IRS Debt - Offer in Compromise (OIC)

Debt owed to the Internal Revenue Service (IRS) is called IRS debt or tax debt. IRS debt may be a very stressful situation for a consumer to deal with. When tackling one's IRS debt, the first step in doing so is deciding if one should do it alone or use a tax debt professional. It is recommended if one owes $10,000 or more in tax debt to utilize the services of an IRS debt professional.

Secondly, the consumer facing tax debt should scrutinize his or her original tax returns in order to see if perhaps some applicable deductions have been overlooked when the tax returns were first filed. If the consumer finds some deductions that have indeed been overlooked, the consumer may amend the original tax returns and consequently, reduce the amount that he or she owes to the IRS in tax debt. However, there is a lot of paperwork that must be completed in order to amend a previous tax return, and without the proper documentation and execution an IRS audit may be in the consumer's future.

Once the decision has been made whether to use a tax professional or to file back taxes or to make an amendment to a prior tax return, there are five paths one may take in order to get out of debt from the IRS.

Ways to get out of IRS debt are

• Not Currently Collectible status/program
• Installment agreement
• Partial payment installment agreement
• Offer in compromise
• Filing bankruptcy

The last thing you want to do is file for bankruptcy. Let us help. Fill out the form below to have one of our representatives contact you to help you get out of IRS Debt.