Tax Irs Oic
Tax Irs Oic
3. An OIC delinquent tax settlement is an agreement taxes owed for less than the full amount of taxes due. Its a complex decision and a tax attorney is needed for his extensive expertise in planning, preparing, negotiating and even appealing rejections. 4. IRS Code Sec. 7122 gives the IRS power authority to settle– compromise–federal tax liabilities. Exceptional circumstances sometimes exist that allow the IRS to consider an OIC program for the taxpayer. For example, a taxpayer must demonstrate that collection of the tax would create an economic hardship or would be unfair and inequitable.
5. Very few offers were accepted in the past, because the standards were almost impossible to meet before a tax debt was legally compromised. Recent tax legislation has given new hope to taxpayers who were previously disqualified.
6. In the past the IRS really did not want to encourage OICs. Prior …