The IRS just recently introduced a new Offer in Compromise (OIC) program in an effort to assist taxpayers that are struggling to pay off their tax liabilities.
- New OIC program allows taxpayers with annual incomes up to $100,000 to participate
- New OIC program allows taxpayers with a tax liability of less than $50,000 (up from $25,000 of tax debt)
What is an IRS Offer in Compromise?
The program assists individuals and small businesses meet their tax debt obligations, without adding unnecessary burden to taxpayers. The new offer in compromise program is now streamlined to help taxpayers pay back taxes and avoid tax liens.
An offer in compromise is an agreement between the taxpayer and the Internal Revenue Service that settles the tax debt at a lower dollar amount than is already owed. Offers in compromise are based on taxpayer’s income and assets.
Am I eligible to participate, and if so, where do I start?
An offer in compromise is generally not eligible if the IRS believes that the tax liability can be paid in full by the taxpayer. The IRS will look at the taxpayer’s income and assets to determine the taxpayer’s ability to pay.
The best way to learn more is to contact a tax liability specialist such as Jay Allen Finn, CPA. Mr. Finn is located in Houston, Texas, a former IRS Revenue Agent himself and is licensed to practice tax law and currently holds an A+ BBB member rating. Mr. Finn has a great track record and has the experience to help you settle your tax liability for the least amount allowed by law. Jay and his team constantly negotiate IRS offers in compromise and they have never lost a significant case.
For information regarding the IRS offer in compromise program, help with back taxes or any IRS problems, Jay Allen Finn’s Houston, Texas firm can assist you in any IRS problem. Contact Mr Finn today to get started!