You may be looking for IRS tax relief programs if you find yourself unable to fully pay your tax debt. Offer in Compromise (OIC) is usually the most discussed tax settlement program, as it is also the most commonly available tax relief for most people. If you are looking for Offer in Compromise assistance in Thousand Oaks, CA or other parts of the world, then you should be aware of the basics of this program.
Let’s see what OIC program compromises of and how finding the right assistance in Thousand Oaks, CA may help you in getting tax relief.
OIC Program & How to Find the Right Assistance in Thousand Oaks, CA
Genuineness of Circumstances:
Fooling the IRS may be among the most difficult jobs in the United States. Hence, whenever you seek an offer in compromise assistance, you should discuss your circumstances with a professional tax relief consultant to know whether you actually qualify for the scheme or not.
Basically, this tax relief program is designed to offer tax benefits to individuals and businesses actually struggling from financial distress. IRS objectively assesses one’s ability (or otherwise) to pay taxes along with available income and expenses to ascertain eligibility for the OIC program.
Once the IRS agrees with your inability to pay full tax debt in the near future, it may be ready to accept a negotiated/ discounted tax amount up to your maximum payment ability. Hence, be ready to actually pay the negotiated amount as soon as the agreement is reached. Further delays may not be accepted by the agency.
Prerequisites of the Program:
For both individuals and businesses, filing all relevant tax returns is a prerequisite for making an application for an OIC request. Furthermore, it is also important to realize that submitting any false or misleading data, or withholding relevant information not only hurts your case for the OIC, but may also result in further fines and penalties.
What if Your Offer is Rejected?
IRS is unbiased though objective in its assessment of OIC applications. Unless you tick all requirements of the program, there is always a chance for your application to be rejected by the agency. Before rejection, however, the agency shall offer you an opportunity to be heard and to present your case. Furthermore, remember that if your case is rejected, you are allowed to file an appeal within 30 days of the decision.
Should You Haste into Your Application?
The simple answer is No! Before you seek to apply for the OIC program, it is strongly recommended to seek objective professional opinion and carefully examine your financial circumstances before hasting into an application. It is because of the fact that if your application is rejected on the basis of the IRS’s disagreement with your claimed inability to pay taxes, it may leave an undesirable mark for the future as well.
At the same time, however, you should not be discouraged if you find yourself unsuitable for the program. In fact, there are few other tax relief programs offered by the IRS. Our other articles discuss these programs.
IRS issues an official Offer in Compromise booklet (also called the 565-B form). If you are interested in knowing about this program, you may go through the IRS website to download and read this booklet, as it offers all important information regarding various steps of the OIC process as well as the data/ documents/ forms you need to submit along with your application.
Make sure to consult a tax relief professional to know more details about these programs, and to find the best course of action for your particular financial situation.
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Zee Maq is a content writer who specializes in writing business and finance content. She has nine years of experience and loves to provide problem-solving content to help people tackle challenges in their everyday lives.