Using an Offer in Compromise to Settle a Tax Debt

If you owe the IRS back taxes, an Offer in Compromise (OIC) might be a great way to settle your debt. An OIC is an agreement between a taxpayer and the IRS to settle tax debt for less than what was originally owed. With this solution, taxpayers can avoid costly penalties or even bankruptcy proceedings for unpaid taxes.

An OIC allows taxpayers to pay off their debts in one lump sum or with a payment plan. It also eliminates some of the interest and penalties that were accrued while they were unable to pay their tax bill in full. When considering whether or not an OIC is right for you, it's important to understand the qualifications and requirements that apply before submitting your application. In order to qualify, applicants must demonstrate financial hardship and prove that they are unable to pay their full balance due.

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.

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