Offers in Compromise
What are offers in compromise?
Offers in compromise (OIC) are agreements between the IRS and taxpayers. They settle tax liabilities for less than the full amount due. If you have been assessed with an unexpected tax bill, you may be able to settle the debt for substantially less than the stated amount due, using a strategy called an offer in compromise (OIC). In some situations, taxpayers have been able to settle tax debts for less than one percent of the actual bill through the use of an OIC.
For a free 1/2 hour consultation with our expert in tax law Contact Christie Lee Law Office today to know more about offers in compromise or give us a phone call 209-910-5291
Are offers in compromise always accepted by the IRS?
Offers in compromise are not always accepted by the IRS. In fact, over 75% of offers in compromise are rejected by the IRS. Generally the IRS want an OIC that is equal or greater than the RCP. RCP stands for reasonable collection potential. For success with your offer in compromise, you want an experienced tax attorney, one who is intimately familiar with the process and will provide you with the advice you need to make informed decisions.
The Law Office of Christie Lee handles all matters related to offers in compromise for individuals in Modesto and the surrounding communities. She understands the fears that can accompany the receipt of an unexpected tax bill.
Call us for finding more about offers in compromise .
Do offers in compromise include IRS installment tax plans?
Offers in compromise may include IRS installment tax plans. When you enter into an offer in compromise with the IRS or any other taxing authority, the government has essentially agreed to a negotiated settlement of your debt, allowing you to pay less than the stated amount due in exchange for the discharge of the debt. Often, the IRS will allow you to enter into a payment plan as part of an OIC. While you have no right to a reduction of a tax bill, the government must generally give a properly submitted OIC fair consideration. Learn more about IRS installment tax plan .
Attorney Lee will help you initiate an application for an offer in compromise, which requires that you complete and submit IRS form 656. Ms. Lee will help you file all required forms and any additional documentation that will enhance the likelihood that your applications will be approved. The IRS often requires extensive financial information, including pay information, bank records, vehicle registrations and other documents. If your OIC has been rejected, lawyer Lee has the experience to assist you with your appeal to the IRS Appeals Office. Ms. Lee will help you negotiate and implement an offer in compromise to settle your tax debt.
How can I learn more about offers in compromise?
Learn more about offers in compromise, business taxes and tax law :
Tax overview.
Tax fraud.
IRS installment tax plan.
Want to find out more about offers in compromise?
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If you would like a free 1/2 hour consultation with our lawyer who is specialized in tax law Contact Christie Lee Law Office today or give us a phone call 209-910-5291. Our office is conveniently located and open, 8:00am to 6:00pm. If you would like a weekend appointment, simply call and set one up. We are flexible with our schedule and most importantly want to get your problems resolved.
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We primarily service clients in the Northern California region with our office in Stanislaus County. Many of our happy clients include residents from