The offer in compromise is perhaps the most powerful IRS tax forgiveness program. If qualified, you can use this program to wipe out your tax debt and stop IRS in their tracks.
The IRS has recently expanded the scope of their tax forgiveness programs. The offer in compromise, or OIC, is no exception. If you have no assets and limited income, an OIC may be right for you. It is a compromise between a taxpayer and the IRS. The IRS agrees to accept less than what you owe in exchange for your immediate payment of tax. How much you pay depends on something called a reasonable collection potential. The program is not for everyone. If you think you qualify for an OIC, contact the Columbus, Ohio tax lawyer to discuss your options today.
Why is an offer in compromise so powerful?
Simply put, it eliminates your tax debt. If you qualify for this IRS tax forgiveness program, your tax debt is literally written off. And you are not charged with cancellation of debt income. Filing an offer in compromise also stops IRS enforced collection. If you are receiving threatening letters from the IRS, filing an OIC will stop those letters. Finally, the IRS typically will not file a lien until a decision has been made on your offer.
Unfortunately, an OIC is not for everyone. The acceptance rate hovers in the 30 to 40 percent range and has never exceeded 50 percent.
How do I qualify for this IRS tax forgiveness program?
To qualify, you cannot currently be in bankruptcy. Once the bankruptcy is discharged and closed, you could file an offer. You must also file all outstanding tax returns that you are legally required to file. Unsure whether you are legally required to file, contact us. You must also be current on estimated taxes and tax deposits.
The substantive qualifications require a look at your reasonable collection potential. The reasonable collection potential is your ability to pay. It is the amount that can be realized from your assets and income. It’s your offer. Our firm of experienced tax professionals can diagnose whether you qualify before filing the offer.
If you qualify for this IRS tax forgiveness program, call us today at 614-428-2887.
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Offer in Compromise Representation | Columbus OH Tax Lawyer
Porter Law Office, LLC offers state and IRS tax forgiveness program services to clients in Ohio including Columbus, Cincinnati, Cleveland, Dayton, Newark, Springfield, Toledo, Sandusky, Youngstown, Zanesville, Bellefontaine, Lima, Mansfield, Marietta, Parma, Akron, Canton, Wooster, Salem, Lancaster, Circleville, Carroll, London, Hebron, Fairborn, Bexley, Delaware, Westerville, Circleville, Worthington, Gahanna, Marion, Grove City, Pickerington, Reynoldsburg, Upper Arlington, Hilliard, Franklin County, Fairfield County, Licking County, Union County, Delaware County, Pickaway County, Montgomery County, Madison County and Logan County. Contact the experienced Columbus, Ohio tax lawyer at Porter Law Office, LLC today for a free consultation to discuss your particular IRS tax needs and options to file for an offer in compromise.