The Truth About ‘Offer In Compromise'

It’s that time of year again when you have to start thinking about your taxes. For some people, this is a simple process. They gather up their documents and send them off to their accountant. But for others, it’s a complicated and stressful process. They’re not sure what they’re doing and are worried about making a mistake.

If you’re in the latter group, don’t worry. You’re not alone. Millions of people feel the same way as you do. And there’s no need to stress. With a little bit of knowledge and some helpful resources, you can take care of your taxes with ease.

My experience as a tax professional at Christopher G Carmona CPA, APC, has taught me that many taxpayers lack a basic understanding of an Offer in Compromise.

So, let’s start by understanding about Offer in Compromise:

The Offer in Compromise (OIC) program is an IRS program that offers taxpayers a way to settle their tax debt for less than the full amount they owe. The program is designed for taxpayers who cannot pay their full tax liability and is not intended for those who can pay their full tax liability in a timely manner.

The Doubt:

“If I need to file an Offer in the second half of the year, can I make up estimated tax payments even if they are late, or do I need to wait until next year to file the Offer?”

The Truth:

Yes, you can make up payments to get the taxpayer into compliance. The payments must be in the system when the Offer unit reviews the Offer to see if it is processable. However, the IRS recommends waiting until you have filed all required tax returns and have received notification of the tax debt you owe.

There are a few requirements that taxpayers must meet in order to qualify for an offer in compromise, and the process can be a bit complicated. But if you’re struggling to pay your taxes, it’s worth exploring whether an offer in compromise is right for you.

As a leading CPA firm in Diamond Bar, CA, Christopher G Carmona has over seventeen years of experience providing quality services that add value to clients.

My services include assisting with IRS notices, IRS audits, IRS penalties, unfiled tax returns, innocent spouse relief, and IRS payroll tax debt relief. We also help clients that owe the IRS money.

Get in touch with me today!

To learn more about the services I offer, please click here. To get in touch with me, please click here or call me at 

(800) 227-2891 or email me at christopher@settlemytaxdebts.com.