Tax Settlement – Offer in Compromise
If you owe a significant sum of money to the IRS or any given state, they will ask you to pay that amount in full, usually adding penalties & interest. These may be failure-to-file penalties, underpayment penalties or failure-to-pay penalties. If you are unable to pay the tax balance, the IRS and states have a program to settle these debts at pennies on the dollar. This is called an Offer In Compromise (OIC) and only works if the tax debt is very large in comparison with your annual income. Sometimes, however, you may not qualify. Reach out to us with the contact form below to check if you qualify – we will run a free analysis for you.
If I don’t qualify for an OIC, what other options do I have?
We may be able to abate the interest & penalties from your account based on the first-time abatement or the reasonable cause exclusions. Sometimes the solution to any letters you have been receiving may also be to just file your back taxes. Let us know if you need assistance with
that, we can file your back taxes while simultaneously petitioning for removal of penalties and associated interest.
