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Offer in Compromise

An offer in Compromise can settle your tax debt for less than you owe, giving you an IRS fresh start.

🤔 What is an IRS Offer in Compromise (OIC)?

An IRS Offer in Compromise (OIC) can settle your tax debt with the IRS for less than the total balance. You’re probably wondering, “Why would the IRS take less than what I owe them? Can’t they come after me forever and make my life miserable?” Yes, the IRS can make your life miserable. But, no, they can’t chase you down until you die. The IRS can typically only pursue the tax debt until the end of the Collections Statutory Expiration Date, commonly known as the CSED. The CSED date is normally 10 years from when you filed the return, or the return was due (including extensions). If you can prove to the IRS that you can’t pay the entire debt before the expiration of the CSED, the IRS could approve an Offer in Compromise (OIC) because there is “doubt as to collectability.” Hence, the adage that something is better than nothing.

💡 Offer in Compromise (What you NEED to know!)

An Offer in Compromise (OIC) is like making a deal with the IRS to pay less tax debt than you owe. It can give you a fresh start and stop the IRS from taking your belongings, like your house or car.

💡 What Other Types of IRS Tax Resolution Options Are There?

Pink Harbor, CPA offers a variety of IRS tax resolution services designed to help you manage and resolve tax issues. Below are some of the most effective solutions available:

✔️ IRS Offer-in-Compromise	Settle your tax debt for less than the full amount owed, based on your financial situation.
✔️ IRS Installment Plans	Spread out your tax payments over time with an installment agreement, making it easier to pay off your debt.
✔️ Filing Back Taxes – Tax Compliance	Ensure compliance by filing past-due tax returns and addressing penalties for late filing.
✔️ IRS Innocent Spouse Relief	Avoid liability for tax debt if your spouse is solely responsible for incorrect or fraudulent reporting.
✔️ IRS Injured Spouse Relief	Reclaim your share of a tax refund that was applied to your spouse’s past debts, such as child support or student loans.
✔️ IRS Penalty & Interest Abatement	Reduce or eliminate IRS penalties and interest if you can prove reasonable cause for late payments or filings.
✔️ IRS Currently Not Collectible Status	Temporarily delay IRS collection activities if you are unable to pay your tax debt due to financial hardship.

🔧 What Types of IRS Tax Problems Can Pink Harbor, CPA Help Me With?

Pink Harbor, CPA provides expert help to resolve a wide range of tax issues. Some of the most common problems we can assist with include:

🛡️ IRS Audit Representation	Get professional representation during an IRS audit to ensure your rights are protected and you receive fair treatment.
🛡️ IRS Lien Withdrawal	Remove a tax lien placed on your property and restore your financial standing with the IRS.
🛡️ IRS Levy Release	Stop the IRS from seizing your assets, such as bank accounts or wages, to pay off tax debt.
🛡️ IRS Wage Garnishment Release	Protect your paycheck by stopping or reducing wage garnishment by the IRS.
🛡️ IRS Trust Fund Recovery Relief	Resolve tax issues related to unpaid payroll taxes or trust fund penalties, often incurred by business owners.

PAYING LESS THAN YOU OWE

An Offer In Compromise is when the IRS agrees to accept less than the amount the IRS has stated you owe. An offer in compromise can be paid in a lump sum or over a period of time. Some reasons the IRS will accept an offer in compromise is because there is a doubt as to collectability, a doubt as to liability, or effective tax administration – meaning you could afford to pay the full debt but it would create an economic hardship or be unfair or inequitable. When an Offer in Compromise is accepted, penalties and interest stop accruing. You are only liable to pay the amount agreed to over time.

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