WHAT IS AN OFFER IN COMPROMISE?

What Is An... OFFER IN COMPROMISE? (infographic) An Offer in Compromise (OIC) permits you to retire a tax debt for an amount less than what owed originally. you heaps less heaps Tax Debt Owed After O.1.C. Original Tax Debt But ODWAIT!OD Why couldn't anyone walk into the IRS offices and receive an O.I.C.? The financial status of a taxpayer is determined by analysis of his/her balance sheet of assets and liabilities. An overall financial picture allows the IRS to reasonably determine what a taxpayer could afford given: A) liquidation of property owned B) income and savings accounts C) available revenue after paying necessary and basic monthly living expense These are the real factors that determine if you can get an Offer in Compromise. If a tax relief company guarantees you "pennies on the dollar" run in the other direction... SO IT REALLY BOILS DOWN TO... Doubt as to Doubt as to Effective Tax Administration Collectibility Liability you will not be able to pay the tax bill owed during the time remaining in the legally authorized collection period. the IRS is willing to consider extraordinary circumstances affecting your ability to pay the full amount which has been deemed correct. the tax bill owed is more than likely incorrect. IRS DETERMINATION OF AN OFFER IN COMPROMISE For more info on Tax Debt Solutions visit: www.ctaxrelief.com CTR