Many people have heard that there is a way to settle your debt with the IRS for literally pennies on the dollar. This is the Offer in Compromise (OIC) program, and yes, it is possible to settle tax debt for a fraction of the original amount.
What most people do not realize, however, is that the OIC program exists just as much to benefit the IRS as to help the taxpayers. It is very rare and only under special circumstances that the IRS will accept an OIC that is not in the agency’s best interests.
This means getting your settlement accepted requires that you show the IRS that it’s good for them, too. The IRS will settle, but you have to show them why they should, using their own rules.
With this understanding and other counsel from our experienced Chicago IRS debt settlement professionals, you may be able to achieve an OIC that dramatically minimizes your tax debt.
With help from our knowledgeable IRS debt relief firm in Chicago, you may be able to resolve your debt with the Internal Revenue Service by submitting an Offer in Compromise. These remedies vary and depend on the circumstances of the taxpayer and the willingness of the IRS to agree to the OIC.
Within the OIC program, there are three designations of settlements, which are:
You can depend on honesty from our team. We will not gloss over the rough parts that will later take you by surprise. Each case is unique and we look at all your extenuating circumstances before determining if an OIC is right for you and telling you the likelihood of it getting accepted by the IRS.
After serving the best interests of 15,000 clients, the experts at our Chicago tax resolution firm know how to deal with the IRS. Beginning with your initial consultation, you will speak directly to a professional who is admitted to practice before the IRS and is experienced in IRS debt settlement issues. You can trust us to deliver the best possible solution for your individual tax situation.