Relieve IRS Tax Debt With OIC
Resolving Unpaid Tax Debt
Do you have an unpaid tax debt that you would like to see resolved? Is it possible to work with the IRS to agree upon a settlement amount for your tax liability? In our office, an experienced Tampa IRS tax relief attorney can introduce you to a program called the Offer in Compromise (OIC), which may be used to discharge your debt to the IRS. Attorney Brian Loughrin negotiates with the IRS, using the OIC program, so that the taxpayer gets out from under their tax burden while the government receives a reasonable tax payment.
It is important to note that a small percentage of individuals qualify for this program and each step of the process must be done correctly, in order for settlement to be approved by the IRS.
Ten Steps to OIC
Step 1 consists of understanding the amount of money that the IRS says you owe and why they have arrived at this sum. Once this is done, the second portion of this step is to get any
past due returns properly prepared and filed, which can be done through our offices. All outstanding tax returns must be filed in order to be eligible for the OIC program.
The next phase (step 2) is to obtain from the IRS and any other government agencies, all of the information that pertains to your case. This includes internal memos, reports, tax account transcripts and the like. This information is vital to seeing if you do, in fact, owe the IRS money and will allow our office to make a proper OIC to the IRS.
Step 3 is designed to determine the actual amount of money that you may owe to the IRS. We know how the IRS figures tax debts and armed with the information this step provides, we strive towards making your debt as low as possible.
Step 4 is then done to protect your assets and other property rights from the IRS during the OIC process, as we want you to be able to retain what is yours.
Step 5 is to determine which of the 2 types of compromises will be best for you. One is called "doubt as to liability" which means we feel that you do not actually owe the IRS money. The other is known as "doubt as to collectability", meaning you do owe the IRS, however, it is doubtful that that your debt can be collected or at least the full amount cannot be paid. This is followed by the 6th step in which we will prepare a personal financial statement for you that meets the legal demands of the OIC program.
Step 7 is correctly filling out all of the forms required by the IRS in order to qualify for an OIC. If this step is not properly done, your chances of obtaining a settlement with the IRS are doubtful.
Step 8 is figuring out the minimum OIC that we want to present to the IRS in your case. It is a tricky step as you don't want to waste money by offering too much but you don't want to make too low an offer that gets disapproved right away.
In Step 9 our office will see if you need to have what is termed a "collateral agreement". This is a way to provide a good offer to the IRS, such as a promise of future money if you were to become suddenly rich, in order for you OIC to be approved.
In the final step of the process (step 10), making sure that all needed forms are provided and filled out correctly, we file your Offer in Compromise. When your OIC is filed, efforts to collect back taxes will cease and you do not have to suffer
liens or levies or a
wage garnishment. If you feel you may qualify for this program, use only a proven tax attorney to prepare and file your submission to the IRS.
Want to settle your debt to the IRS? Contact a Tampa IRS tax relief lawyerto learn the 10 steps to take in discharging your tax liability.