An OIC is a settlement agreement for an amount you can live with as payment in full of your debt. You’ve heard of “pennies on the dollar,” and that is exactly what this agreement is. The “Granddaddy” of IRS debt relief is now easier than ever if you’ve got the right advocate in your corner.
This debt settlement program isn’t an easy one. Detailed information about your income and expenses must be gathered and analyzed. I also look at your assets (business and personal), look at your debts and determine the equity you have. There are also a series of questions about legal proceedings including bankruptcy must be answered. Together, we investigate what the RCP (reasonable collection potential) is computed to be and then make a determination of an offer amount. This amount (if approved) can be paid in one lump sum or spread out over months or years. I can even offer strategies to increase your chances of acceptance.
If rejected, there are still effective steps that can be taken to result in a successful offer. The amount offered can be adjusted. We can ask for reconsideration or even appeal the Offer. The IRS doesn’t want to get sued over the Offer (called “hazards of litigation”) and will work to find a solution agreeable to both parties.
The fine print includes: