Offer in Compromise
One of the most important parts of our job here at Community Tax is to help clients get into resolution programs and find ways to save as much money as possible for our clients. While the IRS offers multiple programs to achieve this goal, the Offer in Compromise is the most difficult and sought after means for reducing a tax balance and permanently resolving a delinquent tax issue.
Last week, our team of Tax professionals had 9 OICs accepted, resulting in total savings of over $600,000, and requiring payments of under $20,000 in total to satisfy these debts. The table below gives specific information regarding the settlement obtained on behalf of our clients last week, including which tax agency was owed and the team members that helped these clients find success. Last names have been removed to protect privacy.
|Agency||Tax Balance||Settlement||Savings||Client Name||Practitioner||Case Processor|
|Federal||35,152.00||500.00||34,652.00||Angel||Daniel Kattan||Maryam Golbarg|
|Federal||15,637.83||500.00||15,137.83||Tommy||Irina Cedano||Daniel Verastegui|
|Federal||13,834.41||250.00||13,584.41||Berrian||Jennifer Schaffer||Rob Kitson|
|Federal & South Carolina||280,215.00||5,319.00||274,896.00||Richard||Marek Grabowski||Rob Kitson|
|Federal||59,597.00||500.00||59,097.00||Tyler||Marek Grabowski||Daniel Verastegui|
|Ohio||73,093.00||9,905.00||63,188.00||Dallas||Marek Grabowski||Rob Kitson|
|Federal||61,543.47||500.00||61,043.47||Carl||Rob Kitson||Kevin Karpiel|
|Federal & Kansas||29,293.75||500.00||28,793.75||Susan||Rob Kitson||Angela Davis|
|Federal||65,031.00||1,080.00||63,951.00||Alburt||Sara Engbretson||Daniel Kattan|
As shown here, the amounts of each settlement can vary widely. The best part of an Offer in Compromise is the great potential for savings. With a single payment, or series of small payments made, an individual can be completely tax debt free, and the delinquent balance is forgiven.
Our team of tax practitioners, case managers and analysts are familiar with what it takes for an Offer in Compromise to be successfully achieved with the IRS and various state taxing authorities. If you qualify, they can turn your case from an overwhelming unpaid tax balance into a manageable amount by negotiating for an OIC that fits into your financial situation. If you find yourself burdened by tax debt, contact one of our tax professionals to see if you are eligible for an Offer in Compromise or other tax debt resolution program.