oic: Getting an Offer-in-Compromise Accepted by the IRS - El Cerrito, California
- 05/29/22 08:05 PM
By Ralph Nelson, EA, Kenny Kim, EA, MD An offer-in-compromise (OIC) is an agreement between a taxpayer and the IRS to settle their tax debt for less than what is owed. Financial Harmony Tax Resolution LLC specializes in submitting OICs for local taxpayers in the San Francisco Bay Area. And in doing so, we have noticed that many taxpayers have misconceptions about the OIC. There's no secret to an Offer-in-Compromise. The offer amount is based on your ability to pay, taking into consideration your income, expenses, and assets. The IRS OIC program is based on a calculation known as "Reasonable Collection Potential," or RCP. Your … (1 comments)
oic: Hold Your Horses - Do not file your back-tax returns until you learn about this strategy - El Cerrito, CA
- 05/06/22 06:03 AM
By Ralph Nelson, EA, Kenny Kim, EA, MD You’ve had enough. You are constantly reminded of many back-tax returns you have not filed. The fear of the IRS knocking on your door is weighing you down. Before you sit down with your accountant to file the returns, remember that there is a strategy you should know. Typically, your accountant would recommend you file both the IRS and the State at the same time - this could be a costly mistake if you plan to resort to the IRS Offer-In-Compromise (OIC) program to resolve your back-tax debts. Why is that? A state agency like the … (0 comments)
By Ralph Nelson, EA, Kenny Kim, EA, MD
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