Jan 3, 2008

Offer in Compromise and the "Settlement"

I often get questions on how to get a "settlement" with the IRS. What most are referring to is the "Offer in Compromise- Doubt as to Collectibilty" or "OIC" as the industry puts it.

The term settlement infers that it is an arbitrary amount offered to the IRS and that there is a wide range of possibilities. In fact, this is not the case. It is a detailed financial investigation that has no arbitrary features about it. The science and art of an OIC is knowing what is allowed, the rules the IRS has to abide by, and what items are subject to negotiations and representation.

You need to weigh all options before looking at the "settlement." The settlement is the final number, not the process. You need an experienced tax professional to review all the options.

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