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Offer in Compromise (OIC)

Salt Lake City Tax Attorneys

If your company has tax debt, you may have heard of an offer in compromise, or OIC. This offers taxpayers a way to pay less than what is owed to settle tax debt with the IRS. This can give businesses a valuable way to address tax debt, but you must qualify in order to take advantage of this incentive. There is a lengthy and extensive application process to determine whether you qualify. Approval is not guaranteed and will depend on the individual examiner that reviews your form.

At IRS Law Pros, we can help you apply for an offer in compromise. Because we have extensive experience with this form of tax relief, we can advise you regarding your eligibility right away. If your OIC application was already denied, we can help you file an appeal. We can even consider other options to handle your company’s tax debt. As always, your needs will come first and our Salt Lake City tax lawyers will work closely with you to create a personalized plan that addresses your taxes.

Find out if you’re eligible for an OIC by calling (801) 509-9962. Your consultation is free!

Qualifying for an Offer in Compromise

As a business owner, you may qualify for an offer in compromise if:

  • All of your required tax returns have been filed;
  • You’ve received a bill for at least one of the debts included in your offer;
  • All tax payments have been made for the current year; and
  • If you have employees, you’ve made all federal tax deposits for this quarter.

The Fresh Start Initiative

OIC rules have undergone dramatic changes that allow more people to potentially qualify under a program called the “Fresh Start Initiative.” Business owners may qualify for OICs under this initiative, and this is something that we at IRS Law Pros can consider when determining whether you qualify.

Are Pennies on the Dollar Realistic?

Almost every commercial you see about offers in compromise will talk about how you will only have to pay “pennies on the dollar” of the full amount of your owed tax. This is certainly not unbelievable, as the IRS has been known in the past to accept as little as 1% of the total to pay off the entire bill. It’s certainly a possibility that you’ll only have to pay a few pennies on the dollar, but there’s a complex formula the IRS uses to determine how much should be paid and when.

With this in mind, it’s important to involve a Salt Lake City tax attorney so you won’t have any unrealistic expectations about how much money you will actually have to owe.

Serving Clients Across Utah

With over 30 years of legal experience and a practice devoted exclusively to tax law, IRS Law Pros is committed to providing the level of counsel you need in the face of serious tax problems affecting your company. An offer in compromise may be just one option to consider. When you come to our firm, we will talk to you about all types of tax relief that may be available to you, so you can make the right choice for your needs.

Contact our offices today at (801) 509-9962. We serve businesses across Utah.

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