IRS Offers in Compromise

Our Connecticut IRS Attorney Explains

An IRS offer in compromise (OIC) can be a good tax relief option. This program can allow you to settle your tax liability for less than the original amount you owe, sometimes known as settling for pennies on the dollar. This is especially helpful for people who have low incomes and few assets. There are 3 ways to negotiate an offer in compromise with the IRS. They include:

  • Doubt of Collectability: Taxpayer is not able to pay the full tax debt.
  • Doubt of Liability: Taxpayer asserts that they do not owe the debt.
  • Effective Tax Administration: In fairness, the amount of the tax liability owed must be compromised, even if the taxpayer can pay the liability in full. Effective tax administration is the least used negotiation and is rarely accepted.

Speak with our lawyer to find out which negotiation method best suits your situation.

OIC Process and Documentation

Negotiating an IRS offer in compromise can be a complicated process, which, at times, may feel overwhelming. OICs involve various kinds of paperwork and forms that must be gathered and completed in detail.

Typically, the application for an IRS Offer-in-Compromise will require you to provide:

  • A comprehensive Collection Information Statement
  • Personal bank statements
  • Business bank statements (if you own a business)
  • Paystubs
  • Profit-and-Loss Statements (if you own a business)
  • Investment account statements
  • Mortgage statements

Missing a minor detail or failing to meet a deadline can result in your compromise being refused by the IRS. This is why it is important to secure strong, experienced legal representation. You should hire an attorney who is familiar with tax law and IRS offers in compromise. Attorney Roderick D. Woods can help you get through the OIC process.

Call (888) 272-2718 to Speak with Us Today

If you are looking for skilled and reliable legal guidance to address large amounts of tax debt, you should immediately get in touch with The Woods Law Firm, LLC. Our team has been aggressively representing clients throughout Connecticut since 2007. Our lawyer, Roderick D. Woods, personally handles each and every case we take on.

Contact our Connecticut tax attorney to get started on your free consultation today.

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