Offer in Compromise-One Way to Settle Taxes

How to Settle Your Taxes the Right Way

Many people call us and want to immediately talk about getting an offer in compromise (OIC) so they can settle their tax debt. While the OIC is the most publicized tax settlement option, it is not the only effective approach, nor is it the fastest or most certain. TaxMasters helps our clients settle federal tax debt for the lowest amount allowed by law using strategies that take advantage of multiple IRS programs. Effective IRS settlement strategy is a big part of what TaxMasters offers. While an OIC is a powerful tool to help you settle taxes, there's more to solving your individual tax problems than the cookie-cutter OIC approaches offered by almost all our competitors.

The Heart of the Problem

The most important thing we do at TaxMasters is to help you understand how you wound up with the tax problems you currently have. We help you fix the entire problem that caused your tax debt and can often reduce what you owe even before attempting to settle your tax debt through an offer in compromise or other negotiated settlement solution.

The IRS is a formidable adversary. They do their homework. If you have assets of value or have an income, the IRS will do everything they can to make you pay. At TaxMasters, we live to go toe to toe with the IRS, fighting for the rights and fair treatment of our clients. Protecting you is our number one goal, and getting you the right tax settlement is our great privilege.

Options You May Not Know About

We normally submit an OIC only after looking at all the options that may be available to you. These options often include submitting or resubmitting corrected tax returns and even establishing favorable monthly installment agreements. Only after we are sure that your specific tax problems have been addressed and tax penalties minimized, and all other IRS settlement options are off the table, will we submit an OIC on your behalf.

The Offer in Compromise

An OIC is an agreement between a taxpayer and the IRS that effectively resolves the taxpayer's tax debt. The IRS has the authority to settle, or compromise, federal tax liabilities by accepting less than full payment under certain circumstances.

The most recent IRS statistics show that the average successful OIC results in the taxpayer paying right at thirteen cents on the dollar to settle an IRS tax debt. That does not mean every offer that gets submitted is accepted. The majority of offers are rejected and the client's problem can then be resolved in the appeals process. TaxMasters has developed tax settlement strategies that take advantage of the IRS' own rules and regulations to help our clients drastically reduce what they owe. While we are able to get substantial IRS tax relief for our clients, seldom is it as simple as submitting an OIC and walking away.

While anoffer in compromise is the most talked about method to settle IRS tax debts, it can be an extremely complicated, difficult, and lengthy process. You need the team of seasoned professionals at TaxMasters to submit an offer in compromise for you and to guide you through the process. After all, submitting an OIC is not the goal, but rather a method by which to resolve your tax debt and IRS issues. At TaxMasters, we know the ropes and can help you settle your taxes the right way.

The OIC and Your Credit Rating

When looking to settle taxes, many people want to know if an OIC will affect their credit rating. The good news is that an OIC does not result in any negative credit reporting. In fact, if there is an IRS lien reflected on your credit report, settling your IRS tax bill may actually help your credit.

Unable to Pay Your IRS Debt

If you are unable to pay your taxes in full, contact one of our knowledgeable tax consultants and explore your options. We will ask a series of questions and present you with the most effective options available to you. We assure you that there is a way out. Call us and let us help you find that light at the end of the tax debt tunnel.

The First Step

A single first step is the seemingly small action that starts every worthwhile journey. It is up to you to make that first step, setting the wheels in motion that will help you achieve the IRS tax relief you need. The professionals at TaxMasters have the knowledge and experience to help you through this process. We can shepherd you through negotiating a favorable tax settlement and setting up any payment plan you might need to repay your back taxes.

Call the tax professionals at TaxMasters today at (800) 581-0456. We can negotiate your taxes and settle your tax debt for the lowest amount allowed by law.