Offer In Compromise - Accountant | IRS Offers In Compromise CPA

Offer In Compromise (OIC)

Top NC CPA Firm · Best Rated Accountants in Greensboro NC

Greensboro & IRS Offers In Compromise CPA

Offers in Compromise can be the Solution to a Tax Bill You Cannot or Should Not Pay

Negotiating an offer in compromise can be an effective way to lessen a tax liability demanded by the IRS. With years of experience handling tax matters, accountant and CPA Mildrid Esua can help by representing you in negotiating an offer in compromise with the IRS. We serve clients in Greensboro, kernersville, Winston Salem, Oak Ridge, Summerfield, Whitsett and McLeansville, and across the state of North Carolina and beyond. Call 336-988-7994 for a free consultation.

We have a 99% success rate because we continue to file on behalf of our clients until we get an agreed-upon settlement. We will also advise you up front if we think that making an Offer is no tright for you.

Give us a call. We can bring you peace of mind, restore your credit worthiness and get you free of liens.

Is there any downside to an Offer in Compromise?

If the offer is accepted, you must have the cash available to provide a lump sum payment to settle the debt, and this may be difficult to do depending upon the size of the offer. Another option for those who can’t afford that lump sum payment may be an installment agreement, which is also an alternative that Mildrid Esua, CPA, PLLC. can help you with.

“Before the IRS can consider your application for an Offer in Compromise, you must have explored all other options for repaying your tax debt, including submitting a payment plan. Mildrid Esua CPA, PLLC, NC Certified Public Accountants, a top-rated North Carolina CPA firm.”

AFTER YOU SUBMIT YOUR OFFER

If the IRS rejects your OIC, you have 30 days to file an appeal. While you’re in the midst of this process, the IRS won’t pursue collections efforts, not even during the 30-day appeals window. Rejections, delivered by mail, come with explanations for the rejection.

Be aware that even if you have an accepted OIC, the IRS may still take part, or all of your federal tax return every year and apply it to the balance owed. For OICs accepted under DATC or ETA, you are required to pay all taxes on time and to file your tax returns on time every year for the next five years. If you don’t, or if you miss a payment on your OIC agreement, the IRS can declare you in default and come after you for the full amount of the balance owed, including all penalties and interest.

How does an OIC work?

In order to make a deal, one of the following
conditions must exist:

Doubt as to Collectability
Doubt as to Liability
Exceptional Circumstances

An OIC is most often filed for doubt as to collectability, that is, when a taxpayer simply does not have the means to pay the debt they owe. The government would rather compromise the debt and collect some of what you owe then nothing at all. But they won’t settle for less than what they deem collectable.

With the help of a qualified CPA with experience in OIC filings, the taxpayer can make an offer to the taxing agency based on a complicated computation of what they can afford to pay. The IRS will then either accept or reject the offer. There is often a back and forth process of negotiation. The process is one that takes time, full disclosure of all assets and liabilities and of course the government’s red tape specialty: forms and paperwork!

Can I qualify for an OIC?

Before we can submit an OIC on your behalf,
you must:

be current with all tax return filings
have submitted all estimated tax payments as well as payroll tax deposits (if a business) for the current year
NOT be in an open bankruptcy proceeding

Won’t bankruptcy eliminate my tax debt?

No. The fact is bankruptcy has almost no impact on your tax debt. Almost all tax debts are immune to any bankruptcy action. These debts survive and will haunt you unless you negotiate an Offer in Compromise.

Will an OIC affect my credit score?

Yes. But, the good news is it will affect it positively! That’s right. Once an OIC has been accepted by the taxing authority involved and your debt has been fully satisfied, liens are released, and your credit score will improve. Unlike the dark cloud of bankruptcies, which take years to come out from under, an OIC can help restore your creditworthiness.

Work with a CPA firm to avoid default or all bets may be off!

Recognize that this is your opportunity to get out from under burdensome tax debt but remember it’s also a one-time deal.
The government is giving you a chance to start over but expects you to get back on track.

What does that mean?

You must stay current on all taxes including estimated taxes for a period of at least 5 years following the acceptance of an Offer
You must make regular payments to ensure repayment of the settlement amount within a reasonable timeframe

Failure to stay current or make regular payments on the agreed-to amount can trigger a default that will likely take the settlement off the table leaving you owing the original amount in full.

717 Green Valley Road Ste 200
T :336 825 7994

Do you have questions about services we offer including Offer in Compromise in Greensboro and Charlotte? Would you like to receive a personal Offer in Compromise consultation customized to your specific needs? To schedule an appointment with a nationally recognized, top accountant in Greensboro, Mildrid Esua of Mildrid Esua, CPA, PPLC firm, please contact our Greensboro or Charlotte tax accountants for a FREE CPA consultation. Tell (336)-8257994