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Successful OIC in Encino, CA – Best Tips

An Offer in Compromise (OIC) is a great option for individuals facing serious difficulties in paying taxes. If you are eligible, you may be able to reduce your overall tax liability with an OIC. It is also a fact, however, that only a small percentage of OIC applications are approved by the IRS. 

You need professional consultation to determine whether or not you are eligible for this option. But even if you are eligible, you need to do a lot of things in the right way to win an Offer-in-Compromise. 

If you believe you deserve an OIC, following are tips for ensuring a successful OIC in Encino, CA.

Tips For A Successful OIC in Encino, CA

1: Bad Math is a Big No

While it may seem obvious, still many people make this mistake. The fact of the matter is that Form 433 is not so easy to fill. You need to perform a lot of calculations and provide various data. 

Even some CPAs are known to make these mathematical mistakes. Hence, the most basic thing you could do is to ensure that your math is perfect in your 433 Form. 

2: Don’t Leave Blank Spaces

Every field on the form is there for a certain reason. Don’t ignore any field by leaving it blank. Even if you consider it inessential, it may still be of importance for the IRS

At times, a small error of such nature can cost one an OIC. 

At the very least, you could write “Zero” or “N/A” in such fields.

3: Complete Documentation

When trying to secure an OIC, the game is in IRS court. You don’t want to give them any reason to reject your application. Hence, you must provide all documentations that are demanded or deemed required. 

Even if you consider any document to be unnecessary, it doesn’t cost much to still provide it. Again, you may want to consult an expert to prepare and submit all the documents.

4: The Emotional Side

Emotions alone won’t help you win the case. However, they may still be of some help. As long as they seem genuine, there is nothing wrong to playing the emotional side in front of an IRS officer. 

However, they are effective only if all other sides are already covered. For example, your calculations, your genuine inability to pay and documentation.

5: Determine the Acceptable Amount Well in Advance

The IRS does not have a personal issue with you. They may be strict but are generally open to approving such applications. However, one of the most common mistakes people make is to offer a very low amount.

An IRS officer can smell a fishy offer from miles away. Hence, you need to determine an acceptable amount right at the beginning of your application process. Offer an amount that is in line with your current financial health. 

6: Don’t be Hesitant to Appeal

Even if your initial application is rejected, you still have a right to appeal in 30 days. You should take this chance if you genuinely believe in your case. Many people get lucky the second time.

7: Hire a Professional

Stakes are high when you are trying to negotiate an Offer in Compromise with the taxman. You don’t want to be doing all the hustle on your own. You need to hire the best possible professional help for you. 

Remember that even many CPAs may not be proficient in this matter. It is because of the very specific nature of the case. Hence, you need to make sure that the person/ firm you hire has expertise in handling tax relief matters. 

USA Tax Settlement strives to help taxpayers get out from under their IRS tax debt. Unlike other so called Best Tax Resolution Companies in Encino, CA that charge outrageous fees and don’t deliver on their promises. USA Tax Settlement employs tax professionals, tax attorneys and IRS enrolled agents so we can provide IRS Tax Debt help in Encino, CA. Stop stressing over your tax debt and let our IRS Tax experts in Encino, CA settle your IRS tax debt for a fraction of a cost. USA Tax Settlement can help with various IRS Tax Relief Programs or Tax Debt Forgiveness Programs. If you need IRS Tax Relief in Encino, CA then call USA Tax Settlement today for a Free Consultation. Remember, having one of the Best Tax Relief companies in Encino, CA on your side is your best first step.

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