Offer in Compromise



Tax Debt Relief Made Simple with OIC Assistance in Wilson, NC

If you’re struggling with tax debt and looking for a way to settle for less than the full amount owed, OIC assistance in Wilson, NC, can help you explore your options. The Offer in Compromise (OIC) allows qualified individuals to reduce their total tax liability through a negotiated agreement with the IRS. This option is ideal if you cannot afford to pay your taxes in full and want to resolve your tax obligations with the government. The program has very stringent rules, and qualifying can be challenging without proper guidance from an IRS-enrolled agent.

OIC Considerations:

Unique facts and circumstances are considered in the evaluation of your OIC. Four key factors include: 
OIC

  • Your ability to pay
  • Income
  • Expenses
  • Equity in assets

These facts are reviewed when you submit your offer. You will also need to explore other payment options that the IRS will accept. 

The IRS generally approves an Offer in Compromise when the amount offered represents the most they can expect to collect within a reasonable period of time. Consider all other payment solutions before submitting an offer. Remember that this program is unsuitable for everyone seeking tax debt relief. 

Are You Eligible For the OIC

You must have filed your tax returns for the last six years. All self-employed individuals must have made all required estimated tax payments for the current year. You are not eligible for the Offer in Compromise if you are currently in an open bankruptcy proceeding. The IRS recommends using their Pre-Qualifier tool to confirm eligibility and prepare a preliminary proposal. 

Submitting Your OIC

A step-by-step guide and all necessary forms can be found in the Offer in Compromise Booklet, Form 656-B. The complete offer package includes: 

  • Form 433-A (OIC) for individuals or 433-B (OIC) for businesses, with all required documentation 
  • Form 656 for individual and business tax debt (Corporation/LLC/Partnership) must be submitted separately 
  • $205 application fee (non-refundable) 
  • Initial payment (non-refundable) for each Form 656 

Select a Payment Option

Your initial payment depends on the offer and payment option selected: 

  • Lump Sum Cash: Submit 20% of the total offer with your application. Upon acceptance, pay the remaining balance in five or fewer payments.
  • Periodic Payment: Submit an initial payment with your application and continue monthly payments while the IRS reviews your offer. If accepted, continue monthly payments until the balance is paid. 

We provide expert OIC assistance in Wilson, NC, and can help you pursue the best tax debt relief solution available. Let an experienced IRS-enrolled agent guide you through the process. Contact us today for a consultation.