Offer In Compromise
Snooze and Lose
If you do not pay taxes, you may lose your driving license, passport and other privileges.
Libre Tax Safeguards Your Financials
The OIC submission process takes at least six weeks. It requires an in-depth understanding of sensitive personal and corporate financial situations. Beware of companies that boldly promote tax relief. Many of them provide a fast track process to save a certain percentage of expenses. They rarely consider your best interests. Usually, for ten customers who refuse OIC, they may reach a settlement, but for them, one payday is enough. With Libre Tax, you can pay by the hour and keep our records safe. After all, the last thing you need to do is to release the problem from other creditors.
The reason why we have a 99% success rate is because we continue to apply on behalf of our clients until we reach an agreement to resolve it. If we think that the offer is not suitable for you, we will also advise you in advance.
Call us We can give you peace of mind, restore your credibility, and release your lien.
Millions Saved by Taxpayers
The Internal Revenue Service writes off millions of dollars in debt every year. It boils down to collectability. Libre Tax has processed many OIC applications and successfully reduced the customer’s tax burden by 99%.
“One of our clients faced a cumulative payroll tax liability and a personal income tax debt of A$2. 6 million,” said Gigi Boudreaux of Libre Tax.
“We were able to reduce his liability to $65,000.
In another case, Libre Tax settled $1. One million debts are $80,000.
What is an Offer in Compromise (OIC)?
An Offer in Compromise “OIC” is an opportunity for taxpayers to make a deal with the IRS or NY to significantly reduce their outstanding tax debt and make a fresh start. If certain qualifications are met, the government will accept less than the amount owed and call it even. Recently, the IRS has been accepting an increasing number of Offers compared to prior years. So, now is the time to act. No more sleepless nights worrying about how you will pay your tax debt.
How does an OIC work?
In order to make a deal, one of the following
conditions must exist:
- Doubt as to Collectability
- Doubt as to Liability
- Exceptional Circumstances
An OIC is most frequently filed for doubt on collectability, that’s when a taxpayer simply doesn’t have the means to pay the debt they owe. the govt would rather compromise the debt and collect a number of what you owe than nothing in the least . But they won’t accept but what they deem collectible.
With the assistance of a professional CPA with experience in OIC filings, the taxpayer can make a suggestion to the taxing agency supported a sophisticated computation of what they will afford to pay. The IRS will then either accept or reject the offer. there’s often a back and forth process of negotiation. the method is one that takes time, full disclosure of all assets and liabilities, and in fact the government’s bureaucratic procedure specialty: forms and paperwork!
Can I qualify for an OIC?
Before we will submit an OIC on your behalf,
- be current with all income tax return filings
- have submitted all income tax payments also as payroll tax deposits (if a business) for the present year
- NOT be in an open bankruptcy proceeding
Won’t bankruptcy eliminate my tax debt?
No. the very fact is bankruptcy has almost no impact on your tax debt. most tax debts are resistant to any bankruptcy action. These debts survive and can haunt you unless you negotiate a suggestion in Compromise.
Will an OIC affect my credit score?
Yes. But, the great news is it’ll affect it positively! That’s right. Once an OIC has been accepted by the taxing authority involved and your debt has been fully satisfied, liens are released, and your credit score will improve. Unlike the dark cloud of bankruptcies, which take years to return out from under, an OIC can help restore your creditworthiness.
Work with a CPA firm to avoid default or all bets may be off!
Recognize that this is often your opportunity to urge out from under burdensome tax debt but remember it’s also a one-time deal. the govt is supplying you with an opportunity to start out over but expects you to urge back on target .
What does that mean?
You must stay current on all taxes including estimated taxes for a period of a minimum of 5 years following the acceptance of a suggestion
You must make regular payments to make sure repayment of the settlement amount within an inexpensive timeframe
Failure to remain current or make regular payments on the agreed-to amount can trigger a default which will likely take the settlement off the table leaving you owing the first amount fully .