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Negotiating An Offer In Compromise (OIC)

Negotiating an Offer In Compromise other wise known as an (OIC) is the taxpayers ultimate weapon in eliminating all monies owed to the IRS in one fatal swoop, meeting the criteria to determine if you do qualify for an offer in compromise is of paramount importance. To qualify for the (OIC) the taxpayer ideally should have an enormous tax debt little or no assets no equity and ideally no valuables, The IRS will want all asset's and any equity if available to satisfy the (OIC). The Problem arises when the taxpayer has assets or available cash, When an (OIC) is submitted to the IRS you must also submit your Offer in cash or negotiable instrument to the IRS and if they decline your offer they automatically keep what was offered and apply that to your outstanding tax debt's and the taxpayer is left in the same position from which they started.

Prove Financial Distress To The IRS

You must prove beyond a shadow of a doubt that you do not have the ability to repay the IRS. You can not have any cash, little or no income, no assets and the ability to withstand a possible IRS Audit, there are many avenues available to the taxpayer to prove financial hardship. Being declared as Currently Non Collectible is One, Performing an Offer in Compromise with zero as the offer will work even better. To recieve the best possible outcome when dealing with the IRS, takes planning and patience. During the actual determination of Financial Hardship the IRS does not take into account past performance, Only Your ability to currently pay, Or pay in the near future. There are some professions that would prevent this declaration from being engaged, being a physician is one, A physican even if they do not have assets or cash on hand, have the ability, thru the nature of who they are, to workout some sort of repayment plan with the IRS. Their declaration of being in financial hardship will be rejected.

What you need to know about an Offer In Compromise (OIC)

Most taxpayers do not qualify for an offer in compromise, unless you were subjected to extenuating circumstances, or you have no income what so ever you probably will not qualify for an offer in compromise. when the time comes to actually make an offer to the IRS, the taxpayer is required to provide a 20% lump sum offer which is non refundable. If your offer is accepted, all subsequent file returns must be processed before April 15. Failure to not adhere to IRS policies will result in being found in default of the original terms set forth in the offer in compromise. This default will reinstate the original tax debt owed plus all corresponding interest and penalties.

offer in compromise Doubt as to Collectibility (OIC)

Negotiating an Offer In Compromise other wise known as an (OIC) is the taxpayers ultimate weapon in eliminating all monies owed to the IRS in one fatal swoop, meeting the criteria to determine if you do qualify for an offer in compromise is of paramount importance. To qualify for the (OIC) the taxpayer ideally should have an enormous tax debt little or no assets no equity and ideally no valuables, The IRS will want all asset's and any equity if available to satisfy the (OIC). The Problem arises when the taxpayer has assets or available cash, When an (OIC) is submitted to the IRS you must also submit your Offer in cash or negotiable instrument to the IRS and if they decline your offer they automatically keep what was offered and apply that to your outstanding tax debt's and the taxpayer is left in the same position from which they started.

offer in compromise Doubt as to liability (OIC)

Negotiating an Offer In Compromise other wise known as an (OIC) is the taxpayers ultimate weapon in eliminating all monies owed to the IRS in one fatal swoop, meeting the criteria to determine if you do qualify for an offer in compromise is of paramount importance. To qualify for the (OIC) the taxpayer ideally should have an enormous tax debt little or no assets no equity and ideally no valuables, The IRS will want all asset's and any equity if available to satisfy the (OIC). The Problem arises when the taxpayer has assets or available cash, When an (OIC) is submitted to the IRS you must also submit your Offer in cash or negotiable instrument to the IRS and if they decline your offer they automatically keep what was offered and apply that to your outstanding tax debt's and the taxpayer is left in the same position from which they started.

offer in compromise Effective Tax Administration (OIC)

Negotiating an Offer In Compromise other wise known as an (OIC) is the taxpayers ultimate weapon in eliminating all monies owed to the IRS in one fatal swoop, meeting the criteria to determine if you do qualify for an offer in compromise is of paramount importance. To qualify for the (OIC) the taxpayer ideally should have an enormous tax debt little or no assets no equity and ideally no valuables, The IRS will want all asset's and any equity if available to satisfy the (OIC). The Problem arises when the taxpayer has assets or available cash, When an (OIC) is submitted to the IRS you must also submit your Offer in cash or negotiable instrument to the IRS and if they decline your offer they automatically keep what was offered and apply that to your outstanding tax debt's and the taxpayer is left in the same position from which they started.