IRS Offer In Compromise

Offer In Compromise, IRS Offer In Compromise

The Offer in Compromise (OIC) is a program under 26 U.S.C. § 7122 which allows qualified individuals to settle their back taxes for less than the full amount owed. The IRS program will negotiate back taxes and allows taxpayers a fresh start with the release of any federal tax liens attached to their social security.

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The average accepted OIC amount is usually a little over $6,000. At Life back Tax, our average offered settlement amount is $500 for our clients. In order to qualify for an OIC, a few requirements must be met with the IRS such as a current filing status for all your tax returns as well as with Estimated Tax Deposit (ETD) payments. A taxpayer should generally not have assets and finances to be able to full pay the balance owed on the account.

An OIC can be submitted with the IRS by completing a Form 656. The IRS generally takes between 6 months to 12 months to review and accept the offer. In the event the OIC is rejected, an OIC appeal can be requested within 30 days from the date of the rejection letter.

The OIC compromise is the most effective way to settle your back taxes. If you qualify, it is in your best interest to move forward with the IRS. At Lifeback Tax, our clients pay about 4% of their total tax owed to the IRS once the OIC is accepted. Our tax resolution experts understand the OIC rules thoroughly and strive to determine the best possible offer for you.

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