Offer in Compromise (OIC) are tax settlements between taxpayers and the IRS for less then the amount originally owed.
In deciding whether one qualifies for relief, the IRS has various “formulas.” The formulas, when used correctly, result in taxpayers reaching settlements with the IRS tax problems. If these formulas are not applied properly, your offer could result in gross overpayment or worse—be rejected!
Lefstein-Suchoff CPA & Associates, LLC skillfully prepares your Offer in Compromise, which is an allowable, legal means of resolving federal tax liabilities.
The “OIC” was developed by Congress to help facilitate the IRS in collecting outstanding IRS Tax Problems by offering taxpayers a one-time opportunity to quickly eliminate their IRS Tax Problems for a fraction of what was originally owed. The Offer in Compromise continues to evolve as Congress passes new laws making this the most effective means for the taxpayer and the IRS to permanently resolve your IRS Tax Problems.
Our Tax Experts will prepare all the forms and represent you throughout this complex process of filings and negotiations with the IRS.
There are several reasons why you may be eligible for an Offer in Compromise:
- There may be reasonable doubt about whether you are actually liable for the taxes you were assessed.
- There may be no reasonable expectation that you can ever pay all the taxes you owe.
- Even if the debt is legitimate and even if you could possibly pay it over time, there still may be some exceptional circumstance which would lead the IRS to accept an Offer in Compromise. For example, collecting the taxes might create an economic hardship, or might be unfair and inequitable for many reasons.Howdy, Sandy Suchoff
Offer in Compromise
The Offer in Compromise settlement program exists to provide taxpayers who cannot pay their tax liability in full, an opportunity to pay a portion of their liabilities to fully satisfy the debt. An Offer in Compromise is a formal agreement between a taxpayer and the IRS that resolves the taxpayer’s past-due tax liability. The IRS has the authority to settle — or “compromise” — federal tax liabilities by accepting less than full payment under certain circumstances. The circumstances that must be met in order to have an Offer in Compromise accepted can be complex and require great diligence and oversight to ensure that one initially qualifies for an Offer in Compromise, and secondly, that the Offer in Compromise can be negotiated for the lowest amount possible.
Our CPA practice educates our clients on how the Offer in Compromise program works so as to not mislead any taxpayer to believe that just because one submits an Offer in Compromise, that it will be accepted. Many firms overtly suggest in their marketing and advertising material that their client’s will save ‘pennies on the dollar’ if they submit an Offer in Compromise. We have the highest standard of ethics and will do a preliminary analysis to determine if you may be a candidate for such a process; this would be predicated upon information that you supply to us.
Lefstein-Suchoff CPA & Associates, LLC has a proven track record of getting our Client’s Offers in Compromise accepted and thereby saving our clients thousands of dollars. If, on the other hand, we believe that filing an Offer in Compromise will simply waste your time and resources, we will discuss in detail, other resolution strategies to minimize and fully resolve your tax liability. In some instances we may suggest a combination of resolution strategies to resolve the liability in question, so time and energy are not wasted, thereby increasing additional penalties and interest.
In any instance or for any liability, no matter how large or how complex, you can depend on firm to give you honest advice, and needed protection from levies or wage garnishments while we customize a resolution strategy that will free yourself from a tax liability. At Lefstein-Suchoff CPA & Associates, LLC we deliver peace of mind, one client at a time, by personally guiding you through the Offer in Compromise process or any other resolution that we consider to be a better avenue for your individual financial situation.
Let the CPA staff at Lefstein-Suchoff & Associates help you solve your IRS tax problems!