IRS Offer-in-Compromise - Instant Tax Relief?
The OIC is an IRS program that allows people who owe the IRS money to not pay as much.
Don't get excited just yet, for let me tell you: its FAR from instant, and far from free.
The IRS will accept and offer-in-compromise if you: 1.
Can't pay them what you owe.
2.
Don't owe them what they say you do.
(Just remember, the IRS is usually right!) Understandably, both of these situations have to be proven.
Its up to you to do it! It seems as if you need to get the proper form (find it below), fill it out, and submit it before you have a chance of getting this offer.
But hold on! there are a few things you should know! 1.
Only about 20% of submissions go through.
2.
Submitting isn't free (there is a $150 application fee, and a 20% down payment*).
3.
You need 3 months of documentation.
I assume this is to prove your inability to pay, or your innocence.
Before you're discouraged...
there are people that have paid "pennies on the dollar" and eliminated their tax debt.
Its just not all that common, so to have the best chance possible, you should really consult a professional that frequently deals with the IRS.
They will help you get the best chance possible in eliminating your debt.
If you plan on hiring a "professional" to help you, be careful of "wolves in sheep's clothing".
Some internet-based companies won't really even do anything.
These companies are just out to make a fast buck, and don't care if you get the tax relief.
They just want your money.
If you think you qualify for an OIC, find a trustworthy company that you can call up and discuss your situation.
A good company will talk to you without demanding payment.
After you get a little more background info on the subject, you can either hire someone to help you, or file the OIC yourself.
There is one more thing that people use the OIC for.
When someone files and Offer-in-Compromise, the IRS takes about a month to look over it, so filing one, even if it's not possible to bargain with the IRS, could delay your payment for a month.
You really should find more information on the subject before you attempt this.
*Down payment is 20% or the money you tell the IRS you want them to settle for.
Don't get excited just yet, for let me tell you: its FAR from instant, and far from free.
The IRS will accept and offer-in-compromise if you: 1.
Can't pay them what you owe.
2.
Don't owe them what they say you do.
(Just remember, the IRS is usually right!) Understandably, both of these situations have to be proven.
Its up to you to do it! It seems as if you need to get the proper form (find it below), fill it out, and submit it before you have a chance of getting this offer.
But hold on! there are a few things you should know! 1.
Only about 20% of submissions go through.
2.
Submitting isn't free (there is a $150 application fee, and a 20% down payment*).
3.
You need 3 months of documentation.
I assume this is to prove your inability to pay, or your innocence.
Before you're discouraged...
there are people that have paid "pennies on the dollar" and eliminated their tax debt.
Its just not all that common, so to have the best chance possible, you should really consult a professional that frequently deals with the IRS.
They will help you get the best chance possible in eliminating your debt.
If you plan on hiring a "professional" to help you, be careful of "wolves in sheep's clothing".
Some internet-based companies won't really even do anything.
These companies are just out to make a fast buck, and don't care if you get the tax relief.
They just want your money.
If you think you qualify for an OIC, find a trustworthy company that you can call up and discuss your situation.
A good company will talk to you without demanding payment.
After you get a little more background info on the subject, you can either hire someone to help you, or file the OIC yourself.
There is one more thing that people use the OIC for.
When someone files and Offer-in-Compromise, the IRS takes about a month to look over it, so filing one, even if it's not possible to bargain with the IRS, could delay your payment for a month.
You really should find more information on the subject before you attempt this.
*Down payment is 20% or the money you tell the IRS you want them to settle for.