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Help for Offer in Compromises in Tampa
For some individuals and businesses, the amount of taxes owed to the Internal Revenue Service can reach an amount that they didn’t anticipate. When this is the case, they may be unable to pay off the obligation, or doing so could result in economic hardship.
At Ryan Tax Defense, CPA Alex Moghadasi is experienced in helping clients file the appropriate paperwork so they can settle their IRS debt for an agreed-upon sum. If you are facing a tax bill beyond your ability to pay, call us today and let us help you file an Offer in Compromise. Tampa residents in the neighborhoods of Temple Terrace, University of South Florida, and surrounding communities are welcome to make an appointment today.
What is an Offer in Compromise?
An Offer in Compromise, or OIC, is an agreement between a taxpayer and the IRS that settles the debt for less than the full amount owed. Once you’ve submitted the required documentation, the process takes a little less than a year before an IRS officer will examine your case. They verify your financial records and conduct further research for proof that you are unable to cover the entire amount in the future. Determining factors could be your health, age, or the projected earnings of your business. The IRS can accept your OIC if they feel you are unable to meet the reasonable collection potential, or if there is doubt to whether you could be held liable for the amount owed.
Our dedicated staff knows all the criteria used by the IRS; when you let Ryan Tax Defense assist you with filing, we are committed to having your petition accepted. We help you organize and submit the proof needed to convince the IRS they will be unable to collect on your tax bill now or in the future. If your financial situation improves exponentially while your case is reviewed by the IRS officer, we can assist you with alternative repayment options, since the IRS will likely reject the original compromise offer.
When the IRS accepts your OIC, we will help you determine the repayment method that works best. Taxpayers can choose to pay the amount owed in six or more periodic payments over two years. For those that want to put the situation past them, the IRS accepts a lump sum cash offer. We can help you determine the right process for you.
When we have doubts about your case getting approved for the compromise, or the amount is smaller than five thousand dollars owed, we will suggest an installment plan, which doesn’t lessen the amount owed, but allows for a longer grace period to settle.
Contact Us Today
Alex Moghadasi has been a respected CPA in the Tampa area for almost two decades. Filing OIC paperwork can alleviate your tax troubles. Call Ryan Tax Defense today to set up a consultation.