What is an “Offer in Compromise”

Owe back tax

There is a form, called the 1040EZ, that is supposed to be the easiest tax form to fill out for certain tax payers. It comes complete with 33 pages of instructions. What do you think the people living in the American Colonies would have thought of that? They might have preferred continuing paying taxes to the United Kingdom, right? All kidding aside, Americans have always paid some kind of taxes on their incomes, even before we won our independence from England back in 1776.

Americans pay state income taxes in 43 states and some local governments impose taxes on residents too. If you buy some playing cards in Alabama you are going to pay a 10 cent tax per playing card deck that you buy. Taxes are a part of life and everyone expects to pay their taxes each year on time, because they do not want to owe irs money for very long. If you owe IRS money past a limited amount of time you can have some pretty hefty penalties added on to your tax bill.

Not paying when you owe IRS money is pretty brave of some people, but not very smart. You will not get away with it for long. The IRS can do all kinds of things to get the money out of you when you owe IRS back taxes. Wage garnishment is one consequence. Another is having your house levied and your bank accounts seized. However, the IRS has to let you know of their intentions to take administrative action against you. Citizens then have the right to be heard before such drastic consequences are enacted.

The good news is there is help for people who owe IRS money. Tax resolution services are there to help people who owe back taxes. The help that is offered people who owe back taxes to IRS comes in the form of writing up various types of tax resolution offers that are then presented to the IRS. Take the “Offer in Compromise” for example. The Offer in Compromise or OIC, is an offer to settle with the IRS for less money than you owe. Certain forms have to be filled out correctly and certain rules apply, such as sending in a non refundable one time fee. Your tax resolution service can fill you in on all the details and all the other options that are available to citizens who owe IRS taxes today. Get your tax problems solved today so you can get the IRS off your back forever.

7 Comments

  1. I want to make and offer in compromise. How do I do it? Can I do it myself or do I have to pay someone to fill out these forms for me? If I have to pay someone I cannot afford it.

  2. I want to make and offer in compromise. How do I do it? Can I do it myself or do I have to pay someone to fill out these forms for me? If I have to pay someone I cannot afford it.

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