Using an Offer in Compromise to Settle a Tax Debt
Using an Offer in Compromise (OIC) to settle a tax debt is becoming increasingly popular among taxpayers who cannot pay their entire debt. The OIC allows the taxpayer to make a lump sum payment or series of payments that is less than the total amount owed. This can provide significant relief for those struggling to pay off their tax liabilities and may be a much more realistic option than paying the full amount.
An OIC can also help taxpayers avoid further penalties, such as wage garnishment or bank levies, which can be devastating to finances. Taxpayers must meet certain criteria in order to qualify for an OIC, including being current on all filing and payment requirements. Additionally, it must be determined that the taxpayer does not have enough assets or income available to fully satisfy their liability through installment payments or other means.
The main Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
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