How to Maximize the Chance of Getting Your Offer in Compromise Accepted by the IRS
There is not any specific magic formula to get the IRS to accept your Offer in Compromise since every case is completely different.
Only less than 20% of all Offers in Compromises are ever accepted by the Internal Revenue Service.
It is quite difficult but if done properly, you may qualify for acceptance.
Yes, it can be achieved.
You might be eligible to apply for an Offer in Compromise but each case is decided on its individual merits.
No one is granted an Offer "automatically.
" Any tax firm that assures that the IRS will accept your OIC isn't representing your best interests.
We don't guarantee to our clients simply because we can't guarantee.
If the Offer is crafted within the guidelines set out by the IRS along with intelligent negotiation, it might get accepted.
The next few paragraphs are going to show you how.
Remember, being faked nice and being polite are two complete different things, where the latter works best compared to the former.
Are you doing whatever steps you can to fasten the entire process? In any case, knowing what to expect, and how to reply, could make things whole lot quicker! If the examiner is not getting full co-operation, there is a high chance of your Offer in Compromise getting rejected.
Only less than 20% of all Offers in Compromises are ever accepted by the Internal Revenue Service.
It is quite difficult but if done properly, you may qualify for acceptance.
Yes, it can be achieved.
You might be eligible to apply for an Offer in Compromise but each case is decided on its individual merits.
No one is granted an Offer "automatically.
" Any tax firm that assures that the IRS will accept your OIC isn't representing your best interests.
We don't guarantee to our clients simply because we can't guarantee.
If the Offer is crafted within the guidelines set out by the IRS along with intelligent negotiation, it might get accepted.
The next few paragraphs are going to show you how.
- Are you current on your tax payouts? If running your own business, have you made all your quarterly estimated tax payments correctly? If you are a W-2 employee, have your employer made all payroll tax filings and deposits correctly? If not, the Internal Revenue Service will turn down your OIC because you have indicated that you can't follow the tax compliance rules.
- Are all of your taxes filed that need to be reported? Again, how is the government supposed to do you a favor and reduce your taxes with an OIC if you are simply telling them you will do your taxes your way rather than their way? You must be compliance.
Here compliance means you should follow whatever things the IRS tell you to do (of-course, this would be the hardest part for many individuals).
- Have you produced all the requested documents to the IRS during your offer processing? Getting emotional, crying or yelling at them will never going to work.
- The Internal Revenue Service charges a fixed fee to process an Offer in Compromise.
If you live below the poverty line, you have to submit Form 656-A to get a fee waiver.
- Did you tell the truth? The IRS examiners will validate everything that you say.
In the event the IRS discovers any fraudulent information on the document, your offer or any other requests are certain to get entirely rejected.
Just like a tax return, it is a federal felony to lie in an IRS Offer in Compromise form or any other collection information statement.
Remember, being faked nice and being polite are two complete different things, where the latter works best compared to the former.
Are you doing whatever steps you can to fasten the entire process? In any case, knowing what to expect, and how to reply, could make things whole lot quicker! If the examiner is not getting full co-operation, there is a high chance of your Offer in Compromise getting rejected.
