Offer in Compromise

Tax Relief

Offer in Compromise Attorney in Tampa

Resolve Your Tax Liabilities in Florida

If you are currently in a situation in which you owe money to the IRS, you might feel as though you’ve been backed into a corner. You should know, however, that taxpayers do have options and rights when faced with these circumstances. That’s why it is important to speak to an experienced Tampa tax relief lawyer who can assess your case and help you find the right solution to meet your needs and resolve your problem.

With personal experience with falling behind on our taxes, the Law Offices of Darrin T. Mish, P.A. have represented hundreds of clients in tax-related cases, we understand that there are several ways – such as an offer in compromise – to deal with tax debt and IRS issues. If you’re looking for a solution that will work for your family, remember that we are only a phone call away.

What is an Offer in Compromise (OIC)?

Offer in Compromise (OIC) is a program offered by the IRS which allows those who are qualified, to negotiate a settlement with an unpaid tax debt. The settlement is less than the total amount owed in order to clear the tax debt.

How Does an Offer in Compromise Work?

The IRS will consider a person’s ability to pay, income, expenses, and asset equity to determine if a person qualifies for an offer in compromise. The IRS generally approves an offer in compromise when the amount offered represents the most they can expect to collect within a reasonable period of time.

1

Determine Eligibility

If you owe an overwhelming about of tax debt and you want to file for an offer in compromise, the first thing you should do is determine if you’re eligible. It’s important to note that the IRS will return any newly filed offer in a compromise application if you haven’t filed all required tax returns, and you haven’t made any required estimated payments. You also won’t qualify for an offer in compromise if you are in an open bankruptcy proceeding. An experienced tax attorney can help you with this process.
2

Submit Your Offer

If your tax attorney determined that you do qualify for an offer in compromise, they can help you submit the required forms. It is vital to fill out these forms correctly to prevent getting your offer in compromise denied.
3

Your Offer Will Be Accepted or Rejected

If your offer is accepted, you must meet all the offer terms, and any refunds due within the calendar year in which your offer was accepted will be applied to your tax debt. If your offer was rejected, you have 30 days to file an appeal. An experienced tax attorney should help you file an appeal to ensure that you get the best chances of getting accepted.

If you have questions about how to get an offer in compromise approved or how long does the offer in compromise take, allow me to assist you during your free, confidential consultation. We can also provide the advice and guidance you need to decide whether an offer in compromise is the right solution for you.

Get the Knowledge of a Skilled Professional

Read Attorney Darrin T. Mish’s “IRS Battle Guide” to learn more about the ins and outs of tax legalities.

Frequently Asked Questions

How to Qualify for an Offer in Compromise

You may qualify for an offer in compromise if you can prove to the IRS that you will have financial hardship if you pay your entire tax debt. To prove this, the IRS will review your income, expenses, ability to pay, and asset equity. You must also be able to offer a payment that represents the most you can pay in a reasonable period of time. If the IRS approves your offer in compromise, your tax debt will be reduced.

In order to qualify for an offer in compromise, your situation must fall into one of the following three categories:

Doubt as to collectability: When the IRS has reasonable doubt that you will be able to pay off the debt any time in the near future
Doubt as to liability: When the IRS can reasonably doubt that your tax bill is accurate
Effective tax administration: When paying your tax debt would cause you financial hardship or would be unfair

Individuals who qualify for OIC must also:

Have filed all federal tax returns
Pay the offer in compromise application fee
Submit all relevant documents

If you are unsure whether your case can be categorized as one of the situations above, we are happy to assess your case and determine whether you may qualify.

Is there a way to know if I qualify ahead of time?

Yes, you can use the IRS Offer In Compromise Pre-Qualifier to determine if an offer in compromise is right for you.

How Long Does an Offer in Compromise Take?

The timeline for an Offer in Compromise is different depending on the circumstances of the situation. On average, it takes about 4 - 6 months to complete. If your personal information and financial history is detailed and accurate, the IRS will be able to quickly determine if the OIC will be accepted.

Can I apply for an offer in compromise if I have installment agreements?

Yes, you can still apply for an offer in compromise if you have installment agreements. Once you’ve submitted your application, you can stop making installment agreement payments until the IRS makes a decision on the offer in compromise request.

Can the lien or levy on my account be lifted?

The lien on your account will be lifted if your offer in compromise is approved by the IRS. However, the IRS is not required to release the levy made on your account if it was served before you applied for an offer in compromise.

Can I file for an offer in compromise if I am in bankruptcy proceedings?

Unfortunately, no. You cannot apply for an offer in compromise if you have already filed for bankruptcy. Once your bankruptcy is discharged, you may apply.

If you want to file an offer in compromise or if your offer in compromise has been denied, Law Offices of Darrin T. Mish, P.A. is here to help you. Contact us at (813) 229-7100 or online to schedule a consultation!