How You Can Save Money Through Irs Offer In Compromise Program?
Today, you will come across many people that are faced with overwhelming tax debt
. To counteract this, they are trying their best to qualify for IRS Offer in Compromise Program (OIC). This program can easily save you a lot of money in taxes, interest or penalties. It not only offers relief to the people who are short of their funds but also it allows the government to collect a negotiated amount from distressed tax payers.
To counteract this, they are trying their best to qualify for IRS Offer in Compromise Program (OIC). This program can easily save you a lot of money in taxes, interest or penalties. It not only offers relief to the people who are short of their funds but also it allows the government to collect a negotiated amount from distressed tax payers. IRS played a major role in curbing the recent recession and bringing the economy back on track. You have to understand that OIC programs are just a privilege and not a right.
IRS played a major role in curbing the recent recession and bringing the economy back on track. You have to understand that OIC programs are just a privilege and not a right. Thus, you should not compare it with bankruptcy.
IRS has got very strict guidelines for governing eligibility, thus not everyone can qualify for IRS programs. You should study IRS Offer in Compromise program in detail if you really want to opt for this program.
This program of IRS was established by the U.S Congress to help people fare out of the financial problems. IRS is equipped with various financial powers like it can compromise on payments, settle the various tax liabilities by accepting less payment etc. Even the interests and penalties can be compromised with.
There are many eligibility criteria for Offer in Compromise but the first and foremost is that you need to prove that you are exhausted of all your financial resources and are unable to pay your liabilities and taxes. Such programs are highly useful for debt ridden people.