Submitting Offers in Compromise
If the Taxpayer does not have enough income to comply with a reasonable
monthly payment plan and if the taxpayer does not have enough
assets to liquidate in order to pay his tax debt, The professionals
at Guccione will prepare an Offer in Compromise (OIC). This complex
request must be prepared by a professional expert in order to
maximize the chance of success. The OIC requests the permanent
discharge of the entire Tax debt in exchange for a much smaller
payment to be made within 12 months of the approval date. The
process typically takes 3 to 6 months. The IRS statistics show
that the taxpayers accepted for an OIC have reduced their debt
by an average of 87%. They have paid only $13¢ per dollar
owed.
The OIC is the best solution for Taxes which have not been eliminated
by amended returns. The OIC stops all collection activities, eliminates
all debt, future interest and penalties. In most cases taxpayers
who have attempted to apply on their own for an OIC have not been
able to qualify. They end up paying more than what they would
have with a professionally prepared OIC.