At The Law Office of Tony Ramos, P.C.¸ we work with individual and business clients who have significant liabilities that they cannot pay back to the IRS. An offer in compromise (OIC) is an agreement made between the IRS and a taxpayer with an outstanding balance to settle their liability.
If they believe that you do not have the ability to pay back what you owe, they may offer you an alternative solution, such as an OIC.
Unable to Pay Your Tax Debt?
Our San Antonio tax debt relief lawyer can work with you to review and gather your existing financial information to ensure the IRS receives accurate facts. If you qualify, we can assist you every step of the way through the process. Essentially, they give you a specific, lower amount which you can pay to settle your total tax liability. An Offer in Compromise may be offered instead of litigation under the following circumstances:
The IRS doubts if you will be able to pay back your debt
The IRS doubts whether your tax liability is accurate
The IRS sees that the repayment of the total debt would cause significant hardship
Offers in Compromise Conditions
The IRS will review all of your expenses, income, assets, as well as your liabilities to determine if you are able to pay your current liability. Based on the information provided to them, they will make a decision including an amount. In order to be granted an offer in compromise from the IRS, you must meet very specific conditions set by the IRS. The conditions for an offer in compromise include:
You must remain current in filing and paying taxes or withholding taxes for the current year
You must stay current on filing and paying taxes for the next five years
Our San Antonio tax debt relief lawyer is a native Texan and skilled in the field, with 40 years of legal experience to use to your advantage.
We pride ourselves on our availability and our dedication to our clients' success.