An OIC is a tax settlement option that allows taxpayers to potentially settle their tax debt for less than the full amount owed. However, the IRS has strict eligibility requirements and evaluates each OIC application on a case-by-case basis. In this article, we explore how receptive is the IRS to an offer in compromise and the benefits of hiring Chicago tax lawyers.
Factors Affecting the IRS’s Response to an Offer in Compromise
On the question of how receptive is the IRS to an offer in compromise, the IRS may be receptive to an OIC if the taxpayer can demonstrate that they cannot pay the full tax debt due to financial hardship. The proposed offer represents the maximum amount the IRS can expect to collect within a reasonable period of time. The IRS considers factors such as the taxpayer’s income, expenses, assets, and future earning potential when evaluating an OIC.
How Chicago IRS Tax Lawyers Can Help
In some cases, Chicago tax lawyers can help taxpayers appeal a rejected OIC or explore other tax relief options, such as installment agreements or currently not collectible status. Having a knowledgeable tax lawyer on your side can greatly improve your chances of success when dealing with the IRS and seeking an Offer in Compromise. However, it’s important to work with a reputable and experienced tax lawyer to ensure that your OIC is prepared accurately and in compliance with IRS regulations.
Navigating the Offer in Compromise (OIC) process with the IRS can be complex and challenging, but with the assistance of experienced Chicago IRS tax lawyers can increase their chances of success. Suppose you are facing legal hurdles, such as criminal tax charges, contact North Suburban Legal Services, LLC. In that case, they will facilitate settlements and build strong defense strategies to have the charges reduced or dismissed potentially.
