When facing substantial tax debt, an Offer in Compromise (OIC) can be a potential lifeline for resolving outstanding liabilities. The OIC allows taxpayers to settle their debt with the IRS for less than the full amount owed. However, determining the right amount to offer requires a careful evaluation of your financial situation. In this article, […]
Tax Relief Solutions
My OIC was Rejected. Now What?
If your Offer in Compromise (OIC) is rejected by the IRS, it can feel discouraging, but you still have options. Understanding why the offer was rejected and how to proceed can empower you to pursue alternative solutions for addressing your tax debt. Here’s a detailed guide on what to do if your OIC is denied, […]
How Long Does an Offer in Compromise Take?
If you’re facing significant tax debt and struggling to make ends meet, the Offer in Compromise (OIC) process may offer a lifeline. This tax negotiation program, offered by the IRS, allows qualifying taxpayers to settle their tax debts for less than the full amount owed. While this can be a valuable option, it’s important to […]
How Tax Relief Works
Owing the IRS can be one of the most stressful situations a taxpayer can face. Recent data shows that American taxpayers owed over $316 billion in back taxes, penalties, and interest as of the end of 2022. Much of this debt can be attributed to late filing, mathematical errors, and underreported income. Whatever the reason […]
Is Debt Canceled Through an OIC Taxable?
When taxpayers struggle with large amounts of tax debt, an Offer in Compromise (OIC) can offer a much-needed lifeline. This program, administered by the IRS, allows taxpayers to settle their tax debt for less than the full amount they owe. But a common question arises: Is canceled debt through an OIC taxable income? The simple […]
What Are Tax Amnesty Programs?
Tax amnesty programs are special, time-limited initiatives offered by governments—both federal and state—that give taxpayers the opportunity to settle their outstanding tax liabilities with significant benefits. These programs are designed to encourage voluntary tax compliance. They do this by offering incentives like reduced penalties, interest waivers, or sometimes even immunity from prosecution. Here’s a closer […]