TAX RESOLUTION

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Offer Compromise:

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer's tax liabilities for less than the full amount owed. Taxpayers who can fully pay the liabilities through an installment agreement or other means

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Installments Agreement:

The IRS has simple payment terms for taxpayers who owe less than $50,000, called a streamlined installment agreement (SLIA). This option will work for most people

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Partial Pay Installments:
Partial Pay Installment Agreement (PPIA): A partial pay installment agreement is a payment plan with the IRS that allows you to pay off a portion of your taxes owed in monthly payments until the tax liability expires. The IRS only has 10 years to collect on a tax balance from the time the tax return is filed

 

Currently not Collectible:
There are times where you agree you owe the IRS, but you can't pay due to your current financial situation. If the IRS agrees you can't both pay your taxes and your basic living expenses, it may place your account in Currently Not Collectible (CNC) status

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Penalty Abatement:
Taxpayers can request relief from penalties. For the failure to file or pay penalty, taxpayers can request that the IRS “abate” the penalties. Abatement is simply removing the penalties after they are assessed to the taxpayer