The IRS Offer in Compromise. Facts Versus Fiction.
An IRS Offer in Compromise is touted as one of the best means of mitigating serious tax problems. Many tax relief companies advertise their ability to easily obtain OIC settlements from the IRS to lure clients in the door even if it may not work.
Online, March 27, 2012 (Newswire.com) - Tax settlement companies are exceedingly aware of the most commonly used phrases that taxpayers respond to in advertisements. For reasons good or bad, the terms "offer in compromise" and "OIC" are being used in radio and television advertisements regularly. Tax settlement companies claim to be able to easily process an offer in compromise with the IRS for their prospective clients and many of these same firms make it seem as though obtaining an offer in compromise from the IRS is an easy task. The reality is much farther from the truth than these advertisements make it seem.
In the real world of professional tax resolution, an offer in compromise (OIC) is a rarity. Most taxpayers fail to qualify based on straight forward criteria clearly published on the IRS website. "The vast majority of OIC's are turned down regularly by the IRS. Perhaps one application in ten is accepted at best. Most are denied because the taxpayer does not qualify but this does not mean there aren't alternative sources of tax relief taxpayers can take advantage of..." said Andrew Allard, Enrolled Agent and Director of Tax Negotiation for IRS Tax Relief Now, Inc. In fact, "...most people that are persuaded to file for an OIC do so because they are dealing with tax resolution firms that either don't know what they're doing or firms that are looking to make a quick profit from a taxpayer in distress. When I review a taxpayers total personal and business profile, OIC's are not nearly as close to the top of my thought process as reviewing personal and business taxes, assets and liabilities and then developing a comprehensive plan to reduce the tax debt as much as possible first and only then appeal to the IRS for a workout plan for the client."
The tax relief option referred to as an IRS Offer in Compromise has risen from the obscurity of the tax code to become a regular sound bite in the public consciousness. It's no coincidence that heightened awareness of this term is being used by "sales oriented" tax resolution companies to turn a quick profit. Before any taxpayer makes a decision on what firm they will ultimately retain for IRS tax representation, they are cautioned to question the validity of claims made regarding offers in compromise, especially if advertisements make it seem like an OIC is a routine and regular process.
If you would like an Enrolled Agent with over 30 years of experience to review your tax problem for free, determine if an IRS Offer in Compromise is suitable for you and provide you with a sound plan of action before you pay a retainer fee, contact www.IRSTaxReliefNow.org or call direct at + 888.332.8959.
