If you find yourself in a situation where you owe money to the IRS that you can’t pay in full, there are several options available to you. One is an Offer in Compromise or an OIC, through which you offer to pay the IRS less than the total you owe. The IRS considers OICs on a case-by-case basis by looking at the following: 1)Your gross income -The amount of your expenses-Your asset equity
Whether paying your debt in full creates a financial hardship
If you think you’ll qualify for an Offer in Compromise, then Mildrid Esua with office locations in Greensboro and Charlotte can pre-qualify you, confirm your eligibility and put a proposal together for you
To make its determination, the IRS requires a full financial work-up of your situation to fully assess your ability to pay. Submitting an Offer in Compromise can be complex and time-consuming. You need knowledgeable tax accountants on your side to not only complete the paperwork, but also to:
Help you understand the process. Make sure an Offer in Compromise is your best alternative
Educate you about possible repercussions. Keep your interests and goals front and center
Greensboro CPA firm Mildrid Esua, CPA, PLLC have experienced tax accountants to pull everything together. They confirm your eligibility and generally take the stress out of the situation. They even represent you to the IRS, so you don’t have to talk to them yourself. In fact, you should direct all IRS attempts to contact you to your CPA. Top accountant in Greensboro, Mildrid Esua, CPA recommends that you not speak directly with an IRS agent.