One of the most desirable options offered by the IRS to financially strapped taxpayers who owe back taxes is its Offer in Compromise program (OIC).
Those who qualify for OIC will be able to settle their tax debt for a sum far less than the amount owed. However, taxpayers need to know that successfully negotiating an OIC, as tax professionals readily admit, is a complex, document-heavy negotiating process that rarely should be taken on without the help of a tax attorney or Certified Tax Resolution Specialist.
In fact, if a taxpayer attempts to negotiate a tax relief settlement with the IRS without expert representation, the success rate is less than 23 percent. You do the math: that’s less than 1 in 4 offer in compromise applications that will be accepted when a taxpayer prepares and submits an offer without professional tax help.
A word of caution: you can find this option quickly closed to you should you commit any critical errors—what I call the “Seven Deadly Sins”—while attempting to secure a favorable resolution to your tax liabilities.
Among the common missteps that can mean the difference between a successful offer in compromise and one that is summarily rejected by the IRS are the following:
* Failing to file the next tax return while in the offer stage for back-taxes owed.
* Failing to stay current with any taxes due while in the offer stage.
* Showing hostility at any point toward IRS agents.
* Misrepresenting your financial position in documents presented in the offer.
* Making misleading or deceitful statements to the IRS in any verbal or written form.
Tax Resolution Services, Co. is dedicated to providing affordable solutions to businesses and individuals alike who find themselves in trouble with the IRS. Their expert team of tax attorneys, CPAs, and Certified Tax Resolution Specialists has a success rate of 90% – second to none in the industry – and an Offer in Compromise Settlement Rate of $0.11 on the dollar. For more information or to receive a FREE tax relief consultation, visit www.TaxResolution.com or call (888) 699-7630.
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