IRS Offer-in-Compromise Program

Tax Consultant / Accountant in NYC

An Offer in Compromise (OIC) is an agreement between you and the IRS that allows you to settle your tax debt for less than the full amount owed. Before the IRS will consider an offer, you must have filed all tax returns, made all required estimated tax payments for the current year, and made all required federal tax deposits for the current quarter if the taxpayer is a business owner with employees. Taxpayers in an open bankruptcy proceeding aren't eligible to enter into an OIC.

An Offer in Compromise may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship

IRS generally approve an offer in compromise when the amount offered represents the most it can expect to collect within a reasonable period of time. Please note, the Offer in Compromise program is not for everyone.

Ultimate Tax Relief — which is based in New York City — offers its expertise and resources to people seeking tax relief and businesses in need of tax relief. The company also serves people who have fallen on hard times and owe taxes.

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