Delinquent Taxes

WHAT IS AN OFFER-IN-COMPROMISE?

Taxpayers that are unable to pay their tax bill have several options. All is not lost. Taxpayers who can’t pay their tax liability or who create a financial hardship by paying this liability may take advantage of a federal tax program in which they utilize a mechanism known as an “Offer In Compromise” to resolve and settle these tax problems with finality. The Offer in Compromise (or “OIC” in IRS and legal jargon) program is not for everyone and the IRS advises that taxpayers explore all other payment options before submitting an OIC. An experienced tax professional is absolutely essential in all steps of the process of formulating, making, and awaiting the IRS to accept, an OIC.

I HAVENT FILED A RETURN IN LAST 6 YEARS. HOW CAN I CATCH UP?

It is estimated that 7 million taxpayers fail to file their tax returns each year, which is approximately 5% of all filers. The Internal Revenue Service released results of a study that indicated that the federal government loses $28 billion annually. Unfortunately (for the IRS, perhaps not for the non-filers), the IRS has never had the resources to adequately track and keep record of these non-filings.

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