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Offers In Compromise
The purpose of the Offer in Compromise (OIC) is to provide delinquent taxpayers with a fresh start toward future compliance with tax laws. It is a way to wipe the slate clean and re-enter the world of voluntary compliance. OICs can be used to settle an undisputed liability, contest an assessment, request penalty relief and to ask for innocent spouse relief.
Under the IRS Restructuring and Reform Act of 1998, Congress decided that the IRS should be more flexible in working with taxpayers who are sincerely trying to satisfy their tax obligations. Because the Offer in Compromise program is being administered with greater flexibility, more taxpayers are taking this route to resolve their tax debts. Unfortunately, many front line IRS employees are opposed to OICs and refuse to accept them under any circumstances.
Frank Tax Law works with taxpayers to prepare an effective OIC presentation with the goal being to minimize the settlement amount. We walk clients through what can be an intimidating process, and more importantly, Frank Tax Law employs arguments that can be overlooked by less-experienced counsel.
