An Offer in Compromise, commonly called an OIC, is an IRS program that may allow qualifying taxpayers to settle federal tax debt for less than the full amount owed.
However, an Offer in Compromise is not available to everyone. The IRS considers factors including income, expenses, asset equity, ability to pay, and the taxpayer’s overall financial circumstances when evaluating an offer.
O’Neill Tax Resolution begins by reviewing your complete financial picture rather than assuming an OIC is automatically the best solution.
We evaluate your tax debt, income, allowable expenses, assets, filing history, and other relevant information to determine whether pursuing an Offer in Compromise may be appropriate.
If it is, we can help prepare the required financial information and present your proposal to the IRS. If it is not, other IRS tax resolution options may be better suited to your situation.
There are many advertisements suggesting that almost anyone can settle IRS debt for a fraction of what they owe. In reality, qualification depends heavily on the taxpayer’s individual financial circumstances.
O’Neill Tax Resolution takes a more careful approach. Our goal is to identify the IRS resolution option that actually fits your situation. That could include an installment agreement, penalty abatement, or another appropriate strategy.
If you are struggling with significant tax debt in Prescott or Northern Arizona, we can help you determine whether an Offer in Compromise may provide a realistic path forward.
Explore our range of tax services designed to resolve your situation and help you find peace of mind.
