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All You Should Know about the IRS Offer-in-Compromise for Settlements of Owed Taxes

If at all you are a taxpayer and you are faced with such financial hardships that make it harder for you to pay up your taxes as is due to the IRS, then chances are so high that you have already heard of the Offer-in-compromise plans or programs. Generally, the offer-in-compromise program is one established by the IRS that allows such strained taxpayers an opportunity to settle their tax debts for less than what they actually owe to the IRS. This is actually a legitimate route you may take to be clear with the IRS if you happen to be unable to pay your taxes in full or if so doing is going to create you financial suffering. Generally speaking, this program from the IRS is one program for settlement of taxes offered by the IRS that allows burdened taxpayers sort out their taxes and get back to compliance as should be with the authorities.
Going forward, it is important to note the fact that the IRS will approve an application for admission into the OIC program only where the amount offered is one that they can reasonably expect to collect with the given time period. Advice would be that before you make an application for an OIC, you explore all available settlement plans.

We must acknowledge this fact going forward that in as much as the OIC program is open to taxpayers with such a tax burden, it is not just meant for anyone. Talk to your tax consultant for you to know if at all the OIC program will be the best way out for you to settling your tax debt or better still advise you on the best way forward. If at all you are going to hire a tax professional for this, then you should be very careful with the one you choose and ensure that they are duly qualified. Hereunder is a look at some of the basics you should be aware of as you think of going for an OIC application for your need to get clean with the IRS.

What you must do first is to ensure that you are indeed qualified. In so far as qualification and eligibility goes, be informed of the fact that there is a criteria that the IRS takes into consideration. There are some unassuming errors that you may make in the process of application that may end up seeing your application thwarted. For instance, the IRS will reject any application made without making a submission of your tax returns and failing to state the estimated required payments. In any case you happen to be in an insolvency proceeding, then you should be aware that you will not qualify for the program.

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