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Offer in Compromise

Halls IRS Tax Relief wants to help!

If you can’t pay all of your taxes, Halls Tax Relief may be able to help you through an Offer in Compromise.
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An offer in compromise can help

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If you owe more than $20,000 and can’t pay it all, the IRS may be able to settle your tax debt for less than what you owe.

What is an offer in compromise?

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An OIC is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liability for less than the full amount owed. If you owe more than $20,000 and can’t pay it all, the IRS may be able to settle your tax debt for less than what you owe.

What are some benefits of an offer in compromise?

Some benefits of an offer in compromise include:

  • A lower amount owed that you can reasonably afford to pay
  • No more worries about the IRS taking money from your bank account, wage garnishment or seizing your assets.

What are some drawbacks of an offer in compromise?

  • Not everyone will qualify for an offer in compromise.
  • The IRS looks at how much your income is minus reasonable living expenses.  Living expenses are calculated by the IRS.
  • The IRS will also look at equity in your property and retirement accounts.
  •  For the next five years, you will have to stay compliant which means you will file and pay any amount owed each year.
  • The IRS will want a lot of information about you.

What are some drawbacks of an offer in compromise?

  • Not everyone will qualify for an offer in compromise.
  • The IRS looks at how much your income is minus reasonable living expenses.  Living expenses are calculated by the IRS.
  • The IRS will also look at equity in your property and retirement accounts.
  •  For the next five years, you will have to stay compliant which means you will file and pay any amount owed each year.
  • The IRS will want a lot of information about you.

Find out if you qualify!

The Offer in Compromise program is a way to settle your tax debt for less than the full amount owed when you are struggling financially.
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Financial analysis is used to determine which taxpayers qualify for an Offer in Compromise. This enables some taxpayers to resolve their tax problems in as little as two years, compared to four or five years in the past.

We offer a free consultation with one of our experts, so you can find out if you qualify and what your options are.

Offer in Compromise is not for everyone, but it may be right for you if:

  • You have unpaid taxes and you are financially struggling.
  • We know how important it is to be able to pay your taxes on time and stay financially healthy – let us help!