Do you have an unpaid tax debt with the Internal Revenue Service (IRS)? I’ve got some great news for you! When it comes to issues on resolving your tax obligations and settling debts that you owe “Uncle Sam” you do not have to get stressed up. With the services of Bilsky Financial Group in Richardson, TX, you can access the IRS offer in compromise (OIC) program to significantly reduce your owed tax liability.
“What is the offer in compromise program?” you may ask. Well, the Offer in Compromise (OIC) program is offered by the Internal Revenue Service (IRS) to you, if you qualify, so that you can negotiate a settled amount that is less than the total you owe in order to get rid of the debt. The aim of the OIC program is to accept a compromise when it is a “win – win situation” both for you and the government while also motivating you to be a compliant taxpayer with all your subsequent payments and filing requirements. The IRS specifies the situation(s) that would determine if you are eligible for the offer in this program and the tax experts at Bilsky Financial Group located in Richardson, TX can help you with this. According to the IRS, they may offer you an OIC if you meet one of three conditions. They are: doubt as to liability, doubt as to collectability and effective tax administration.
With doubt as to liability, you are required to prove to the IRS that you should actually not owe the tax. This could be on grounds that the tax law was incorrectly applied or that there was an error on the part of the IRS in assessing the tax against you. In this case, the IRS does not take your financial situation into consideration.
For doubt as to collectability, you are required to prove to the IRS that it will not be possible for you to pay the tax you owe in the present time or in the future. You should convince the IRS to opt for settling the tax debt with you instead of continuing to keep trying to collect it from you. They will conduct a full review of your financial circumstances with regards to your income, expenses, assets and other debts you owe them in their evaluation to see if you qualify.
As regards to the effective tax administration, IRS rarely accepts this offer. It applies only when you can demonstrate some exceptional circumstances that would justify the IRS forgiving your tax debt. This would not take into account your financial position or liability for the tax you owe.
Regardless of which scenario applies to you, you will find us at Bilsky Financial Group in Richardson, TX, an experienced team of tax experts to help you determine which of the three conditions would apply to you. We can also help you figure out if a tax payment plan would be a better option for your current financial situation.