Owe a lot to the IRS? Don’t give up hope — we can help you explore an Offer in Compromise (OIC) to potentially lower your tax debt. An OIC is a chance to settle what you owe for less, but it’s not a sure thing. By showing the IRS you’re struggling to pay the full amount, you might reduce a $20,000 tax bill to, say, $4,000 and call it settled. Our friendly tax pros will guide you through the process, keeping things clear and manageable so you can face your tax troubles with confidence.
What’s an OIC and Can You Get One?
An OIC lets you propose paying less than your full tax debt, but the IRS is picky about who qualifies.
You might have a shot if:
- There’s doubt you can pay the full amount due to low income or few assets.
- Paying everything would cause serious financial hardship.
- You think the IRS miscalculated your debt (though this requires extra paperwork and is less common).
The process isn’t easy, but our experienced team will work hard to give you the best shot. Ready to see if an OIC could work for you? Reach out for a free consultation today!
Schedule a free consultation with one of our tax associates and see how we can help you leave your debt behind.
Get Started for FreeFrequently Asked Questions
about Offer in Compromise (OIC)
At TaxSolve, filing taxes is just one of the things we specialize in.
Whether your returns are simple or complex, our team of tax preparers is ready to help.
- What documents are needed to apply for an OIC?
You’ll need to provide detailed financial information, including income, expenses, assets, and supporting documents like bank statements or pay stubs.
- How long does an OIC take?
It can take up to 2 years to get an answer. The IRS won’t bug you for payments while they decide. If they don’t decide in 2 years, your offer is accepted!
- What happens if my OIC is rejected?
You can appeal within 30 days or explore other payment options like an installment agreement.
- Why hire a tax professional for an OIC?
A tax professional can navigate complex eligibility rules, prepare accurate applications, and negotiate with the IRS to maximize your chances of approval, saving you time and stress.