer in Compromise program allows a taxpayers to settle their IRS back tax debt for less than the amount owed under certain circumstances. For a taxpayer to obtain an Offer in Compromise, the taxpayer must be in tax compliance, meaning at least the last 6 years of their tax returns must be on file, and they must be making their current tax payments.
What are the types of the IRS program called Offer in Compromise?
Doubt as to Collectability Offer: this is an IRS Offer where the taxpayer does not dispute the amount owed in back taxes, but they cannot afford to pay the tax debt back in full. The taxpayer makes an Offer to the IRS based upon their particular financial circumstances and provides back up documentation to support their proposal.
Doubt as to Liability Offer: this is an IRS Offer where the taxpayer offers to settle the debt based upon being able to prove they do not actually owe all the underlying tax. In many ways, Doubt as to Liability Offer is similar to audit reconsideration. Here, the taxpayer provides documentation as to why they do not owe the money the IRS claims they do.
Owe Back Taxes?
Our firm specializes in tax problem resolution. We serve clients virtually so don't hesitate to reach out. If you want an expert tax resolution specialist who knows how to navigate the IRS maze, call us today at 973.840.7350 and we will schedule a no-obligation confidential consultation to explain your options to permanently resolve your tax problem, get relief. Me with me today!
309 Fellowship Road, suite 200
Mount Laurel, NJ 08054
Tel. 973.840.7350
Fax. 347.344.6942
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