When it comes to settling your debt with the IRS, there are only a few options that are provided: Installment Plan, Currently Non-collectible, and an Offer in Compromise (OIC).
Of these three options, the offer in compromise is the most attractive one since it settles your tax debt for a very small one-time amount.
Assuming you have tax debt, your next question might be: how do you increase your chances of an IRS offer in compromise?
The first thing to remember is that it is near impossible to negotiate an offer in compromise with the IRS by yourself. Trying to negotiate an OIC with the IRS as an individual is like going to court alone.
That’s why you need the help of a tax deb professional. Take this quiz to get in touch with a tax debt expert.
So how do you increase your chance of getting an OIC?
An offer in compromise from the IRS has its cons, such as the fact that your income will be checked for the next 5 years and any small changes in your income can throw out the entire offer.
The best way to get an OIC and to check if you can get an OIC is to speak with a tax expert.
Click here to take this quiz and get in touch with an IRS debt expert in seconds!