Helping You Manage Your Tax Issues With the IRS and State

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IRS Offer in Compromise Help

Facilitating Effective OIC Solutions for Overwhelming Tax Issues

Overwhelming tax liabilities caused by insolvency, bankruptcy, or undue economic hardship can be a difficult financial position to navigate. From among the several options available, many try to resolve the issue with IRS Offer in Compromise help in NYC. This option allows you to pay the IRS less than what you owe.

However, the Internal Revenue Service (IRS) is an intimidating federal agency to engage with, especially in situations where you are liable to make tax payments. Also, depending on the circumstances and financial position of the taxpayer, this might not be the most effective solution.

Here at True Resolve Tax Professionals, we possess the acumen and professional expertise required to help you find a solution. We provide IRS Offer in Compromise help in NYC, New York, simplifying the process of accessing solutions for your tax issues.

What is an IRS Offer in Compromise?

Offered by the IRS, Offer in Compromise (OIC) is a program designed to alleviate a small portion of the tax burden from those who are unable to make the payments. If the applicant meets the primary eligibility criteria for the application, the IRS will consider their application, allowing them to pay only a small portion of their debt.

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How To Calculate an Offer in Compromise

The IRS created and enforces systems and procedures crafted with intricate calculations. Understanding the complexity of the math and algorithms applied, calculating the OIC percentage can be difficult. The IRS will base its decision after considering your application, assets, disposable income, and equity.

One thing to remember is that you will have to pay the non-refundable application fee for the OIC along with the initial payment. You can choose to either settle with lump sum cash or through a periodic payment schedule.

Who Qualifies for IRS Offer in Compromise Help?

Officially, the consideration for an OIC is extended to individuals and businesses that are facing insolvency or are discharged or bankrupt. In addition to that, individuals not yet bankrupt or insolvent can apply if paying off the debt in full will result in undue economic hardship.

Also, the IRS expects individuals and businesses to sort other avenues for raising money, such as liquidating assets, selling stocks and bonds, selling extra vehicles, property, etc.

While this may be simple to understand, the IRS assesses and reviews each application with great meticulousness. Not every application is accepted. OIC is especially difficult to sort through for businesses.

Do You qualify for an Offer in Compromise?

An offer in compromise is not a viable option for all taxpayers, especially businesses. The IRS has a very strict qualification process for this program. For individuals, call True Resolve and we’ll be happy to assist in guiding you through the qualifying process. Or, you can use our Offer in Compromise Pre-Qualifier Tool to see if it might be an option for you. But even if you don’t qualify, there are other effective ways to ease your tax debt without creating a financial hardship. Here’s a list of options:

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Non-OIC Alternatives for Individuals

While True Resolve Tax Professionals provides IRS Offer in Compromise help, there are alternatives routed for tax settlement. Individuals unable to pay their tax debt in full may be eligible to set up a new IRS payment plan schedule on an installment basis.

After filing the Installment Agreement Request Form 9465, you can set up an installment payment plan. You can opt for a full installment agreement, a partial pay installment agreement or you can request a non-collectible status. The latter of the three is meant for those who can’t meet their daily expenses.

Regardless of if you choose the installment agreement, penalties and interest charged may still be of consequence during the IRS assessment. Negotiating a plan that is fair to your circumstances is crucial for sustaining your financial health. True Resolve has a team of IRS Enrolled Agents that possess the acumen and technical skills to assist you in dealing with the IRS and your tax issues.

Non-OIC Alternatives for Businesses

As mentioned previously OIC can be difficult to navigate for businesses. Your application may be rejected if the business is still in operation at the time of the OIC application. As an alternative, a business can settle their tax debt through installment agreements.

Unlike installment agreements for individuals, agreements for business are regulated under stricter and restrictive rules. With the professional expertise of True Resolve’s tax agents, businesses can determine their eligibility for full installment agreements over time, a partial pay installment agreement, or they can opt for non-collectible status.

It is of utmost importance for businesses currently operating to continue staying up to date with their tax obligations. Failure to do so may result in the IRS considering harsher decisions, which may involve shutting down the business in its entirety.

True Resolve can help you understand and navigate your way through the application process, help you fill out the Installment Agreement request Form 9465, and helping your financial situation from worsening any further.

Working with a Tax Resolution Expert

Federal agencies are governed by strict and highly sensitive rules and regulations. Under the watchful eye of various government agencies and regulatory bodies, the Internal Revenue Service enforces firm policies that can make the agency intimidating to deal with.

They have the right to conduct audits, foreclose houses, seize bank accounts, seal properties, etc. to ensure you pay back tax debt. It is a creditor that you don’t want to be indebted to.

Fortunately, figuring out a plan for dealing with the IRS is possible with a professional Tax Resolution expert. We here at True Resolve are highly dedicated agents with a penchant for resolving challenging tax issues.

Our continued excellent performance is represented by a 95% acceptance rate when it comes to OICs. From the pre-qualification stage to negotiating an installment agreement, our team will continue supporting you every step along the way.

We maintain high levels of integrity and transparency in our work to assure you remain apprised of your application status. Regardless of the nature of the complexity of your tax debt issues, we set realistic expectations and use all resources available to get you the IRS Offer in Compromise help in NYC you need.

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