My Offer In Compromise Was Rejected, What Are My Next Steps?
If you're feeling frustrated after receiving an Offer In Compromise rejection letter, try not to worry. An Offer In Compromise isn't the last and final solution to deal with tax debt, you can work with a tax professional to help guide and aid you to tax relief.
IRS Offer In Compromise (OIC)
The IRS Offer In Compromise (OIC) is a proposed IRS settlement program that involves helping taxpayers pay off their tax liabilities for less than what they owe. The issue at hand is, that it's a lot more difficult for taxpayers to qualify and for the IRS to accept the offer. Studies show that 3 out of 4 OICs get rejected when taxpayers apply OICs on their own.
Common Trends Why Your OIC Was Rejected
The taxpayer who's applying for OIC may be non-compliant with the IRS. It's reasonable to assume that the majority of taxpayers experiencing financial hardship are unable to pay back their tax debt. However, the IRS may decide to reject your OIC if you're not compliant with them.
Sometimes the OIC is missing important information that could be the determination of receiving or not receiving OIC. Forgetting your Social Security or Employee Identification Number could make the IRS reject your offer.
The taxpayer applicant may sometimes be receiving too much income which can also play a really huge factor in determining whether or not the IRS would reject or approve their offer.
Taking The Next Steps
IRS taxation and provisions can be overwhelming for taxpayers, which is one of the reasons why people have the tendency to overlook IRS issues. Although there is a slim chance that your first Offer In Compromise will result in a settlement with the IRS, your chances can increase by appealing the decision and consulting with a tax professional. If you're experiencing any IRS tax-related issues such as getting a rejected Offer In Compromise letter, do not hesitate to reach out and seek assistance from a knowledgeable tax expert who has years of experience dealing with OICs. If you've ever experienced troubles with your tax liabilities and are ever curious about how to qualify for tax relief, there are free consultations via phone or by filling out a form that'll help you see where your standings are with the IRS.
Resolve Your Tax Bills
If you've found yourself in a nasty mess with the IRS, take a deep breath. For taxpayers who may have difficulty paying off an excessive amount of tax debt, there's a new and improved relief program that consolidates many major relief programs into a one-size-fits-all assistance program. Any issues regarding back taxes, unfiled years, or any other tax-related problems may be solved through one program; the IRS Fresh Start Program!
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