Find Relief from IRS Debt with
an Offer in Compromise!
Have you underestimated your tax liability and accumulated back taxes? An Offer in Compromise might be the solution you need. Our experts will help you handle concerns about penalties, interest, liens, or levies. If you're looking for a fresh start, we'll guide you through the process.
Take control of your financial future—contact us today.
Simplifying the IRS Offer in Compromise
An Internal Revenue Service (IRS) Offer in Compromise (OIC) is a way to reduce your tax debt if paying in full would cause financial hardship. This program allows you to settle your tax debt for less than what you owe. Here’s how the IRS reviews your OIC application:
Assessing Your Ability to Pay: The IRS looks at your overall financial situation to see how much you can realistically pay. This involves examining your income, expenses, and the value of your assets.
Reviewing Your Income: Your income plays a significant role in the IRS’s evaluation. They calculate your monthly income and subtract allowable expenses to determine what you can afford to pay each month.
Analyzing Your Expenses: The IRS reviews your living expenses to understand their impact on your ability to pay. They consider necessary living costs to ensure you can cover your basic needs.
Evaluating Your Assets: The IRS assesses the value of your assets, including property and vehicles. This helps them determine how much they can collect from you.
Why Do You Need an Offer in Compromise (OIC) Solution?
- To settle your tax debt for less than the full amount owed.
- To prevent further financial strain by negotiating a manageable payment.
- To eliminate stress by resolving your tax issues immediately.
- To avoid collection actions like IRS liens and levies.
Payment Options for Your Offer in Compromise
When applying for an Offer in Compromise (OIC), you have the flexibility to choose from two payment options that best suit your financial situation. Each option has its own benefits and requirements:
1. Lump Sum Payment
- Initial Payment: Pay 20% of the total offer amount with your application.
- Process: Upon submitting your initial payment along with your application, we will review your offer. If accepted, you’ll receive written confirmation from us.
- Completion: Once your offer is accepted, any remaining balance must be paid within five payments or fewer. This option is ideal for those who can afford to pay a significant portion upfront and wish to settle their debt quickly.
2. Periodic Payment
- Initial Payment: Start by submitting your initial payment along with your application.
- Process: Continue to make monthly installments while the IRS reviews your offer. This allows you to manage your finances without the burden of a large upfront payment.
- Completion: If your offer is accepted by the IRS, you will continue making these monthly payments until the full amount is paid. This option provides a manageable way to spread out your payments over a longer period.
Protect Your Financial Future with Focus CPA!
Why Focus CPA is Your Best Choice for Resolving Your Tax Issues with the help of OIC?
Effectively Reducing Your Tax Debt
With 30+ years of proven experience, we help you settle significant tax liabilities for a fraction of the total owed, freeing up resources for other financial priorities.
Expertly Protecting Your Assets
Our expertise prevents the IRS from seizing valuable assets, including property and investments, ensuring your wealth remains intact.
Enhancing Your Financial Planning
We facilitate better financial planning by removing the burden of overwhelming tax debt, allowing for more accurate future budgeting and investment strategies.
Expertly Protecting Your Assets
Our expertise prevents the IRS from seizing valuable assets, including property and investments, ensuring your wealth remains intact.
Crafting Customized Payment Plans
Benefit from our tailored payment plans that fit your financial situation, making it easier to manage your finances and meet other obligations.
Effortlessly Avoiding Bankruptcy
Use OIC solutions as an alternative to bankruptcy, preserving your financial reputation and avoiding the long-term impact of bankruptcy filings.
With Focus CPA, get a fresh start on your finances with our custom OIC plans. Take action today to turn your tax problems into growth opportunities. Moreover, in case you need help with accounting services, our team assists in accounting services for small businesses and QuickBooks accounting services. Get in touch today.
Our Proven 5-Step Process to Resolve Your OIC
Step 1: Understanding Your Financial Situation
We begin with a complimentary consultation to understand your financial situation. During this meeting, we gather all necessary financial documents, including income statements, expense records, and details of your assets and liabilities. This helps us determine your eligibility for an OIC.
Step 2: Preparing and Submitting Your Application
Next, we help you complete the required IRS forms, including Form 656 and Form 433-A (OIC) or 433-B (OIC), and submit your application along with the application fee and initial payment.
Step 3: Waiting for IRS Evaluation and Staying Responsive
While the IRS reviews your application, we ensure all necessary documentation is provided and promptly respond to any additional requests from the IRS to keep the process moving smoothly.
Step 4: Receiving and Reviewing the Decision
Once the IRS makes a decision, we review the outcome with you. If your offer is accepted, we guide you through the agreed-upon payment plan. If it’s rejected, we discuss alternative options or the possibility of an appeal.
Step 5: Helping You Stay Compliant
To maintain the benefits of the OIC, we help you stay current with all tax filings and payments, ensuring you comply with IRS requirements and avoid defaulting on the agreement.
Take Control of Your Tax Debt with Focus CPA
In addition to IRS settlement offer in compromise services, Focus CPA offers a wide range of services, including incorporation services, and Family Office Services.
An offer in compromise attorney at Focus CPA can guide you through the entire process, from assessing your eligibility and preparing your application to negotiating with the IRS and ensuring you meet all requirements for a successful resolution.
The IRS accepts offers in compromise IRS based on your ability to pay, income, expenses, and asset equity. While acceptance is not guaranteed, a well-prepared application that accurately reflects your financial situation increases your chances.