Minnesota: Don't waste your time on Offer in Compromise "OIC" if you.?
By Joe Alabi EA, Tax Resolution Specialist - Help with IRS Problems
(FishCoin Tax Solutions)
Offer in Compromise (OIC) is a program administered by the Internal Revenue Service which allows taxpayers to settle their tax debt for less than the full amount they owe— essentially allowing them a fresh start with the IRS.In the past years, more than 50% of OIC applications received by the IRS are rejected. Here is a quick guideline to determine if you a good candidate for an Offer in Compromise.1. Taxpayers not in compliance i.e If the taxpayer is not current with the current tax obligations like estimated tax payments, payroll taxes, have unfiled tax returns.The taxpayer is not a good candidate for OIC. Furthermore, the taxpayer have to be in tax compliance and main compliance for next 5 years after the offer have been accepted. 2. The taxpayer have the ability to fully pay the t...